The Lagos State Employment Trust Fund Seeks Funding Partners to Combat Unemployment

In line with its quest for sustenance of its operations and to ensure its programmes reach more unemployed youths, the Lagos State Employment Trust Fund (LSETF or The Fund), an initiative of the Lagos State Government, has launched a funding partnership programme targeted at high networth individuals, private organisations, donor agencies, non-governmental agencies, international development organisations.  The Fund which already has N25 billion commitment fund from the Lagos State Government, plans to double the figures through the funding partnership arrangement as it seeks to expand the beneficiary targets.  The LSETF aims to combat the huge employment scourge in the state through its various programmes; such as its single-digits interest bearing (5%) loan schemes to help Micro, Small & Medium Enterprises (MSMEs) fund their growth and expansion plans, and consequently create massive job opportunities to Nigerian youths.  In addition, youths who have completed vocation trainings can also access loans in the Micro Business Start-Up Programme to help them start their own small business, whilst the unemployed can get training and subsequent job placements opportunities.  The LSETF, which is backed by the Lagos State Employment Trust Fund Law 2016, has a strategic target to create and sustain 300,000 direct and up to 600,000 indirect jobs by 2019, provide loans to at least 100,000 MSME by 2019. Also the LSETF uses its influence to create a conducive environment for SMEs to thrive in Lagos state.  Commenting on the call for partnership, LSETF’s Executive Secretary, About Mr. Akintunde Oyebode, Executive Secretary of LSETF “According to the National Bureau of Statistics, 35% of Nigeria's productive population are either unemployed or underemployed. This is especially worrisome when the youth, seen as the future of Nigeria, have a un/underemployment rate of over 50%. This means one of every two persons under the age of 35, are unable to and sustainable employment.”  However, to ensure we create as many jobs as possible, we will require additional donations from individuals, private organizations, donor agencies and other partners. You can support our work by making commitment to donate a specific amount and the LSETF will match this sum and design a lending or employability programme to support your target segment; making a grant towards LSETF lending, employability or innovation programmes; commit to employ youths trained by LSETF or to admit LSETF loan beneficiaries as vendors to serve your organization”.  It is in this light that the LSETF entered into a $4 million partnership with the United Nations Development Programme (UNDP) to provide support to its Employability Programme in May 2017. Under this partnership, the UNDP and LSETF committed substantial financial and technical resources for the Lagos State Employability Support Project between May 2017 and April 2019. Under this partnership, LSETF will provide $3 million while UNDP will bring to the table $1 million in addition to providing expert advice and training support.  Through this partnership, UNDP and LSETF will expand employment opportunities for up to 10,000 youths by upgrading the quality of teaching skills and the curriculum of technical colleges and vocational centers in line with the local demand needs: Provide training in relevant sectors for which skilled and employable youths meet local labour demand and ensure job matching and skilled promotion for trained beneficiaries. The project will improve the quality of vocational training programmes for the manufacturing, health care, construction, entertainment, tourism and hospitality sectors, upgrade training content to make the labour force technically more competent, strengthen vocational instructor training and improve the capabilities of the participating technical colleges and vocational training centers (VTCs) to plan and manage the training programmes.