By The Senator representing Lagos East Senatorial District, Tokunbo Abiru has harped on the need to amend the Industrial Training Fund (ITF) Act and related matters to reflect the realities of today’s industrial and allied matters.
Abiru, who is the Chairman of the Senate Committee on Industries, made this known on Wednesday when he chaired the public hearing on the amendment of the bill at National Assembly Complex, Abuja.
According to the Senator, the proposed amendments are largely aimed at curing a number of significant inadequacies in the present Act, which amongst other things, has led to non-adherence to the requirements of proof of up-to-date contributions to the Fund, by persons and corporate organizations covered by the Act.
“The Amendments also seek to address the challenge of inadequate deterrence or punishments for forgery of the Funds Certificate of Compliance and other official documents and the absence of concise interpretation of some key words and phrases used in the Act,” he said.
“This Amendment is thus expected to strengthen the Industrial Training Fund’s capacity to administer, supervise and enforce the Industrial training reforms of government. At this critical phase in our country’s political and socio-economic journey, providing the desired training, skills acquisition and vocational know-how that will create jobs and bring our teeming youths out of joblessness and poverty has become not only an imperative but non-optional.”
Abiru acknowledged the feats ITF had recorded in developing a vast pool of human capital for the public and private sectors of the economy particularly through Technical and Vocational Education Training (TVET) with the aim of equipping Nigerians with requisite skills for employability and entrepreneurship.
He, however, argued that digital skills are essential for survival in the fourth industrial revolution workplace and as such the Fund should make accomodation for such training.
The Committee Chairman said, “The question is: is Technical and Vocational Education Training (TVET) alone enough to address the employment crisis of the present and the future? Are we developing skill sets aligned with the trends of the emerging workforce and the jobs of the future? The answer is NO. It is for this reason that the Fund must also focus on the acquisition and development of digital skills.
“Technology has been changing the landscape of the workforce globally at a rapid pace. The World Bank Group’s (WBG) World Development Report from 2019, The Changing Nature of Work, explored how work is evolving as a result of technological advancements, including how these advancements are changing the skills that employers seek. The report shows that investing in human capital to develop new skills that are increasingly in demand in the labor market will be key.
“This is in line with the World Bank Group’s Human Capital Project, which emphasizes the need for economies to invest in human capital particularly digital skills to keep up with the rapidly changing landscape for jobs and skills. A simple targeted workforce transformation analysis will confirm all that I have proposed.
“Considering the current pace of digital transformation and for the future, it is key to develop such competencies now to lay the foundation for optimal performance in the wholly different world that we’re likely to face as from 2025.”
