Sanwo-olu to double LSETF funding to create more jobs

Babajide Sanwo-Olu, governor of Lagos State has pledged to double the funding given to the Lagos State Employment Trust Fund (LSETF) in order to expand their capacity and ability to help create jobs and reduce unemployment.

He revealed this recently at the ongoing Lagos Employment Summit themed ‘sustainable job creation strategies: collective action and prosperity for all’ organized by the LSETF and the Lagos state ministry of economic planning & budget.

“We believe that the LSETF has been an institution that has worked very hard in the last six years since its establishment, given the scorecards that we have seen with direct and indirect impact on job creation and employment and if we trust them with more they will do better,” he said.

The governor said this action is being used to challenge the LSETF to do a lot more for the state and the country in general in curbing unemployment, adding that he has asked for their budget and will encourage them by making efforts to double whatever it is.

“We want to make the LSETF a global brand and funding is one of the things that has helped the LSETF, let us challenge ourselves and see if we can double the funds disbursed and training given, this will make an impact on businesses and reduce poverty,” he added.

He also pledged that the Lagos State Science Research and Innovation Council (LASRIC) will also contribute to the prizes given to winners of the innovation challenge for the second edition of the LSETF summit by awarding a grant to the winner

Sanwo-Olu said the 37 percent unemployment rate in Lagos is scary and disturbing but is surmountable and his administration is keen to ensure that a conducive environment where inclusive atmosphere, productive population have access to opportunities to build a sustainable business environment is established.

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He noted that although there are numerous challenges that threaten thriving business ventures and economic prosperity, these challenges offer opportunities to make a change, improve skills, build resilient cities that can withhold shocks, etc.

The governor also said that as part of the efforts to curb unemployment, the educational system is being reformed to accommodate improvements and redesign the curriculum at the secondary school level with the introduction of comprehensive learning skills.

Samuel Egube, commissioner for Economic Planning & Budget at Lagos State Government said Lagos state remains the most populous state in Nigeria with a population growth rate of 13.2 percent annually with people searching for greener pastures, which has contributed to the unemployment challenge.

He said overtime Lagos has been known for having a lot of consultation and collaboration with stakeholders which it has used as a tool to address challenges, adding that the unemployment challenge is a collective one that can be addressed with collective ideas

“Resolving these challenges on a sustainable basis requires deep thinking collaboration and consultation with stakeholders to evolve ideas policies and initiative which when acted upon should see us through and over,” he said.

Bola Adesola, board chairperson, LSETF in her remarks said the unemployment rate has continued to increase in Lagos which the government has tried to address, however they would require inputs from the private sector to achieve the desired results.

“Our collective prosperity as a state depends on how well we can sustainably create jobs and how well we can keep our teeming population creatively engaged, the never-ending duty of job creation requires all public and private sector stakeholders to actively collaborate and design resilient policies and strategies,” she said.