The Lagos State government has announced that it has disbursed N10 billion to support 500,000 small-scale businesses through the Lagos State Employment Trust Fund (LSETF) since its establishment in 2016. This initiative is aimed at empowering businesses and creating jobs for Lagosians.
Feyisayo Alayande, the Acting Executive Secretary of LSETF, revealed this while discussing the upcoming Lagos State Employment Trust Summit 3.0, which is set to take place on July 3 at the Eko Hotel and Suites, Victoria Island. Alayande noted that 86 percent of the N10 billion has already been repaid, showcasing the program’s effectiveness in providing sustainable financial support to entrepreneurs. Additionally, the fund has facilitated 220,000 training sessions for business owners.
Alayande mentioned that the summit will highlight the state’s job creation efforts and its collaboration with the private sector to bridge the employment gap. She emphasized LSETF’s partnerships with various stakeholders to tackle job scarcity, including offering free legal support and business orientation to entrepreneurs. Moreover, the agency plans to launch a Labour Management Information System to provide Lagosians with up-to-date information on job opportunities.
Gboyega Akosile, Special Adviser on Media and Publicity to Governor Babajide Sanwo-Olu, commended LSETF’s accomplishments, noting that the fund’s success aligns with the THEMES+ agenda of Sanwo-Olu’s administration.
Ruby Igwe of ALX Africa, a partner for this year’s summit, expressed enthusiasm for the partnership, highlighting that it would facilitate the creation of dignified jobs for Lagosians.
