Lagos to begin disbursement of N25bn employment fund

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Lagos State Governor, Mr. Akinwunmi Ambode, has announced that the State Government will as from this month begin the disbursement of funds Employment Trust Fund (ETF) worth N25 billion.

Governor Ambode, who spoke in Lagos at the graduation ceremony for 500 artisans trained by the state Government on modular employability programme in 19 different trades on Tuesday, said the informal sector remains a critical vehicle for economic recovery, adding that his administration was passionately committed to repositioning the sector for economic gains.

The ETF is an initiative of Governor Ambode’s administration and he said the N25 billion fund would be disbursed for the next four years on N6.25 billion annual basis.

Ambode added that the ETF is one of the initiatives designed to empower the informal sector, adding that government was open to ideas and strategies that would aid sustainable growth of the sector.

“Let me tell you clearly that the N25bn ETF is for artisans and entrepreneurs in Lagos State,” he said. “We will begin the disbursement from the month of December, 2016 and let me assure you that a larger percentage will go to our carpenters, our tailors, our hairdressers, our vulcanizers, and so on. Everybody that is a tradesman and is an artisan in Lagos will have automatic access to the Employment Trust Fund (ETF).”

Speaking at the event which also coincided with the 7th Tradesmen and Artisans’ Week, the Governor said the ETF was an initiative with the cardinal mandate to support the establishment and growth of small businesses to create job opportunities for the people, adding that soft loans would be provided for genuine and credible artisans and traders in the state.

Besides, the Governor said it was now time for conscious and concerted efforts to re-engineer the mindsets of young ones and advance entrepreneurs with the view to repositioning them to face modern challenges, saying that except focus is shifted to equip and rebuild the informal sector, members would not be vibrant enough for the prevailing realities of the moment.

He assured that his administration would not sit and wait for oil prices to rebound in the international market before arriving at a solution to the challenges confronting the state, hence the need for the ETF and other initiatives.

On the training for artisans, Ambode said such was one of the platforms for recognizing and projecting the significant contributions of the informal sector as a vehicle for economic development, adding that government was equally mindful of the fact that artisans were the major players and the conveyor belt for industrial enterprise in the country.

While urging the newly trained artisans to leverage on the strategic position of Lagos as the contributor of 25 percent of the total GDP of Nigeria and 5th largest economy in Africa, Governor Ambode said the training which they passed through was designed to address this skills mismatch and provide the right mix of skills needed to service the industrial needs of the state.

Earlier, Commissioner for Wealth Creation and Employment, Mr. Babatunde Durosinmi-Etti said the 500 artisans were re-trained and up-skilled on eight weeks intensive programme solely sponsored by the state Government for better service delivery.

On his part, LASCOTA Chairman, Alhaji Nurudeen Buhari thanked Governor Ambode for the various efforts aimed at improving the productivity of artisans in the state, especially the Tradesmen and Artisans’ Empowerment Programme (LASTEAP), saying that the continuous training had impacted positively on their productivity and enhanced them economically.

 

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