Employment Trust Fund: 15,000 new jobs created in two years- Oyebode

…Says N6bn disbursed to 8,000 beneficiaries in Lagos

Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Mr. Akintunde Oyebode on Tuesday said that no fewer than 15,000 jobs have been created by the Fund in the last two years.

Speaking to journalists and some Masters Research Students in his office, he said at least 8000 Micro, Small and Medium Enterprises (MSMEs) and businesses have also accessed approximately N6billion since inception of the ETF, an initiative of the Governor Akinwunmi Ambode administration through which N25billion was earmarked to be disbursed over a period of four years to provide entrepreneurs, artisans, traders and others with capital to boost their businesses thereby reducing unemployment and increasing wealth among the people.

According to him, since its commencement in 2016, the ETF has continued to grow the economy and create jobs through provision of credit facilities with minimal interest.

He said the Fund is targeted towards creating 300,000 (Three Hundred Thousand) direct and 600,000 (Six Hundred Thousand) indirect jobs within three years, by supporting at least 100,000 (One Hundred Thousand) MSMEs, while it also seeks to add over 200,000 new tax payers to the Lagos State’s tax net by 2019.

“The ETF is primarily targeted at MSMEs and I can tell you that in the last two years, we have been able to fund about 8,000 businesses with over N6billion. Our target is to ensure that we increase that number to at least 15,000 before the end of the year,” he said.

Oyebode said the impact of the fund was already been felt as it has gone a long way to create at least 15,000 direct jobs for skilled persons and thousands of other indirect jobs for unskilled persons, saying that the target to create 300,000 direct and 600,000 indirect jobs was well on course.

“The underlining factor is that people with genuine businesses are keying into the fund. We believe that when we empower one business owner with fund, he or she would require more hands and that translates to one or two persons off the labour market. At the end of the day, as their businesses are growing and expanding, the economy of the State is also recording appreciable growth,” he said.

Oyebode said aside the ETF, the government through the Lagos State Employability Support Project, has also concluded plans with some multinational companies and in affiliation with the United Nations Development Programme (UNDP) to produce 10,000 skilled persons within three years to cater for demand in key sectors such as manufacturing, healthcare, construction, entertainment, garment making and tourism and hospitality.

“In addition, the project will place at least 6,000 trained persons in jobs and upgrade the equipment and improve the curriculum at two of Lagos State Technical and Vocational Education Board (LASTVEB’s) Colleges,” Oyebode said.

It would be recalled that Vice President, Professor Yemi Osinbajo during a recent event in Lagos described the ETF as an excellent example of how State Governments could intervene in creating opportunities for small businesses.

OSINBAJO LAUDS NEW 12,500 JOBS CREATED THROUGH LAGOS EMPLOYMENT TRUST FUND

…Lagos, Shining Example Of What Democracy Entails, Says Ambode

 AgegePulse Magazine

Vice President, Professor Yemi Osinbajo has commended the Lagos State Government for establishing the Employment Trust Fund (ETF) through which loans are granted to small scale businesses and people with business ideas, saying that it was particularly laudable that over 12,500 new jobs were created within the first six months of the scheme.

The ETF is an initiative of the State Government established by the administration of Governor Akinwunmi Ambode through which a total of N25billion is earmarked to be disbursed within four years to empower business owners with capital to revive moribund ventures, boost trade and as well help to start new ventures.


Speaking while delivering a keynote address at the Special Parliamentary Session to mark the third anniversary of the 8th Assembly of the Lagos State House of Assembly, Osinbajo said the ETF, which was created in 2016, was an excellent example of how State Governments could intervene in creating opportunities for small businesses.


“At this point, I want to mention that the Lagos State Employment Trust Fund which was established in 2016 is an excellent example of State intervention in creating opportunities for small businesses.


“As of May 2018, 7000 loans totaling about N5billion have already been given out and 12,500 jobs were created even within the first six months of its operation.


“This is a very important initiative of the State Government and we think that it is important because it understands and addresses the concern of an important segment of our society – the young bright minds that require some capital to multiply their thoughts and trade,” Osinbajo said.


He said as part of measures to address poverty in the country, the Federal Government was already working on a scheme relating to the ETF through which loans would be given to small traders, adding that the initiative would commence in July.


“In the area of job creation, our party - the All Progressives Congress (APC) realized that we simply have to adopt a bottom-up economic model one where government directly intervenes by massive social investment programme in matters of poverty and this sort of programme addresses youth, especially graduate employment and credit to small businesses but especially credit to the smallest businesses like the one-table trader, the bread or plantain seller and so on. This is the largest segment of our working population.


