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Over the years, pursuant to its statutory responsibility, the ITF has expanded its structures, developed training programmes, reviewed its strategies, operations and services in order to meet the expanding, and changing demands for skilled manpower in the economy. Beginning as a Parastatal “B” in 1971, headed by a Director, the ITF became a Parastatal “A” in 1981, with a Director-General as the Chief Executive under the aegis of the Ministry of Industry. The Fund has a 13 member Governing Council and operates with 6 Departments and 3 Units at the Headquarters, 27 Area Offices, 2 Skills Training Centres, and a Centre for Industrial Training Excellence.

As part of its responsibilities, the ITF provides Direct Training, Vocational and Apprentice Training, Research and Consultancy Service, Reimbursement of up to 60% Levy paid by employers of labour registered with it, and administers the Students Industrial Work Experience Scheme (SIWES). It also provides human resource development information and training technology service to industry and commerce to enhance their manpower capacity and in-house training delivery effort.

The main thrust of ITF programmes and services is to stimulate human performance, improve productivity, and induce value-added production in industry and commerce. Through its SIWES and Vocational and Apprentice Training Programmes, the Fund also builds capacity for graduates and youth self-employment, in the context of Small Scale Industrialisation, in the economy.

Vision Statement
To be the foremost skills training and development organization in Nigeria and one of the best in the world.

Mission Statement
To set and regulate training standards and offer direct training intervention in industrial and commercial skills training and development using a corps of highly competent professional staff, modern techniques and technology.

ITF Organisational Structure
The 13-member Governing Council;
The Directorate; (i.e office of the Director General and Chief Executive)
Six Headquarters Departments each headed by a Director;
Three Units attached to the Director-General's office, each headed by Deputy Directors;
Twenty-Nine Area Offices (nation-wide);
Three Training Centres; viz:-
2 Skills Training Centre.
A Centre for Excellence.

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Reimbursement Scheme
The ITF Reimbursement Scheme was established to motivate and encourage contributing employers to train and re-train their employees. The Scheme provides that a maximum of 60% of levy be paid to up-to-date levy contributors who satisfy laid down conditions for claiming Reimbursement.
The aims and objectives of the Reimbursement Scheme are to ensure that:

Training activities are spread to all levels of workers in organizations;
Employers training programmes are relevant and effective;
Training programmes are properly implemented and evaluated;
Training activities, according to the needs of the employers and the economy as a whole, are encouraged.