Business

May 9, 2019

LSETF, USADF seal $10m deal to train Lagos youth

Ambode, EFCC

Mr. Akinwunmi Ambode

The Lagos State Employment Trust Fund (LSETF) said it has signed a Memorandum of Understanding (MoU) with United States African Development Fund (USADF) to support 15,000 youths in the State worth $10 million.

Ambode

Mr. Akinwunmi Ambode

The agreement will ensure that both parties jointly provide the sum of $2 million dollars every year for five years (making $10m in total) to provide skill development and internship opportunities to 3,000 youths between the ages of 18 to 35 years annually, with women representing at least 50 percent of the beneficiaries.

A statement made available to Vanguard said the signing ceremony took place in Washington DC, United States of America, with top executives of both agencies, members of the U.S Congress, partners and international media present.

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

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In her remarks, Teju Abisoye, Acting Executive Secretary, LSETF, said with the recent Labor Force Report by National Bureau of Statistics (NBS) showing 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 state government are finally impacting on job creation.

Also commenting, President/CEO, USADF, C. D Glin stated: “We are proud to be in partnership with LSETF, whose programmes have been independently verified to be making impact on the lives of young Nigerians.”

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