“The smallest traders or petty traders, their inventory is usually not more than between N5000 and N10,000 but they are an important part of the value chain of goods that they sell. They are the ones who sell the single sachet of soap, sugar, spices and so on for the largest numbers of our people but they are forgotten and ignored in the economic plans and budget and they are considered too unhealthy or too risky for micro credit loans,” the Vice Preside said.


While alluding to Nigeria’s high poverty index, Osinbajo said the neglect of the smallest traders had contributed to the figures, but that the Federal Government was set to take care of people in such category by expanding the micro credit scheme to them.


“One of the reasons why our poverty figures are high is because of our large informal sector consisting of the petty traders whose income does not fit into the extreme poverty bracket but they are counted in a number because there is no way of tracking them up and right now, the plan of the Federal Government is to expand our micro credit programme to give smaller credit to this group.


“Eventually, they will open bank accounts under what we call Government Savings Account (GSA) and by giving credit to them, they can replenish and increase their inventories and give them a stronger chance to earn more while they also service the value chain that they are part of, and more importantly is that we bring them into the formal sector where they have access to government and private credit and we thereby lift more people permanently out of poverty.


“This is an important part of the Economic Growth Plan and we believe that by next month July, we should begin the disbursement of smallest micro credit – giving micro credit to the bottom of the pyramid,” Osinbajo said, adding that government was already working with major banks, telecommunication firms and payment companies.


In the area of youth employment, the Vice President aside the 200,000 graduates that have been engaged through the N-Power scheme, another 300,000 would be engaged by July, making the initiative the largest post-tertiary job programme in Africa.


Earlier in his remarks, Governor Ambode said it was gratifying that the three arms of government in Lagos have always worked together to show good example of promoting the tenets of democracy and what growth and development should be.


“The three arms of government in Lagos State have continually strived to ensure that we uphold the tenets of democracy and also create a clear example of what development and growth should be.



“We stand today as the shining example of what democracy should be and what actually development and growth should be and we are excited that in that collaboration we would take Lagos and also Nigeria to the rightful place it belongs,” Governor Ambode said.



SIGNED HABIB ARUNA

Ambode presents certificates to 1,500 retrained Artisans, Traders

…Orders MDAs To Engage Informal Sector In Executing Govt Projects, Contracts

 ...Vows Continuous Implementation Of Policies To Advance Sector

Lagos State Governor, Mr Akinwunmi Ambode on Thursday presented certificates to 1,500 artisans and traders in the State who were retrained on modular employability programme as part of efforts to scale up the informal sector with the view to making members meet up with current realities.

The beneficiaries drawn from various associations under the auspices of the Lagos State Council of Tradesmen and Artisans (LASCOTA), were solely trained by the State Government for enhanced productivity in a total of twenty-four trades including entrepreneurship, computer appreciation, writing business proposals, among others.

Speaking at the graduation ceremony and 8th Tradesmen and Artisans Day held at De Blue Roof, LTV 8 Compound in Ikeja, Governor Ambode said the role of artisans and traders in the pyramid of socio-economic development of the nation was very critical in achieving sustainable growth and overall prosperity of the people.

He said it was in recognition of such fact that his administration had shown commitment towards ensuring that the event was not only sustained eight years after, but also designed to be more rewarding.

Governor Ambode, who recalled various initiatives designed to scale up the informal sector such as the N25billion Employment Trust Fund (ETF), among others, assured traders and artisans in the State that government would continue to implement strategies and programmes to promote their businesses and create conducive environment for their operation.

He said: “Giving the strategic role of the informal sector in our economic development in this State, our administration has opened an online portal designed to facilitate interaction among artisans, customers/end-users and relevant stakeholders.

“It is our primary role to make it easy and convenient for people in need of high quality service to meet reliable, trusted and verifiable service providers. It is also aimed at enhancing the productivity, competitiveness, creativity and vitality of this sector.”

While expressing excitement with the fact that it was the tailors from the State that produced the academic gowns used for the graduation, the Governor said moving forward, the State Government would now start to officially engage traders and artisans on jobs that would improve their economy.

Speaking on specific requests made by LACOSTA, the Governor said: “As a start, we instruct the Ministry of Wealth Creation and Employment to see the capabilities and the opportunities that we can spread out from State jobs and contracts and give to our artisans.

“I am very happy to note that we have graduates among you and also graduates who are also your children. So, we hereby create an immediate opportunity through your associations to be able to recruit into key areas in the public service where we can need your services. These are not political promises, we keep our promises and we will fulfil all our promises,” Governor Ambode said.

While congratulating the artisans and traders for successfully undergoing the training, the Governor urged them to put all they have learnt to effective practice, and leverage on the endless opportunities of the strategic position of Lagos as one of the fastest growing economies in the world to be solution providers, just as he assured that the State Government would continue to provide and maintain the required infrastructure and conducive environment for businesses to thrive.

