An Appraisal of the Practice and Procedure of Industrial Training Fund in Nigeria and Other Jurisdictions

Abstract

Competent workforce and effective organizational performance emphasize the crucial need for Training to occupy a central position in Organizations. As clearly evident, organizations are formed and are predicated on some objectives; however, achievement of these objectives is dependent on competency of the workforce. Besides, the rapid manner with which life is being dramatically changed by advancement in Science and Technology, also underscores the need for training and re-training to acquire relevant and maintain employable skilled workforce.

Furthermore, with the trend in knowledge-based economy and resulting effects of globalization, increased market competition and significant demographic shifts, challenges arise for individuals and Organizations to remain relevant and competitive.[1] Consequently, Training for acquisition of relevant skills by citizens of nations is stressed, as one of the critical factors for industrial and by extension, economic development.