[2] The ITF was created under the authority of the Federal Government, with the enabling legislation, the Industrial Training Fund Act, providing the legal framework for its establishment.

The primary objective of the ITF is to promote the acquisition of skills within Nigeria’s industrial and commercial sectors, thereby supporting the country's economic development by providing a well-trained and capable workforce.

[1][3] The primary purpose of the ITF is to promote the development of a skilled workforce to meet the manpower requirements of Nigeria's industrial, commercial, and economic sectors.

The ITF's mandate is to provide training, support vocational education, and equip individuals with the practical skills required by the Nigerian economy.

In addition to the mandatory contributions from employers, the ITF receives funding from government allocations and, occasionally, grants from international partners to enhance its capacity to train workers across various sectors.