Lagos State Empowers 500,000 Businesses with N10 Billion Investment
In a bold move to improve economic growth and job creation, the Lagos State government has disbursed N10 billion to support 500,000 small-scale businesses through the Lagos State Employment Trust Fund (LSETF) since 2016. This initiative reflects the state’s commitment to empowering entrepreneurs and reducing unemployment.
Transforming Small-Scale Businesses
The Acting Executive Secretary of LSETF, Feyisayo Alayande, shared insights into this impactful initiative. Speaking ahead of the Lagos State Employment Trust Summit 3.0, scheduled for July 3 at the Eko Hotel and Suites, Victoria Island, Alayande highlighted the program’s success and future plans.
Financial Support and High Repayment Rates
LSETF has disbursed N10 billion to small-scale businesses across Lagos, aiming to provide the financial boost necessary for growth and sustainability. Remarkably, 86 percent of this amount has been repaid, showcasing the effectiveness of the fund in offering sustainable financial support. Entrepreneurs are not only receiving help but are also managing to repay their loans, indicating their businesses’ success and stability.
Extensive Training Programs
Beyond financial support, LSETF has also prioritized education and training. The fund has conducted 220,000 training sessions for business owners, covering crucial areas like financial management, business planning, and marketing strategies. These sessions are designed to equip entrepreneurs with the skills needed to run successful and sustainable businesses.
The Lagos State Employment Trust Summit 3.0
The upcoming summit is set to showcase Lagos State’s efforts in job creation and its collaboration with the private sector. This year’s theme focuses on bridging the employment gap and creating sustainable job opportunities.
Collaborative Efforts and Partnerships
Alayande emphasized the importance of partnerships in achieving these goals. LSETF has collaborated with various stakeholders, including private companies, non-profits, and international organizations, to address job scarcity. The agency also offers free legal support and business orientation services to entrepreneurs, ensuring they have the resources needed to succeed.
Launching a Labour Management Information System
In an exciting development, LSETF plans to launch a Labour Management Information System. This platform will provide Lagosians with up-to-date information on job opportunities, helping them stay informed and connected to potential employers. It’s a strategic move to ensure that job seekers have easy access to employment opportunities as they arise.
Aligning with Government Goals
Gboyega Akosile, Special Adviser on Media and Publicity to Governor Babajide Sanwo-Olu, praised the achievements of LSETF. He highlighted that the fund’s success aligns with the THEMES+ agenda of Sanwo-Olu’s administration. This comprehensive plan focuses on critical areas such as transportation, health, education, and economic development, aiming to transform Lagos State into a more prosperous and livable place.
Engaging with Partners for Greater Impact
Ruby Igwe of ALX Africa, a key partner for this year’s summit, expressed enthusiasm about the collaboration. She noted that the partnership would facilitate the creation of dignified jobs for Lagosians. By working together with organizations like ALX Africa, LSETF can amplify its impact and reach more people in need of support.
Conclusion
The N10 billion disbursement to support 500,000 small-scale businesses is a testament to Lagos State’s commitment to economic growth and job creation. Through the Lagos State Employment Trust Fund, the government is providing crucial financial support, extensive training, and strategic partnerships to empower entrepreneurs. The upcoming Lagos State Employment Trust Summit 3.0 will highlight these efforts and pave the way for future initiatives aimed at reducing unemployment and fostering economic prosperity in the state.
With ongoing support and innovative programs, Lagos State is setting a strong example of how targeted investments can drive economic growth and improve the lives of its residents.