The Lagos State Government, says it committed over N10 billion to the Lagos State Employment Trust Fund (LSETF) towards boosting employment in the last three years.

State Governor Babajide Sanwo-Olu, made this known on Thursday in Victoria Island, during the Lagos Employment Summit, with the theme: ”Sustainable Job Creation Strategies: Collective Action and Prosperity for All

Sanwo-Olu said that the aim of the state government in committing such an amount was to ensure that more people have access to the fund with a view to recording a 6.7 per cent drop in the unemployment rate.

”We want to see a drop of about 6.7 per cent in the unemployment rate. We also want to make Lagos the most impressive job creation center nationwide.

”We will try and double whatever it is that we are looking at, so we want to challenge you with a lot more. We believe you have the capacity because you have demonstrated this in the last four years that given the opportunity, you can double these numbers.

”It is only by scaling those numbers that we can reduce the percentage of unemployment that we are seeing.

”We will give you the grants that you need, we will give the funding that you need to ensure that you can double it up, you can create the eco-space and the ability for you to be able to touch a lot more people quicker, faster and deeper,” he said.

The Commissioner for Economic Planning and Budget, Mr. Sam Egube, said that the unemployment rate in the state was fuelled by urban migration from other states and other nations.

Egube said that the migration into Lagos is for opportunities, hope, and dreams of a better life.

He said that Lagos State remains the most populous state in Nigeria, with a population growth rate, conservatively put, at 3.2 percent per annum, driven very heavily by urban migration, a high percentage of which come with only their bags and bodies, unskilled and without a job and many without a proper place to stay.

”It is for this reason and the general state of the national and global economy that the unemployment rate in the state stands at 37.3 per cent, with youth unemployment at about 42.5 per cent.

”Resolving these challenges on a sustainable basis requires deep thinking, collaboration, and consultation with stakeholders to evolve ideas, policies, and initiatives, which when acted upon, should see us through,” the commissioner said.

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The Board Chairperson, LSETF, Mrs. Bola Adesola, lamented the surge in crime and the resultant insecurity challenges due to the lack of jobs and gainful engagement of the youths.

Adesola said that the collective prosperity of a state and a nation depended on how sustainably jobs could be created.

She said that it was also imperative to note that the never-ending duty of job creation required all public and private stakeholders to actively collaborate, design, and develop resilient policies and strategies.