The Lagos State Government has called on organizations supporting the Lagos State Employment Trust Fund (LSETF) to double their financial contributions to meet the fund’s growing responsibilities. This appeal was made by Governor Babajide Sanwo-Olu during the third Lagos Employment Summit held in Lagos.
Governor Sanwo-Olu’s Commitment
Governor Sanwo-Olu emphasized the state’s readiness to match contributions from partnering organizations, ensuring that the LSETF can continue to exceed public expectations. Highlighting the challenges posed by Lagos’s rising population, he stressed the urgent need for job creation. “We need patient investors that will continue to support LSETF to achieve its goals. We have a commitment to ensure that we leave governance better than we met it,” he stated.
LSETF’s Positive Impact
Sanwo-Olu praised the LSETF as a household name that has significantly impacted the people of Lagos. He assured that strategic steps would be taken to expand LSETF’s operations to meet the increasing demand for employment opportunities.
Executive Secretary’s Insights
Feyisayo Alayande, the Executive Secretary of LSETF, remarked on the importance of the Employment Summit 3.0, which brought together industry leaders, and public and private sector stakeholders to address sustainable job creation. She noted the success of previous initiatives, such as training 500 youths in various construction trades, with support from donor partners like USADF and UNDP.
Alayande explained, “It has become imperative that the scale of job creation required to ensure productive engagement of our teeming youth population requires a united effort and one that is underpinned by collaboration for change.”
Keynote Speaker’s Perspective
Fola Adeola, Co-Founder of Guaranty Trust Bank and keynote speaker, highlighted the summit’s theme, “Job Creation – Uniting for Impact: Create, Collaborate, Change,” as timely. He underscored the need for effective solutions to tackle youth unemployment across Africa, warning that if the rising youth population is not well-managed, it could lead to a demographic disaster.
Adeola pointed out that Nigeria’s growing population creates a dynamic consumer market in retail, tech, and human capital development, which can be harnessed for economic growth if addressed properly.
What this means for the state Economy
The Lagos State Government’s call for increased support for the LSETF reflects a commitment to addressing unemployment and fostering economic growth. The collaborative efforts between the government, private sector, and international partners are essential to achieving sustainable job creation and economic development in Lagos and beyond.
