N-Power Scheme Revamp: Empowering Nigerian Youth for Economic Growth in 2025
• A Major Reform is Underway: Nigeria’s N-Power Scheme is undergoing a significant transformation, mandated by President Bola Ahmed Tinubu, to equip young people with market-ready skills and provide financial support for entrepreneurship.
• A Renewed Focus on Market-Relevant Skills: The revamped N-Power Scheme will prioritize industry-relevant skills, connecting participants directly to the labor market. Training programs will align with the needs of the private sector to ensure young Nigerians gain skills that are highly sought after.
• Boosting Employment Through Cooperative Clusters: The initiative will leverage cooperative clusters, enabling participants to access low-interest credit facilities ranging from N300,000 to N400,000. This financial support will empower them to start or expand small businesses and address economic marginalization, particularly among women and young entrepreneurs.
• Significant Investment in Empowerment: The Nigerian government has allocated N32.7 billion for the National Social Investment Program (NSIP) in 2025 and procured over 100,000 empowerment items to support these reforms. This investment will facilitate skill development, credit access, and other initiatives to reduce unemployment and drive economic growth.
• A “Year of Rewards” for Nigerians: As articulated by Presidential aide Dada Olusegun, 2025 will be a “year of rewards” for Nigerians who have weathered recent economic reforms. The N-Power revamp serves as a crucial component of the administration’s Renewed Hope agenda.
• Positioning Youths for Sustainable Employment: By adopting a market-driven model, the N-Power Scheme aims to position Nigerian youths for sustainable employment and entrepreneurship. The introduction of low-interest credit mechanisms will further foster self-employment and small business growth, reducing unemployment rates.
• Transforming Nigeria’s Workforce and Economy: As Nigeria progresses into 2025, this reform represents a pivotal step in reshaping youth empowerment. It ensures that skills development translates into tangible economic opportunities, fostering inclusivity and long-term impact. The N-Power Scheme is poised to be a transformative force for Nigeria’s workforce and overall economy.
