The Lagos State Employment Trust Fund (LSETF) partners with the United States African Development Fund (USADF) by signing a Memorandum of Understanding (MoU) to support 15,000 youth in Lagos state.
LSETF is a fund established by the Lagos State Government in 2016 with an initial capital of N25 billion ($69.5 million) contributed over 4 years to create jobs and wealth for state residents. LSETF also has additional funding from external donors, development agencies and private individuals and corporations.
With this MoU, both parties will pay the equal sum of $2 million dollars every year for five (5) years ($10m in total) to provide skill development and internship opportunities to 3,000 youth between the ages of 18-35, yearly. Women will represent at least 50% of the beneficiaries.
Mrs. Ifueko M. Omoigui Okauru, Chairman, LSETF’s Board of Trustees, expressed her optimism on the impact of the partnership. “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 President and Chief Executive Officer of the United States African Development Foundation, C. D Glin also 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.”
Recall earlier this year, LSETF said its beneficiaries had created nearly 90,000 jobs, it has funded 7,817 Micro, Small and Medium Enterprises, and 89% of these businesses have been able to pay back loans from their income and profits.