Lagos Trust Fund Doles Out N10bn To Businesses

Lagos State Employment Trust Fund (LSETF), established in 2016 to provide loans for small-scale businesses owned by the state’s residents, has disbursed N10 billion to 500,000 businesses since its inception in the state as a form of empowerment, thereby creating jobs for Lagosians.

The agency’s acting executive secretary, Feyisayo Alayande, made the disclosure at a press conference to herald the forthcoming Lagos State Employment Trust Summit 3.0, which will take place tomorrow in Lagos.

Alayande said of the N10 billion, 86 percent has been paid back, 500,000 businesses have been supported, and 220,000 entrepreneurs have received training.

She said the summit’s purpose is to show what the state has been doing to create job opportunities for Lagosians and collaborate with the private sector to bridge the employment gap.

Alayande added that LSETF has been partnering with stakeholders to find solutions to job scarcity, saying different speakers have been selected to speak at the summit.

The executive secretary noted that the agency also set up a business support initiative, where entrepreneurs receive free legal support and business orientation.

She said the agency will soon launch the labour management information system, through which Lagosians can get information on the latest jobs in the market.

The governor’s special adviser on media and publicity, Gboyega Akosile, said the administration was proud of the LSETF’s work in creating job opportunities for Lagosians, which has advanced the governor’s vision.

He said the success of LSETF reflected the THEMES + agenda of Sanwo-Olu’s administration.
Ruby Igwe of ALX Africa, one of the partners in this year’s summit, expressed delight over the collaboration, stressing that it would be an avenue for dignified jobs.