The Federal Government, the European Union (EU), in collaboration with the United Nations Development Programme (UNDP), have launched the Jubilee Fellows Fund to reduce youth unemployment.
The Fund is an innovative financing instrument that will enable a diverse set of stakeholders to support the roll-out and implementation of the Nigeria Jubilee Fellows Programme (NJFP).
The NJFP, launched in August 2021, is a government led youth employment initiative that will place 20,000 young Nigerian graduates annually with one-year paid work placement in private and public companies across the country.
A statement by the Acting Head of Communications, UNDP Nigeria, Alison Clement, yesterday, reiterated the need for diverse support and resource mobilization, beyond traditional public finance and international aid.
This will boost the attainment of the Sustainable Development Goals (SDGs), and address some of Nigeria’s biggest challenges, like youth unemployment.
The Jubilee Fellows Fund provides an opportunity for a wide range of stakeholders, including private sector, start-ups, foundations, international financial institutions, philanthropists and multilateral and bilateral donors to contribute funding towards the implementation of the NJFP, to check high youth unemployment level.
Vice President, Yemi Osinbajo, was quoted as saying that: “Youth unemployment continues to be one of the most ardent challenges facing Nigeria today. The Federal Government is working tirelessly to reduce unemployment through various policies that support existing businesses, encourage start-ups and build an efficient workforce.”
He added that: “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.”
The NJFP is a government led youth employment initiative that will place 20,000 young Nigerian graduates annually with one-year paid work placement in private and public companies across the country.
Fund execution
The Jubilee Fund will be managed by the UNDP on behalf of the Government and partners, while a Steering Committee comprising 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 has also been inaugurated.
The Resident Representative, UNDP Nigeria, Mohamed Yahya, said: “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.
“The home-grown talent we have here in Nigeria is immense and it is critical that stakeholders from all backgrounds collectively work together to provide the foundation for young people to flourish and thrive.”
The statement also revealed that contributions received will be administered in accordance with the UNDP Financial Rules and Regulations, and an online dashboard, tracking resource mobilization from public and private sources, is currently being established.
The possibility for private individuals to contribute with donations to the Fund, via a crowd-funding platform, will also be tested as part of the innovative financing model for the NJFP.
