The Lagos State Government on Wednesday said only youths and residents with innovative and creative business ideas would be able to access the N25 billion Employment Trust Fund set up by the state government.
Speaking at a news briefing in Lagos, Mr Babatunde Durosinmi-Etti, the Lagos State Commissioner for Wealth Creation and Employment, said the fund was to promote the entrepreneurial spirit in citizens.
Durosinmi-Etti said Gov. Akinwunmi Ambode’s administration was committed to promoting entrepreneurial spirit in citizens to proffer solutions to the lingering crisis of unemployment and constraint to wealth creation in the state.
He said the government would commit N6.25 billion annually to the fund for the next four years.
“The fund is to be given out as a loan with moderate interest rate of three per cent per annum to unemployed youths and residents of Lagos State with innovative business ideas.
“The Trust Fund is aimed majorly at reducing the level of unemployment among the youths by making funds available to those who have innovative ideas that can translate into viable businesses.
“It is hoped that this would not only make them self-employed, but also employers of labour,’’ the commissioner said.
Durosinmi-Etti said the ministry had established employment centres in the five divisions of the state to coordinate job registration and labour exchange programmes.
“These centres would provide career counselling to aspiring youths so that they can join the workforce with better skills for enhanced growth and development.
“I urge our youths to take advantage of this programme to help them choose, change and adjust to occupational life,’’ he said.
The News Agency of Nigeria (NAN) reports that Gov. Ambode established the Ministry of Wealth Creation and Employment on May 29, 2015 to create and promote sustainable wealth for the citizens of Lagos.