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.

Ambode canvasses patronage of made in NIgeria products for MSME growth

AgegePulse Magazine

Lagos State Governor, Mr. Akinwunmi Ambode has underscored the need to increase patronage of locally made products and also expand the capacity of Micro, Small Medium Enterprises (MSMEs) in the State, assuring that his administration will continue to pay greater attention to the sector.

 The Governor who was represented by the Permanent Secretary, Ministry of Wealth Creation and Employment, Dr. Olajide Bashorun, made this known during the Lagos Small Business Summit held at Terra Kulture, Victoria Island, Lagos.

 He described the theme of the summit "Creating exponential institutions: how government and small businesses can keep up with the market" as very apt considering the need for effective partnership between government institutions and the organized stakeholders in Small and Medium Enterprises, SMEs.

 Governor Ambode explained that the summit throws a challenge to all players, both public and private, to look inwards and develop the internal and external capacities of other sectors for steady growth and global competitiveness.

 While making case for the informal sector, Ambode said "we must significantly reduce our taste for foreign-made goods because it is detrimental to the survival and growth of SMEs and their capacity to create wealth and generate employment for our teeming unemployed youths.

 He listed several incentives provided to operators of SMEs under the present administration, saying that tradesmen and artisans in different vocations recently completed a training programme organized by the State Government to further enhance their capacity.

 "During the celebration of the 2017 Day for artisans and tradesmen few weeks back, I directed the various Ministries, Departments and Agencies of the State Government to henceforth, accord greater recognition to members of the informal sector in terms of increasing patronage for the products of SMEs in line with the State's 'Buy Made in Nigeria Campaign' ‘’the Governor stated.

 He added that the State government had also resolved to engage the services of small and medium scale artisans in the execution of government contracts.

 According to him, the Ministry of Wealth Creation and Employment was established by the current administration to implement policies aimed at enhancing the capacity of SMEs to harness their contribution to economic growth and development.

 He also said that the Employment Trust Fund was set up to address the challenge of lack of access to funding, stressing that the responses from applicants of the initiative show that young people are willing to take advantage of opportunities when given.

 "As we speak, over N3.5billion Naira has been disbursed to over 6,000 beneficiaries who are at different stages of executing their businesses plan” he stated.

 He assured participants at the summit that government will continue to promote opportunities for MSMEs to thrive by focusing on the development of infrastructure and its processes to improve and enhance the competitiveness and productivity of MSMEs in the State.

 Also speaking at the event, the Chairman, Planning Committee of the 2017 SME 100 Nigeria, Lagos Small Business Summit, Mr. Tope Adekoya commended the Governor for prioritizing the development of small businesses and for his willingness to help these businesses thrive.

 He explained that the idea of bringing all relevant stakeholders together at the Summit is basically to foster discussions on how to build a more successful, industrious and entrepreneurial State.

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.”

LASG TO BEGIN DISBURSEMENT OF N25BN EMPLOYMENT TRUST FUND NEXT WEEK

Lagos State Governor, Mr. Akinwunmi Ambode, Tuesday, disclosed the State Government would begin the disbursement of the much anticipated N25 billion Employment Trust Fund (ETF) and other empowerment programmes initiated by his administration next week.

Governor Ambode, who spoke at the 3rd Quarter 2016 Town Hall Meeting, held at the Indoor Sports Hall, Teslim Balogun Stadium, Surulere said that the funds for the programmes targeted to assist youths, artisans and the needy become self reliant have been provided, hence beneficiaries would start getting support from the last quarter of the year.

“We will roll out all our empowerment programmes immediately to assist all our youth, artisans and the needy. The funding for the N500m Lagos State Persons Living with Disability Fund has been provided and beneficiaries will start getting support from this quarter,” Governor Ambode said.

On security, especially at the community level, Governor Ambode also disclosed plans to recruit at least 5,000 Neighbourhood Watchers with new recruits expected to earn at least N25, 000 monthly with other allowances.

He said the neighbourhood Safety Agency Bill which he signed into Law on August 15, 2016, was part of efforts to institutionalise and deepen community policing in the State.

“There is a law that has just been passed which is the Lagos State Neighborhood Safety Corps Law, 2016 and in line with the resolution taken by the House of Assembly yesterday, we would go all out to make sure that this agency is activated and all our neighborhoods will be covered, and then centralize with the State Government with all the necessary equipment and resources to ensure that we establish what we call community policing and that is the way to go.
“We will rebrand Neighborhood Watchers and re-equip them to the level that each Neighborhood Watchers in all the Local Governments will have their vehicles and necessary equipment to complement security. We are also working on employing additional 5,000 Neighborhood Watchers in all our Local Governments and they will be paid by us, while the basic salary for the entrance level will be N25,000 per month,” the Governor said.

Speaking on the budget performance of the 2016 budget, Governor Ambode disclosed that the State’s budget performance for January to September performed at 69 per cent as against 65 per cent for the same period in 2015.

Ambode revealed that a total of N166.8billion has been spent on capital projects this year, a figure, he said, was more than double the N53.6billion spent for the same period.

Ambode Employment Trust Fund: Prospects for Agege

It is no more news that the Lagos State governor, Akinwunmi Ambode recently flagged off the Employment Trust Fund, an initiative designed to empower unemployed youth, business owners and entrepreneurs. Also, the Lagos State Civic Engagement in Collaboration with The Lagos State Ministry of Wealth Creation and Employment swung into action to sensitize the public on how unemployed youths could tap into the initiative, what is new is that it is an avenue for the hardworking artisans, and Small and Medium Enterprises that litter Agege LGA and Orile-Agege, LCDA to witness massive turn around if they key into the initiative and consequently, gainfully employ the thousands of unemployed youth in the area. Therefore, it is imperative to breakdown how to access the N25billion Lagos Employment Trust Fund to the people comprehensive.

Below are steps you need:
1. The Lagos State Employment Trust Fund is an Act of the Lagos State House of Assembly
2. The Fund is administered by a Board of Directors headed by Mrs. Ifueko Omogui Ukauru other members include reputable entrepreneurs, businessmen, youth representatives, civil society organization, women representatives & two representatives of the Lagos State Government.
3. The Operational Guidelines for accessing the Fund has been worked out awaiting the approval of the Lagos State House of Assembly.
4. The loan will attract 3% rate.
5. LASRRA registration is a requirement.
6. Lagos State Government Tax Card is required.
7. Two Tax Paying Guarantors must be presented.
8. The earliest feasible probable date for disbursement is September.
9. Forming Cooperatives is one of the ways for accessing the Fund
10. N6. 25bn is up for disbursement in the first release.
However, as laudable as the good gesture of Governor Ambode appears, it is important to inform you that there are certain offences and penalties designed for beneficiaries that may default the stated rules and regulations of the Employment Trust Fund. They include:
1.  Any person who without lawful authority levies or accepts any contribution from any person, purporting such contributions to be made for the purpose of this law commits an offence and shall be liable on conviction to a fine of Five Hundred Thousand Naira (#500,000.00) or two (2) times the value of collections received which is greater, or to Imprisonment for two (2) years or both.
2.  Any person who makes a false statement or misrepresents the facts in order to gain momentary or any other form of benefits under this law commits an offence and shall be liable on conviction to a fine or two (2) times the value of the disbursed funds and forfeiture of fund property in his/her care and to any non-custodial sentence
3. Any person who misappropriates funds for purposes other than that for which it was disbursed commits an offence and shall be liable on conviction to a fine of two (2) times the value of the disbursed funds and to imprisonment for two (2) years.