Business and Economy

Lagos State Employment Trust Fund and USADF partner to create jobs for 15,000 youth

In line with its mandate to provide employment and entrepreneurship opportunities for Lagos residents,   the   Lagos   State   Employment   Trust   Fund (LSETF), has signed a Memorandum of Understanding (MoU) with the United    States    African    Development    Fund    (USADF) to support 15,000 youth.

Through this  MoU,  both  parties  will  provide  the  equal sum of $2 million dollars every year for five (5) years ($10m in total) to provide skill develop-ment and internship opportunities to 3,000 youth between the ages of 18-35, yearly.  Women will represent at least 50% of the beneficiaries.

The signing ceremony which took place in Washington DC, United States of America had top executives of both agencies, members of the U.S Congress, partners and international media present. Speaking during the signing ceremony, Mrs. Ifueko M. Omoigui Okauru, Chairman, LSETF’s Board of Trustees, expressed her optimism on  the  impact  of  the  partnership.

“This USADF-LSETF  collaboration  will  enable  a)  the  expansion  of  world-class vocational training centers available in the state; b) the development of 15,000 skilled youth for employment into targeted sectors; c) the provision of internship cost subsidies to employers and; d) track real time placement of unemployed youth into jobs”.

In her remarks, Teju Abisoye, Acting Executive Secretary, (LSETF, said that “With the recent Labor Force Report by the National Bureau of Statistics (NBS) showing a 6.7% drop in unemployment rate as well as Lagos state providing the largest number of 740,146 jobs in the third quarter of 2018, it is obvious that the deliberate em-ployment  intervention  policies  of  the  Lagos  State  Government  are  finally  impacting  on  job  creation.  I am  pleased to have USADF join us to create more jobs for our youth, whilst sustainably decreasing our alarming unemployment rate.”

The President and Chief Executive Officer of the United States African Development Foun-dation,  C.  D  Glin  stated  that,  “We  are  proud  to  be  in  partnership  with  the  LSETF,  whose  programmes  have  been independently verified to be making impact on the lives of young Nigerians. This USADF-LSETF partner-ship  further  expands  our  existing  commitment  to  investing  in  high  impact  initiatives  hinged  on  generating  income, providing financial solutions and causing a change in the African economy.”

The initiative includes training of participants and provision of internship opportunities over a period of 6 months and is expected to result in sustainable job and entrepreneurship opportunities.

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