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World Bank, FG Commit $70m To second phase Of IDEAS project

by Reporter theconscienceng
August 22, 2025
in Business, Trending
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World Bank Releases Fresh Fund To Nigeria After Subsidy Removal, Tax Bills

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World Bank, FG Commit $70m To second phase Of IDEAS project

THECONSCIENCE NG reports that World Bank and the Federal Government have disclosed plans to invest about $70 million in the second phase of the Innovation Development and Effectiveness in the Acquisition of Skills (IDEAS) project, aimed at improving skills acquisition in the country.

The World Bank Co-Task Team Leader of IDEAS Project, Dr Mistura Rufai, disclosed this yesterday in Abuja during a two-day Memorandum of Understanding (MoU) and Contract Signing Workshop on the Nigeria Youth Employment Through Skills Acquisition Fund (NYESAF) organised by the National Project Coordinating Unit of the IDEAS project.

READ MORE:  World Bank Offers Another $50 Million To Nigeria

The World Bank education specialist disclosed that about 30,000 youths across the country would be trained for a six-month period in various skills acquisition programme in the second phase to commence on the 25th of August. The number of beneficiaries, according to her, is an offshoot of the 1,000 youths trained during the first cohort.

She stated that the IDEAS project was conceived to bridge the gap in skills acquisition in the country and to ensure youths acquire relevant skills and not just to train but to ensure they get certification under the National Skills Certification Framework.

READ MORE:  World Bank publishes number of Nigerians who fall into extreme poverty every sixty seconds

The National Project Coordinator, IDEAS project, Mrs Blessing Ogwu, explained that the IDEAS project was a soft component of the NYESAF programme code-named Technical and Vocational Education and Training (TVET), aimed at equipping Nigerian youths with relevant skills to bridge the unemployment gap.

The IDEAS project consultant, Ndem Ndiyo, explained that the Training Service Providers (TSP) were expected to train the youths in various technical skills, especially skills that would provide products that have commercial value.

READ MORE:  World Bank Knocks Nigeria Over Social Protection System

UNITED Nations Women Representative in Nigeria and ECOWAS, Beatrice Eyong, has, meanwhile, urged Nigerian women to maximise opportunities in the nation’s $2.5 billion fashion industry.

Speaking during the Afro-EU Garment Innovations and Sustainability summit held in Lagos yesterday.

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