In 2024, the Lagos State government, through the Lagos State Employment Trust Fund (LSETF), allocated N1.17 billion in loans to 4,600 Micro, Small, and Medium Enterprises (MSMEs) as part of its initiative to combat unemployment in the region.
During a media briefing marking the sixth anniversary of Governor Babajide Sanwo-Olu’s administration, the Commissioner for Wealth Creation and Employment, Mr. Akinyemi Ajigbotafe, revealed that the repayment rate among beneficiaries has reached an impressive 91% during this period.
Ajigbotafe also noted that LSETF has facilitated market access for 82 small businesses in the state and has trained and secured employment for 6,685 residents through its various programs. Additionally, N558.56 million was distributed as grants to support local businesses.
He mentioned that the Lagos State Employment Trust Fund (LSETF) has renewed its Memorandum of Understanding (MoU) with the United States African Development Foundation (USADF) to train 10,000 residents of Lagos. He noted that at least 60% of the participants are expected to secure employment after completing the training.
Providing further details about the loans, LSETF Executive Secretary Feyisayo Alayande stated that by financing micro, small, and medium enterprises (MSMEs), the agency has facilitated the creation of 48,830 direct and indirect jobs over the past year, while also helping to retain 34,542 existing positions.
She explained that many beneficiaries have progressed from self-employment to hiring others, thereby contributing to a reduction in unemployment in the state. Alayande also mentioned that the agency is closely monitoring the remaining beneficiaries to ensure repayment of the outstanding 9% of the loans.
She urged those experiencing business difficulties to reach out to LSETF before their loan deadlines to avoid enforcement actions.
