Lagos, the Centre of Excellence, will not discriminate in the disbursement of its N25 billion Employment Trust Fund (ETF) ring-fenced for small scale enterprises and innovative business ideas.
The aim is to create more jobs and distribute more wealth in Nigeria’s most populous state of 20 million, and in turn raise internally generated revenue (IGR), currently N25 billion a month, to provide more social infrastructure.
Governor Akinwunmi Ambode made the pledges at Ikeja Airport Hotel, Lagos during the first stakeholders’ summit organised by the Ministry of Wealth Creation and Employment.
Ambode, represented by Deputy Governor, Idiat Oluranti-Adebule, said the only criterion for accessing the fund is to be a resident in the state with a marketable business idea.
A statement issued by Ambode’s Chief Press Secretary, Habib Aruna, quoted him as saying that credible and experienced Nigerians are on the ETF board.
Accessing the fund will be “credible, transparent, accountable, and will not discriminate on account of gender, religion, physical ability or disability, political affiliation and socio-economic background,” he stressed.
Ambode established both the ETF and the Ministry of Wealth Creation and Employment and the government’s contribution of N6.25 billion to the ETF for this year has been released and disbursement will soon begin.
He said the summit was initiated to generate ideas, harmonise strategies, and devise strong partnership for sustainable wealth creation.
He urged participants to suggest ideas that would add value to the design and implementation of programmes for creating jobs and wealth, and promised that his administration would favourably consider such recommendations.
Ambode wants to expand potential and innovative ideas for the youth by providing support and a conducive environment.
He said dwindling oil revenue presents a unique opportunity to chart a new direction for sustainable economic growth, part of the reason the state supports the establishment and growth of small businesses to generate wealth for the collective prosperity of all.
In his goodwill message, Vice President Yemi Osinbajo commended Ambode for his laudable achievements in infrastructure renewal and security.
Osinbajo, represented by Presidential Adviser on Economic Matters, Adeyemi Dipeolu, said infrastructure renewal and security are necessary for job and wealth creation for long term progress.
ETF Board Chairperson, Ifueko Omoigui-Okauru (former Federal Inland Revenue Service boss), said Nigeria must create about 1.5 million jobs quarterly to keep the number of unemployed people flat, which compels effective collaboration between the government and the private sector to devise solutions.
She lamented that many Nigerians spend time to acquire certificates that are of no value, urging them to look for opportunities and come up with innovative solutions to problems.
Omoigui-Okauru advocated order and discipline in the society to help create job opportunities.
She said the government would soon disburse the fund, and the ETF board is building a foundation for trust and credibility.