Lagos sets aside N25bn to fight unemployment

Governor Akinwunmi Ambode of Lagos State on Tuesday signed into law the N25 billion Employment Trust Fund, ETF bill, aimed at tackling the high rate of unemployment in the state.

Speaking from the Lagos House, Ikeja, the governor said that the signing of the trust fund was a milestone in his administration's move to tackle the challenges of unemployment through granting of soft loans to individuals for the purpose of making them self-employed, to create wealth.

Ambode said the event is line with the promises he made to residents during his campaign to set up an ETF scheme to address the challenges of unemployment in the state.

“Each year, the state government will inject N6.25 billion into the fund for a period of four years, making it N25 billion cumulatively,” he said.

The board of trustees would be announced in due course to manage the fund, he said.

-Emmanuel Ikechukwu