Vestiges: Do We Still Need The Industrial Training Fund (ITF)?

INTRODUCTION

The Industrial Training Fund Act, Cap.I9 Laws of the Federation of Nigeria (LFN) 2004, (ITFA), originally enacted in 1971, established the Industrial Training Fund (ITF) to comprise sums provided by the Federal Government and contributions by employers with the sole objective of "promoting and encouraging the acquisition of skills in industry or commerce with a view to generating a pool of indigenously trained manpower sufficient to meet the needs of the economy."¹ In June 2011, the Industrial Training Fund (Amendment) Act (ITFAM) amended the ITFA, further amplifying its implementation.

Whilst it has been argued that the ITFAM rather drives the ITFA away from its sole objective, the more pertinent question is: does Nigeria actually still needs the ITF? This article will attempt to show that the ITF is an anachronism and a regulatory overhang, as its underlying objective could still be achieved without the institution. We will preface our