Youth Service inks agreement to unlock value for National Youth Service Investments assets
The National Youth Service (NYS) this week signed a Memorandum of Understanding with the newly appointed Board of its commercial wing, the National Youth Service Investments, previously known as NAYOSE.
NYS was established in terms of the NYS Act, 2005 (Act no. 6 of 2005) to provide the youth with opportunities for further studies and training to enhance their opportunities for employment, thereby contributing to the socio-economic development of Namibia.
To meet its mandate, NYS offers a three-phase training programme namely, National Service Training, Voluntary Service, and Technical Vocational Education and Training (TVET).
The governing Act of NYS also allows the Service to engage in income-generating endeavours for self-sustenance and to minimize the dependence on the treasury.
According to NYS in a statement, in pursuit of the above, NYS established an investment arm to be a vehicle through which it generates income to supplement government budgetary allocation and create employment opportunities for the youth, particularly, the NYS graduates.
At the signing ceremony, the Chairperson of the NYS Board, Dr. Emmerentia Leonard stated that the Service is happy to be signing the MoU, which will unlock value for NYS assets.
Leonard further stated that “as per directives from our political principals, we need to see to it that this document does not gather dust and that implementation is expedited.”
The Director of NYS Investment Board, Mr. Nikanor Shikongo also stated that the finalization and adoption of the MoU have set things in motion for them, as the team is ready to kick off with implementation for the betterment of Namibian youth.
“We are happy that we managed to conclude the MoU and the team is ready to hit the ground
running,” said Shikongo.
Under the MoU, the NYS commercial arm will be responsible to engage, explore and pursue any viable business opportunity on behalf of NYS. Currently, NYS Investment oversees the operations of Youth Security Services, which provides interim employment to 1063 NYS graduates.
Some of the assets that will be under the management of NYS Investment are the Rundu Sawmill, Ondangwa Centre, and portions of Etunda and Rietfontein Agricultural Production areas.
