The European Union (EU) has signed a development cooperation agreement of 55 million euros with Nigeria, out of which 44million euros is earmarked for the Nigeria Jubilee Fellows Programme (NJFP).
This is contained in a statement jointly signed by Arukaino Umukoro, Special Assistant to the President, Office of the Vice President and Alison Clement, Acting-Head of Communications of UN Development Programme (UNDP) on Tuesday, in Abuja.
The pact was signed at the inauguration of Jubilee Fellows Fund by the Federal Government, EU and UNDP, to encourage multi-stakeholder support in addressing youth unemployment in Nigeria.
It quoted the Executive Vice-President of the European Commission, Mrs Margrethe Vestager, as declaring that “our objective in this programme is to support the creation of new green and smart jobs for young graduates.
“Including women and groups living in vulnerable situations; these are exact type of jobs we wish to promote under the new EU Multi annual Indicative Programme for Nigeria and under the Global Gateway initiative.”
The Fund is an innovative financing instrument that is designed to enable diverse set of stakeholders to support the roll-out and implementation of the NJFP.
According to the statement, the Fund programme was established in August, 2021 to empower young people to become more self-reliant.
“The NJFP is a government led youth employment initiative that will place 20,000 young Nigerian graduates annually with one-year paid work placements, in private and public sector companies across Nigeria.
“There is the critical need for diverse support and resource mobilization, beyond traditional public finance and international aid, to achieve the Sustainable Development Goals and address the country’s biggest challenge, youth unemployment.
“The Jubilee Fellows Fund provides opportunity for wide range of stakeholders, including private sector, start-ups, foundations, international financial institutions, philanthropists and multilateral and bilateral donors.
“To contribute funding towards implementation of the NJFP and help to provide a solution to the high rate of unemployment of young people across the country,” it said.
It noted that youth unemployment was one of the most difficult challenges faced in Nigeria today.
The statement further commended the Federal Government for working tirelessly to reduce unemployment through various policies that support existing businesses, encourage start-ups and build an efficient workforce.
It stated that the Fund would be managed by UNDP and Steering Committee which comprised contributory partners on the direction and execution of the Fund.
The Steering Committee, according to it, will be supported by a high-level Advisory Group of private sector leaders that was also inaugurated.
It called on the private sector, the international community and Nigerians in Diaspora to lend their support to the Fund as the success of the NJFP is for collective gain.
It quoted Mr Mohamed Yahya, Resident Representative at UNDP Nigeria as saying, “the homegrown talent in Nigeria is immense.
“It is critical that stakeholders from all backgrounds collectively work together to provide the foundation for young people to flourish and thrive.”
It also quoted the Vice-President, Prof. Yemi Osinbajo, to have declared his firm belief that the Jubilee Fellows Programme would provide a template for empowerment across the continent.
Osinbajo said, “It is a true testament to how collaboration between government, development partners and the private sector should work.”
The statement said that contributions would be received and administered in accordance with UNDP Financial Rules and Regulations, and an online dashboard, tracking resource mobilization from public and private sources already established.
It said that the possibility for private individuals to contribute their donations to the Fund, through crowd funding platform would be tested, as part of innovative financing model for the programme.
It revealed the event was attended by Mrs. Margrethe Vestager, Executive Vice President, European Commission, Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, Prince Clem Agba, Minister of State, Budget and Planning, .
Others were Mr Samuela Isopi, Ambassador at the Delegation of the European Union to Nigeria and ECOWAS, Mr Matthias Schmale, UN Resident and Humanitarian Coordinator in Nigeria and Mr. Mohamed Yahaya, Resident Representative, UNDP in Nigeria.
It, however, said that notable ambassadors, high-level representatives from the United States, United Kingdom, Japan and Norway, EuroCham Nigeria and private sector leaders, also graced the occasion. (NAN)
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