The commissioner made this known at a press briefing , noted that the objective of the fund is to provide financial support to residents in Lagos for job and wealth creation in order to tackle the problem of unemployment in the state .
According to him, the Law also established a Board of Trustees to be known as Lagos State Employment Trust Fund Board of Trustees, adding that the fund is to be given out as loan with moderate interest rate of three percent per annum to residents of Lagos with innovative business ideas.
“The government will commit N6.25 Billion annually for the next four years; this is however Private sector driven.
“The Trust Fund is aimed majorly at reducing the level of employment among the youths by making funds available to those who have innovative ideas that can translate into viable businesses that would not only make them self- employed but also employers of labour,” he said.
The commissioner explained that the state government, through the Ministry has initiated various collaborations with stakeholders both in the public and private sectors aimed at stemming youth unemployment through employability and entrepreneurship training.
Durisinmi –Etti pointed out that one of such initiative is in collaboration with Chapel of Christ the Light Youth Empowerment Initiative (CYEI).
“This is a program which compliments the efforts of Government in reducing graduate unemployment in Lagos State. The initiative will serve as a catalyst leading to over 2000 business start-ups and over 8,500 jobs for youths by the year 2020.
“CYEI now has in place a Government approved facility for Entrepreneurship Studies and ICT Employability Skills Training. The program offers a wide range of courses covering 21 Special ICT certificate aligned courses, 58 other ICT as well as 7 employability Training programmes.
“In addition to the above, they offer Entrepreneurship studies in collaboration with ABE UK. CYEI also has the capacity to train over 600 students in a year for other courses with the maximum of 15 weeks per stream.”
The commissioner added that the Ministry is exploring opportunities with Service City, an e- commerce platform designed to establish a reliable easily accessible database for artisans, re-skill and up- skill artisans for quality service delivery in their vocations and act also act as an effective market place to connect artisans