The Federal Government of Nigeria and State Governments
have put together various entrepreneurship and skill acquisition programs. This
is aimed at reducing unemployment and offer startup funding for SME’s.
The initiatives have continually made effort towards
development of skill acquisition and entrepreneurship. There are many
government initiatives like the Lagos state employment trust fund.
Others are Youth Enterprise with Innovation Nigeria, Osun
Youth Empowerment Scheme and start-up Nigeria. The different schemes have
recorded moderate results and remain beneficial to the local economy.
Many start-up have received financial support and gained
prominence. A good example is the YouWin
initiate under the previous administration of president Goodluck ebele Johnathan.
Another one is the Lagos state employment trust fund. It
provides financial support to tackle unemployment. The fund is aimed at
residents of Lagos state and focus on wealth creation initiatives.
Lagos
State Employment Trust Fund
It was established by the Lagos state law 2016 to help Lagos
residents scale and grow their small medium enterprise. To encourage better job
prospects and help the unemployed acquire skills.
Achievement
Since inception the fund has disbursed over N7bn to over
10,000 entrepreneurs. The beneficiaries
of the scheme have created over 25,000 jobs.
Under the employability program 1,100 are self-employed
or successfully placed in jobs. The program has also trained over 3,364 people.
Under the Lagos innovative 34m issued as loans and 75 workplace vouchers. Many recipient
report change in their earnings and family welfare
Key programs
The employability
program
The LSETF has three key programs the loan scheme, employability
program and Lagos initiate. The employability program in partnership with United
Nations aims to train and secure jobs for the unemployed youths in the state.
The initiate aims at 10,000 under-employed youths. They are
trained into skilled labor in the construction, manufacturing. Other sectors
are garment making, healthcare, entertainment and hospitality industry. They also
learn formwork and carpentry.
The loan
scheme
The scheme provides loans for new business startups. New business
start-up can access loans of N250, 000 while existing business are given N500,
000. Medium scale business can get loans of N5 with zero collateral and
interest of 5 percent.
Lagos
initiative
The Lagos initiate focuses on technology. The scheme
offer workspace vouchers, event sponsorship, hub loans. The process is merit
based and application process is online.
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