Lagos State Government on Thursday said a total of 6,462 residents with proven business ideas have so far benefited about N5.22billion from the Employment Trust Fund (ETF) designed to grow the economy and create jobs through provision of credit facilities with minimal interest.
Speaking at the annual ministerial press briefing in Lagos the state’s Commissioner for Wealth Creation and Employment, Mrs Uzamat Akinbile-Yussuf said the amount so far disbursed constituted a huge part of the total N5.98billion approved for 8,229 beneficiaries since it began disbursement in 2017.
The ETF is an initiative of the present administration in the State through which N25billion is earmarked to be disbursed over a period of four years to provide entrepreneurs, artisans, traders and others with capital to boost their businesses thereby reducing unemployment and increasing wealth among the people.
While reeling out loan disbursement activities of the fund, Akinbile-Yussuf said: “In fulfillment of the Lagos State Government’s mandate, the Fund has now disbursed N5.22billion to 6,462 beneficiaries, out of the approved loans totaling N5.98billion for 8,229 beneficiaries received.
She said in the period under review, the board of ETF approved loans totaling N627,053,826.15 for 643 beneficiaries under the batch four of the scheme, while in batches five, six, seven and eight, N924,696,671.00, N979,704,570.31, N443,859,457.60 and N1,013,485,058.69 were respectively disbursed to 5, 813 beneficiaries.
“For batch one of 2018, the Board approved loans totaling N492,798,560.90 for 1,753 beneficiaries (44 Small and Medium Enterprise (SME), 1,306 Medium Enterprise (ME) and 403 MES). The successful applicants have been contacted to meet the conditions that precede the disbursement of their loans,” she said.
Akinbile-Yussuf said as part of efforts designed to encourage start -ups in innovation and technology, the State Government launched innovation-driven enterprise program tagged “Lagos Innovates” where access to high quality infrastructure, learning and networks were provided, adding that the projection was to cement the place of Lagos as the leading destination for start-ups in Africa.
She said the government, through the Lagos State Employability Support Project, has also firmed up plans to produce 10,000 skilled persons within three years to cater for demand in key sectors such as manufacturing, healthcare, construction, entertainment, garment making and tourism and hospitality.
“In addition, the project will place at least 6,000 trained persons in jobs and upgrade the equipment and improve the curriculum at two of Lagos State Technical and Vocational Education Board (LASTVEB’s) Colleges,” she said.
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