Besides, Governor Ambode launched a compendium of artisans in the State to boost the informal sector, and also inaugurated operational bus donated to LACOSTA by the State Government.

Earlier, in his opening remarks, Commissioner for Wealth Creation and Employment, Mr Babatunde Durosinmi-Etti said since the last edition of the event, Governor Ambode, as requested by LACOSTA, had already approved N12million annual subvention to the association and increased the number of beneficiaries in 2017 to 1500 from the 500 that were trained in 2016.

Also, LACOSTA President, Alhaji Nurudeen Buhari commended Governor Ambode for keeping his promise of scaling up the informal sector and prioritizing the interest of artisans and traders in the State. He said as promised by the Governor, many of their members have benefited from the ETF loan, among other fulfilled promises.

Ambode disburses N1bn to 705 beneficiaries of N25bn ETF

Lagos State Governor, Mr. Akinwunmi Ambode on Thursday, January 26, 2017, presented cheques worth over N1billion to 705 beneficiaries of the Lagos State Employment Trust Fund (ETF) pilot scheme, charging them to utilise the funds responsibly to grow their businesses, create jobs for the unemployed youths and contribute to the growth of the Lagos economy.

Governor Ambode, who made the presentation at the LTV Blue Roof, Ikeja,

Lagos, said his administration identified unemployment as a major socio-economic challenge facing Lagos State and Nigeria as a whole in the course of the electoral campaign, and thus prioritised job creation.

He said the setting up of the ETF was a direct response to address the challenge of unemployment as well as provide support to the youths, entrepreneurs, artisans and other unemployed residents of the State.

“We have kept our word. We created a dedicated Ministry of Wealth Creation and Employment, whose mission is to promote and sustain entrepreneurship and employment,” the Governor said.

Governor Ambode, while commending the Board and Management of the Fund for embarking on a comprehensive review of the business environment and developing a strategic framework and operating guidelines to ensure the sustainable and successful management of these funds, said the successful disbursement was a product of the painstaking effort.

He said the funds are targeted at small and medium scale businesses and individuals including carpenters, hairdressers, electricians, automobile parts repairers, block makers, bakers, fashion designers, cake makers, food sellers, kerosene retailers, mobile money agents, painters, plumbers, photographers and light manufacturers of liquid soaps and water among others.

“These beneficiaries are making history as the first set of beneficiaries of this Employment Trust Fund, and my charge to you is simple: You must use these funds responsibly, grow your businesses, create jobs for our unemployed youths and contribute to the growth of the Lagos State GDP. The idea is that for every N1million we disburse, we should create a minimum of five jobs around that business value chain.

“These loans have been provided at a very affordable rate of 5% per annum, far cheaper than the prevailing bank interest of 25% per annum. This is our modest way of reflating the Lagos economy, creating jobs and getting our youths gainfully occupied. Those of you here today, the first beneficiaries of this initiative, will be the agents through which our country can overcome its current economic challenges,” Governor Ambode said.

The Governor also enjoined market women and female artisans to take advantage of the opportunity as his administration was particularly interested in supporting women in business.

“I also implore the Employment Trust Fund to pay special attention to the Entertainment Industry and the Tech Hubs in Sabo, Yaba area. These are new areas with huge potential for growth and job creation,” he said.

Governor Ambode also expressed optimism that the target by the Board to empower at least 100,000 micro, small and medium enterprises in due course was achievable and that the multiplier effect would be the creation of over 300,000 direct and 600,000 indirect jobs by 2019.

In her opening remarks, Chairman, Board of ETF, Mrs. Ifueko Omoigui-Okauru said the presentation of cheques to beneficiaries was in fulfillment of the promise made by Governor Ambode during the electioneering and a confirmation of many to come.

She recalled that while canvassing for votes, the need to provide jobs was clearly on the mind of the Governor, and according to her, he wasted no time in setting up the ETF Board made up of people with proven track record, as well as transferring N6.25billion for the initiative to kick off, while the Board ensured that the process was fair and transparent with no favour as to party, religion, tribe or faith, and covered all the 57 Councils in the State.

“While we were trying to come up with the necessary procedures, Governor Ambode kept telling us to hurry up to start disbursing the loans to residents which signified his good intention and he has also given us the mandate to make the disbursement a monthly affair to make the fund get to as many residents as possible,” Omoigui-Okauru said.

Responding on behalf of others, one of the beneficiaries, Ahmed Ojikutu thanked Governor Ambode for the initiative, saying that it was gratifying to note that the process was very transparent.

He said: “This is indeed a promise kept by the Governor. When next the Governor tells us anything, we will believe him and I want to sincerely thank him on behalf of all the beneficiaries.”