The Lagos State Employment Trust Fund (LSETF) announced it has signed a Memorandum of Understanding (MoU) with the United States African Development Fund (USADF) to support 15,000 youth in Lagos State.
The partnership will enable both parties provide the equal sum of $2 million dollars every year
for five years ($10 million in total) to provide skill development and internship opportunities
to 3,000 youth between the ages of 18-35 every year.
The project, which is in line with the state’s mandate to provide employment and entrepreneurship opportunities for Lagos residents, will ensure women represent at least 50 percent of the beneficiaries.
The signing ceremony took place in Washington DC, United States and 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. She said “this USADF-LSETF collaboration will enable the expansion of world-class vocational training centers available in the state; the development of 15,000 skilled youth for employment into targeted sectors; the provision of internship cost subsidies to employers and; track real time placement of unemployed youth into jobs”.
The Acting Executive Secretary of LSETF, Teju Abisoye, who also spoke on the development said “with the recent Labor Force Report by the National Bureau of Statistics (NBS) showing a 6.7 percent 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 employment intervention policies of the Lagos State Government are finally impacting on job creation”.
Also commenting, the President and Chief Executive Officer of the United States African Development Foundation, 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 partnership 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 six months and is expected to result in sustainable job and entrepreneurship opportunities.