Functions of the Industrial Training Fund (ITF) are given in this article. We hope you find it informative and able to serve the demands of your research.
The Industrial Training Fund was established in 1971 and since its establishment, it has operated painstakingly and consistently within the authorities bestowed upon it by the laws which led to its establishment (Decree 47 of 1971 as Amended in the 2011 Industrial Training Fund Act.).
The essence of the establishment of the Fund has since been pursued with all might, tenacity, and enthusiasm. For many years now that the ITF has existed, it has gone beyond just raising the training consciousness within the country’s economy, it has also helped greatly to generate a group of manpower that is very skilled, and to prove the point, these persons have stood in and both managed and manned a lot of parastatals in the economy of the nation.
In recent years past, in accordance with the constitutional responsibilities of the ITF, there has been an expansion in their structures, they have developed so many training programs, look into the standard of their strategies, services, and mode of operations just so that they will be able to meet up with the ever-expanding and dynamic call for skilled manpower in the economy.
Starting from a Parastatal ‘B’ as of 1971 and headed by a director, the Industrial Training Fund Transcended to a Parastatal ‘A’ in 1981 with a Director General (DG) as the Chief Executive Officer (CEO) under the shield of the Ministry of Industry.
Presently, there are 13 members in the Fund’s Governing Council and they operate a total of 10 departments with 4 Units at the Corporate Headquarters.
They also have 38 Area Offices scattered all over the country, 4 skills training centers as well as a center for Industrial Training Excellence.
The Governing Council of the Industrial Training Fund is a makeup of a total of thirteen members that are drawn from the private and public sectors and are chosen by the Federal Government of Nigeria to oversee and manage the Fund.
This is done to x-ray the spirit of entrepreneurship in cooperation as well as the essence of cooperation of private employers producers and users of training as well as organized labor in the identification of training needs and also working out possible training policies and systems.
Functions of Industrial Training Fund (ITF)
The following are the Functions of the Industrial Training Fund (ITF):
1. The ITF on its own and with its own discretion, build-up training facilities in the areas where it has identified the need for training in the nation.
2. From time to time, the ITF comes together with other relevant agencies to organize studies and research into possible training for the betterment of the workforce of the nation in order to boost the economy which will, in turn, affect the GDP of the Nation.
3. The Fund also comes up with a consistent National Vocational Apprenticeship Training Programme in the country.
4. The fund also bears a stipulated percentage of the cost of on-the-job and off-the-job training of employees in Nigeria.
5. The Fund also seeks to bring to harmony their non-formal training programs with the schemes and curriculum of formal educational institutions in the country.
6. They equally encourage greater participation of employers especially small-scale employers when it comes to organizing and developing training programs and facilities which includes establishing group training schemes and centers in some areas of economic activities.