In a move to boost job creation, the Lagos State government through the Lagos State Employment Trust Fund (LSETF) disbursed N1.17 billion loans to 4600 Micro, Small and Medium Enterprises (MSMEs) within the last year.
Commissioner for Wealth Creation and Employment, Mr. Akinyemi Ajigbotafe, disclosed this at a media briefing to commemorate the sixth anniversary of Governor Babajide Sanwo-Olu’s administration.
According to him, the repayment rate by beneficiaries has been as high as 91% within the period.
Ajigbotafe said LSETF has also provided 82 small businesses with access to market opportunities in the state, while also training and securing employment for 6, 685 residents through its programmes, while another N558.56 million was disbursed as grants to support some Lagos-based businesses.
He further disclosed that LSETF has also renewed the Memorandum of Understanding (MoU) with the United States African Development Foundation (USADF) to train 10,000 Lagos residents,
The commissioner added that at the end of the training, at least 60% of the participants will be placed into gainful employment.
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Providing more details into the loans, the Executive Secretary of LSETF, Feyisayo Alayande said that by providing finances for the MSMEs, the agency had helped create 48,830 direct and indirect jobs within the year, while also assisting to retain 34,542 existing jobs.
According to her, several of the beneficiaries have gone beyond self-employment to employing others, thus reducing unemployment in the state.
She further noted that the agency is also following up closely with the remaining beneficiaries to secure payments on the outstanding 9% of the loans.
Alayande called on those facing business challenges to engage with LSETF ahead of their loan deadline to prevent enforcement actions.
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