The Federal Government of Nigeria has launched the Jubilee Fellows Fund, an innovative financing instrument that will enable a diverse set of stakeholders to support the roll-out and implementation of the Nigeria Jubilee Fellows Programme (NJFP).
This development was made possible with financial support from the European Union (EU) and in collaboration with the United Nations Development Programme (UNDP).
Propelled in August 2021, the NJFP is a government-led youth employment initiative that will place 20,000 young Nigerian graduates annually with one-year paid work placements in private and public sector companies across the country.
According to a release, the Jubilee Fellows Fund provides an opportunity for a wide range of stakeholders, including the private sector, start-ups, foundations, international financial institutions, philanthropists, and multilateral and bilateral donors to contribute funding towards the implementation of the NJFP, helping to provide a solution to the high rate of unemployment of young people across the country.
According to Vice President Yemi Osinbajo, “There is a critical need for diverse support and resource mobilization, beyond traditional public finance and international aid, to achieve the Sustainable Development Goals and address some of the country’s biggest challenges, like youth unemployment”
Additionally, Osinbajo stated in his written declaration that the Federal Government was working to reduce unemployment through various policies that support existing businesses, encourage start-ups and build an efficient workforce.
“Youth unemployment continues to be one of the most ardent challenges facing Nigeria today.” It is my firm belief that the Jubilee Fellows Programme will provide a template for empowerment across the continent,” he said, adding that “It is a true testament to how collaboration between government, development partners and the private sector should work.”
Meanwhile, during the launch of the Fund, the EU signed a development cooperation agreement of €55 million with the Federal Government of Nigeria out of which €44 million is earmarked for the NJFP.
“Our objective in this programme is to support the creation of new green and smart jobs for young graduates, including women and groups living in vulnerable situations,” Margrethe Vestager, the executive vice-president of the European Commission, declared.
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“These are exactly the type of jobs we wish to promote under the new EU Multiannual Indicative Programme for Nigeria and under the Global Gateway initiative.”
However, the Fund will be managed by the UNDP on behalf of the Government and partners, and a Steering Committee comprised of contributing partners will provide strategic guidance and oversight on the direction and execution of the Fund.
In addition, the Steering Committee will be supported by a high-level Advisory Group of private sector leaders which was also inaugurated at the event.
“I want to call on everyone – from private sector leaders to the international community and the Nigerian diaspora – to accompany the development journey of young Nigerians and lend their support to the Fund as the success of the Jubilee Fellows Programme is our collective gain,” Mohamed Yahya, the resident representative at UNDP Nigeria said.
“The home-grown talent we have here in Nigeria is immense and it is critical that stakeholders from all backgrounds collectively work together to provide the foundation for young people to flourish and thrive.”
According to the release, contributions will be received and administered by the UNDP in accordance with UNDP Financial Rules and Regulations, and an online dashboard, tracking resource mobilization from public and private sources, is currently being established.
“The possibility for private individuals to contribute with donations to the Fund, via a crowdfunding platform, will also be tested as part of the innovative financing model for the NJFP.”
