The Lagos State Employment Trust Fund has partnered with Cognitiks to maximize impact of its business support, job-creation and wealth generation programs. Cognitiks started working with the Lagos State Employment Trust Fund in early 2017. The trust fund, established by the Governor of Lagos to assist the city address the needs for new economic growth through micro and small business loans and assistance for entrepreneurs.
Lagos has a population of 21 million, according to the state’s government, half of whom are under 25 yrs old. By 2050 Nigeria will have twice the population it has today, more than half of those will be resident in cities, and about 60% of the population will be under 25, placing the economy and its large urban areas under increasing strain. While Lagos draws people from surrounding areas near and far, most arrivals find that there are few job opportunities and a lack of housing.
The Lagos State Employment Trust Fund was established in 2016 to provide financial and technical support to residents of Lagos State, to tackle unemployment through job and wealth creation. It operates a Naira 25Billion fun (approx. $70 million) that provides access for micro, small and medium sized businesses to affordable credit. Technology- driven businesses can also benefit from infrastructure and services, learning and a network that supports B2B connections. The trust fund also aims to train and equip10,000 currently unemployed youth with the vocational skills and job placements they need to enter the labor market, and at the same time support the growth of five different economic sectors in Lagos State.
With a such a large number of target beneficiaries, three different programs and a diverse range of intended impacts, LSETF has partnered with Cognitiks on a pilot project to ensure effective allocation of resources, delivery and tracking of results and communication of impact to stakeholders using advanced data analytics. For more information contact email@example.com