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Purpose

The purpose of this paper is to examine the economic cost and social benefits of the National Youth Service Corps (NYSC) set up some years back by the Federal Government of Nigeria.

Design/methodology/approach

The paper combined qualitative and quantitative information to substantiate the clarion calls by some scholars and concerned social commentators for a review of the NYSC. Based on the objective stated above, a sample size of 200 respondents was selected and administered copies of structured questionnaires in order to elicit information from a cross‐section of Nigerians. At the end, out of the 200 respondents, only 150 respondents returned their questionnaires on the basis of which recommendations and conclusions were based.

Findings

The main policy thrust of the scheme is to serve as a catalyst for sustainable development in Nigeria after the Nigerian civil war. However, on the strength of the survey, the authors found that the scheme has failed in many respects in accelerating the socio‐economic development of Nigeria, when the relevance of the scheme is measured by Eight‐Scale Perception Index developed by the authors.

Practical implications

The paper cautions that despite the setback of the NYSC, it would be absurd to advocate that the scheme be scrapped completely. What is rational is for the policymaker to initiate a process for the reform of NYSC scheme in order for it to meet the contemporary expectations and challenges.

Originality/value

The results of this paper support the structural‐agency framework in sociology. The relationship between structure and agency is seen as a dialectical one because society forms the individuals, who in turn create better society by forming a continuous loop. NYSC was laudable at inception, but humans made it crooked; it is therefore expedient that the scheme be revitalized by humans in order to meet contemporary challenges.

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