How LSETF supported 2,204 businesses in one year

LAGOS, Nigeria – Lagos State Employment Trust Fund (LSETF) on Thursday disclosed that the State government had supported 2,204 businesses as a way of ensuring that unemployment in the State was reduced to barest minimum.

The State Commissioner for Wealth Creation and Employment, Mrs Yetunde Arobieke, made the disclosure during the ministerial press briefing to mark the one year in office of the State Governor, Mr Babajide Sanwo-Olu.

According to her, “LSETF serves as an instrument to inspire the creative and innovative energies of all Lagos residents and reduce unemployment across the State.

“For the period between May 29,2019 and May 29, 2020, LSETF had supported 2,204 businesses. Loans programme-,1,167, employability-967 and Lagos innovates-70,” she noted.

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The Commissioner also stated that the Fund organized Employment Summit in February, 2020, adding that “part of the objective of the summit was to influence government policy to improve results and outcomes for target groups, i.e. women, youth and entrepreneurs.”

She added that the summit, whose participants were carefully selected, discussed “strategies  that promote job creation through skills development, applied technology and enterpreneurship.”

Arobieke also disosed that the LSETF has put measure in place to ameliorate the impact of coronavorus pandemic on loan beneficiaries, saying that the beneficiaries would have to apply for moratorium on repayments.

In her words, “Lagos State Employment Trust Fund(LSETF) loan beneficiaries can now apply for a moratorium on their loan repayments. For the avoidance of doubt, only performing loan beneficiaries and beneficiaries with past due obligations of not more than 60 days can apply.”

The Commissioner also noted that the LSETF would support SMEs as a way of saving jobs, adding that the ministry would organize private internship programme that would offer 4,000 unemployed youth training.

She explained that “the training which would be for a month and six months hands on work experience in the private sector towards potential full-time employment.

“Prospective participants would be harvested from the databases of the five job centres covering the 57 local governments and local council development areas,” the Commissioner stated.