The Oyo State Government is set to address the high rate of unemployment among youth and improve enterpreneuship.
To achieve this, a bill seeking for the establishment of the Oyo State Enterprises and Employment Trust Fund which will provide financial support for the youth to boost their entrepreneurial activities has passed through second reading on the floor of the House of Assembly.
The bill was sponsored by Hon. Seyi Adisa, representing Afijio State Constituency in the Assembly.
While speaking on the bill during plenary, Adisa said Medium Small and Micro Business owners were the expected beneficiaries of the fund as it would enable them to access loans and other support they require.
“The second purpose is the employment opportunities to be provided by the Trust fund. It will partner with companies and organisations and train the youth.The hope of the bill when passed is that it will improve entrepreneurship in Oyo State. It will improve the business environment and provide and increase financial support for the MSMEs . Government will start by putting in some monies, while foreign agencies, private sectors and other well meaning individuals will also contribute to the trust fund,” he said.
The Speaker, Rt. Hon. Adebo Ogundoyin said the Trust Fund would help solve the problem of youth unemployment, and will equally promote small businesses and companies.
Ogundoyin stated that it was necessary for industrious youth across the country to have access to small loan facility and other support programmes to boost their morale and ultimately reduce their dependence on white collar job.
“Surely the recent #ENDSARS protests across the country brought to fore the high rate of joblessness among the youth and the need for government at all levels to wake up to their responsibilities. Our youth take to crime because as hardworking as Nigerian youth are, they do not have access to fund to establish themselves, hence entrepreneurial initiatives and zeal are killed and all hope lost,” the Speaker said.
Also contributing to the bill, the Minority Leader, Hon. Asimiyu Alarape said that the global trend now is about diversification adding that anything that would take the youth off the streets must be applauded.
The House after giving its nod for the second reading of the bill, passed it to the House Committees on Commerce and Cooperatives, Public Account, Finance and Appropriation as well as Employment, Labour and Productivity.