Why Lagos is Shifting Focus to Skills and Entrepreneurship
The Lagos State Government has restructured its job creation strategy to focus on sustainable economic opportunities for its growing young population. Governor Babajide Sanwo-Olu announced an increased investment in skill development and entrepreneurship to generate more job opportunities and enhance productivity.
Sanwo-Olu emphasized the need to allocate adequate resources to create employment opportunities, particularly in response to the high migration of young people to the city. He highlighted the importance of leveraging entrepreneurship and skill acquisition programs during his speech at the third Employment Summit organized by the Lagos State Employment Trust Fund (LSETF) at Eko Hotels and Suites, Victoria Island. The event, themed “Job Creation – Uniting for Impact: Create, Collaborate, Change,” brought together partners and stakeholders in the job creation sector.
Governor Sanwo-Olu outlined the state’s commitment to empowering young people with viable skills and supporting Micro, Small, and Medium Enterprises (MSMEs) to expand and create job opportunities. He stated: “We have activated a model to create a resilient environment for continuous interventions that catalyze job creation and entrepreneurial activities. We need to plan for the future workforce, ensuring meaningful opportunities are available.”
Sanwo-Olu called for collaboration with LSETF to equip young people with modern skills to meet current and future job demands. He also announced the state’s readiness to double financial support for entrepreneurs and MSMEs, urging partners to increase their contributions to achieve these goals.
The Governor noted that LSETF had improved its performance over the past eight years but stressed the need for the agency to focus on job data gathering and analysis. Reliable employment data, he said, is crucial for understanding work trends and preparing for future needs.
He added: “Lagos has made significant strides in improving the employment landscape. Our initiatives and policies have positively impacted the unemployment rate. Moving forward, we must continue to unite our efforts.”
Sanwo-Olu urged stakeholders, including government agencies, the private sector, civil society, and international partners, to collaborate in creating more opportunities and driving transformative change in Lagos.
Acting LSETF Executive Secretary, Mrs. Feyisayo Alayande, highlighted the proactive response of Lagos to unemployment challenges. She noted that financial support for small businesses had created 221,172 direct and indirect jobs and saved 204,000 direct jobs, impacting over 500,000 businesses through loans to MSMEs.
Alayande added that partnerships with USADF, UNDP, and GIZ had trained 18,998 youths in various sectors, with 65 percent successfully placed in jobs and contributing to the state’s tax revenue.
Commissioner for Wealth Creation and Employment, Hon. Akinyemi Ajigbotafe, emphasized the collective responsibility required to transform the employment market. He stressed that the government alone could not bear the burden of job creation, highlighting the need for private sector partnerships.
LSETF Board Chairperson, Mrs. Bola Akinsola, underscored the pressing demand for gainful employment and the necessity of a collaborative approach to sustain job creation. She called on stakeholders to unite towards creating a prosperous future for Lagos’s youth.