The federal government says it will invest $220 million in creating employment opportunities for young Nigerians through the second phase of the Nigeria Jubilee Fellows Programme (NJFP) 2.0.

Vice-President Kashim Shettima announced the plan in Abuja on Wednesday during the formal launch of the new phase of the programme.

Nigeria’s unemployment rate had increased to 5.3 percent in the first quarter (Q1) of 2024, before sliding to 4.3 percent in the second quarter (Q2) of the same year, according to the National Bureau of Statistics (NBS).

In a post on X, the vice-president said the initiative, launched in partnership with the European Union (EU) and the United Nations Development Programme (UNDP), aims to equip high-potential graduates with work experience, training, and mentorship to enhance their employability.

According to Shettima, the NJFP 2.0 is focused on aligning graduate skills with emerging market needs in areas such as technology, energy, agriculture, and creative industries.

“Our goal is to bridge the transition gap between learning and earning for thousands of young Nigerian graduates who have the education, but not always the opportunity,” he said.

Shettima said the programme seeks to transform Nigeria’s demographic strength into “productive economic power,” by connecting talented young people to practical career pathways and encouraging private sector participation.

“This programme proves that when the government provides structure, partnership, and purpose, young Nigerians rise to the occasion,” the vice-president said.

He noted that the President Bola Tinubu administration is determined to institutionalise the jubilee fellows programme by embedding it into Nigeria’s national planning and budgeting frameworks, ensuring long-term sustainability beyond donor funding.

“While the NJFP is a Nigerian programme shaped by national priorities and guided by our sense of purpose, this administration is committed to deepening its ownership and ensuring it remains part of our national development agenda,” he added.

The federal government had launched the first edition of the programme in September 2021 to connect graduates to one-year paid internship placements across private and public sector organisations.

The first phase targeted over 20,000 fellows nationwide, offering on-the-job experience, digital skills training, and career mentorship.