Another State Disburses N10 Billion to Empower 500,000 Businesse

Another State Disburses N10 Billion to Empower 500,000 Businesse

The Lagos State government has announced the disbursement of N10 billion to support 500,000 small-scale businesses through the Lagos State Employment Trust Fund (LSETF) since its inception in 2016. This initiative aims to empower businesses and create jobs for Lagosians.

The Acting Executive Secretary of LSETF, Feyisayo Alayande, disclosed this while speaking about the upcoming Lagos State Employment Trust Summit 3.0, scheduled for July 3 at the Eko Hotel and Suites, Victoria Island.

Alayande highlighted that 86 percent of the N10 billion has already been repaid, demonstrating the program’s success in providing sustainable financial support to entrepreneurs. Additionally, the fund has conducted 220,000 training sessions for business owners.

Alayande stated that the summit will showcase the state’s efforts in job creation and collaboration with the private sector to bridge the employment gap. She emphasized LSETF’s partnerships with various stakeholders to address job scarcity, noting that the agency also offers free legal support and business orientation to entrepreneurs.

Furthermore, the agency plans to launch a Labour Management Information System to provide Lagosians with information on the latest job opportunities.

Gboyega Akosile, Special Adviser on Media and Publicity to Governor Babajide Sanwo-Olu, praised LSETF’s achievements, highlighting 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, noting that it would facilitate the creation of dignified jobs for Lagosians.