We’ve spent N10 bn financing 500,000 entrepreneurs – Lagos State Employment Trust Fund, LSETF

LAGOS, Nigeria – No fewer than 500,000 private business enterprises operating in Lagos State have been successfully supported and stabilised through a tenure-bound credit programme and seed capital by the Lagos State Employment Trust Fund (LSETF), it was revealed on Monday.

The State Government’s employment agency disclosed that it had disbursed over N10 billion in business grants to support new and existing enterprises, with 86 percent of beneficiaries meeting their loan repayment obligations.

The details were made public by the LSETF Acting Executive Secretary, Mrs. Feyisayo Alayande, while briefing reporters at the Bagauda Kaltho Press Centre in Alausa on the activities lined up for the third Lagos Employment Summit being organised by the agency.

The one-day summit, with the theme: “Job Creation – Uniting for Impact: Create, Collaborate, Change”, will hold on Wednesday at the Eko Hotels and Suites, Victoria Island.

Alanyande said LSETF, since inception, had organised 220,000 business sustainability trainings for thousands of entrepreneurs, while supporting new business ventures to scale up and refocus their financial growth to create jobs and improve business opportunities.

She said: “Since inception of our operations, we have provided good support to businesses in terms of funding. We have done about N10 billion disbursement till date in terms of creating access to seed capital and business financing for enterprises across sectors. We have done about 220,000 entrepreneurial trainings for Lagosians, while supporting about 500,000 businesses.

“As at two months ago, we had over 83 per cent collection rate, which means that the majority of our loan beneficiaries have paid back their facilities. As I speak, we have moved the collection rate up to 86 per cent. This means that we have been performing better.

“Our beneficiaries are constantly reminded about their obligations to repay the loan given to them to scale up their businesses. Our goal is to achieve total repayment. Any beneficiary who defaults the loan repayment is automatically denying someone else the opportunity to benefit from the scheme.”

Speaking on the employment summit slated for Wednesday, the LSETF boss said the event would offer a platform for stakeholders on Entrepreneurship and Employability markets to explore collaborative strategies and best practices in catalysing job creation.

The event, she said, would explore diverse contemporary perspectives and viewpoints on job creation through curated sessions and topics.

Alayande said the agency would be launching Labour Market Information System that would provide up-to-date information to individuals and institutions seeking data about employment within the State. The summit, she added, would reaffirm LSETF’s commitment to its mandate of empowerment and sustaining businesses.

“The Lagos Employment Summit aligns with our mandate to promote economic growth and job creation opportunities for the vibrant people of Lagos State. With this year’s edition, we aim to stimulate inclusive discourse and develop strategies that drive impactful job creation initiatives,” the LSETF boss said.

Commissioner for Wealth Creation and Employment, Hon. Akinyemi Ajigbotafe, noted that the summit was the State Government’s strategic plan to fostering economic growth and creating sustainable employment opportunities.

LSETF Director for Strategy, Funding and Stakeholders Management, Ms. Sherifah Balogun, said the event would mark another milestone in the agency’s journey towards achieving the vision of the Governor Babajide Sanwo-Olu administration to empower people and create decent means of livelihood for Lagosians.

“We are delighted to host the third edition of the employment summit. We believe partnership is critical factor that is instrumental to LSETF’s success over the years. We are leveraging the event to bring all stakeholders from diverse sectors on common ground, thereby setting the stage for rewarding collaborations,” Balogun said.