Babajide Olusola Sanwo-Olu, governor of Lagos State Tuesday rejigged the state’s employment and security structures by inaugurating new boards of the Lagos State Security Trust Fund (LSSTF) and Lagos State Employment Trust Fund (LSETF).
The governor charged members of the boards to fully carryout their duties in order to sustain the core objectives of the two agencies which is addressing the challenges of insecurity and unemployment in the state.
He made this known at the State House in Alausa during the swearing-in of the new board members of the agencies.
According to the governor, the agencies would play a key role in navigating his administration’s development agenda captured in his T.H.E.M.E.S initiative which would ultimately Make Lagos a 21st Century Economy.
Reading out the achievement of the agencies since their creation, the governor hinted that the state has revamped it’s security architecture which has enabled the birthing of more businesses in the state as well as growth of the existing ones due to the improvement of security in the country’s commercial nerve centre.
He stressed that his administration would do all it can by virtue of the law to support and provide resources needed for both agencies operating independently to thrive in ensuring critical areas in the state are addressed.
“The Lagos State Security Trust Fund (LSSTF) and the Lagos State Employment Trust Fund (LSETF) were created at different times to address the two key challenges of insecurity and unemployment. The responsibilities of these two important bodies are inter-connected and mutually reinforcing. Their mandates are critical to ‘Making Lagos a 21st Century Economy’ as outlined in the pillars of the T.H.E.M.E.S agenda.
“Today, Lagos has become safer and more secure because of the improved operational capacities of our security agencies. Individuals and corporate organisations have made this possible largely through the financial and material donations to the Lagos State Security Trust Fund. The effectiveness of these initiatives as a strategy to fight and prevent crime has been widely acknowledged, given its replication by other sub-national governments, and even at the national level.”
In ensuring smooth running of the LSETF, the governor disclosed budgetary allocation for the agency has been scaled up by the state executive council in the revised 2020 budget.
“For the LSETF, we want to continue creating jobs and economic opportunities for the present and especially for the future. This means a radical rethinking of existing entrepreneurship, certification and financing models and strategies. We must establish new paradigms that are fit for the 21st century.
“Our young people should be a priority in the design and implementation of the initiatives of both LSSTF and LSETF. The success in delivering on the mandates setting up these bodies will be determined in large part by how well we are able to take the attitudes and mindsets of the youth into consideration,” the governor said.
Bola Adesola, LSETF Board chairperson, Senior Vice Chairman (Africa), Standard Chartered Bank, assures the agency will double its efforts in the Micro Small Medium Enterprises (MSME’s) through partnership work with relevant organisations.