The rising rate of unemployment among Nigerian youths has continued to generate major national concerns as it threatens the psychological well-being of the unemployed youths, national security, and economic growth. Unemployment is one of the strong indicators for mental health issues, poor physical health, drug abuse, criminal activities, and social exclusion among youths in Nigeria. In Nigeria, youths unemployment has always been on the rise quarterly, year-in, and year-out. Its recent statistics stood at 53.40% and in addition to the pandemic, characterized by a high rate of job loss or retrenchment, it is projected to increase further. This increment in unemployment has adverse effects on the psychological well-being of Nigerian youths, most especially young graduates with little or no coping mechanism who are stuck in a circle and are seeking ways to make progress at achieving personal, career, and financial goals. The question is, “are researchers in the field of applied psychology paying attention to unemployment as it relates to mental health issues, and what are the roles of applied psychology professionals in ameliorating the effects of unemployment on the mental health of Nigerian youths”? This study seeks to examine the impact of the Entrepreneurial-employability Skills Training Initiative (ESTI) and Self-determinism Training Initiative in the management of the effects of unemployment on the mental health of youths in Nigeria.