THE EU has signed a €55 million development cooperation agreement with the Federal Government of Nigeria to support the creation of new green and smart jobs for young graduates, including women and groups living in vulnerable situations.
During the signing which took place at the launch of the Jubilee Fellows Fund in Abuja, Executive Vice-President of the European Commission Margrethe Vestager said the EU is passionate about promoting jobs that minimise or avoid all forms of pollution and protect the ecosystem.
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“These are exactly the type of jobs we wish to promote under the new EU Multiannual Indicative Programme for Nigeria and under the Global Gateway initiative,” Vestager stated.
The Jubilee Fellows Fund is an innovative financing instrument that will enable a diverse set of stakeholders to support the roll-out implementation of the Nigeria Jubilee Fellows Programme (NJFP) which was launched last August.
According to the agreement, €44million which represents 80 per cent is earmarked for the NJFP, a joint youth employability initiative to champion homegrown Nigerian talent by connecting young Nigerians with local job opportunities.
Vice President of Nigeria Yemi Osinbajo noted that youth unemployment continues to be one of the most ardent challenges facing the country today, in spite of government’s efforts in the area of support to startups and existing businesses.
Osinbajo who was represented by the Minister of Industry, Trade and Investment Adenyi Adebayo added: “It is my firm belief that the Jubilee Fellows Programme will provide a template for empowerment across the continent. It is a true testament to how collaboration between government, development partners and the private sector should work”.
Through the NJFP, 20,000 fresh graduates annually will be equipped with on-the-job skills through a 12 month fully paid placement opportunity in private sector institutions, development agencies, NGOs and selected public sector entities.
Fellows will also gain access to market-oriented skills through tailored mentorship and coaching programmes.
It is expected that the programme will bridge the gap between graduates and the labour market, building a pipeline of young talent that is ‘future- ready’ and understands the needs, challenges and realities that companies face in a changing post-COVID job landscape.
“I want to call on everyone – from private sector leaders to the international community and the Nigerian diaspora – to accompany the development journey of young Nigerians and lend their support to the Fund as the success of the Jubilee Fellows Programme is our collective gain,” said the Resident Representative at UNDP Nigeria Mohamed Yahya.
In view of the critical need for diverse support and resource mobilization beyond traditional public finance and international aid, the possibility for private individuals to contribute with donations to the Fund via a crowdfunding platform will also be tested as part of the innovative financing model for the NJFP.
The Fund will be managed by the United Nations Development Programme (UNDP) on behalf of the Government and partners, and a Steering Committee comprised of contributing partners will provide strategic guidance and oversight on the direction and execution of the Fund.
The Steering Committee will be supported by a high-level Advisory Group of private sector leaders which was also inaugurated at the event.
Ambassadors and high-level representatives from the United States, United Kingdom, Japan and Norway as well as EuroCham Nigeria and private sector leaders, were present at the launch event.