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We now know how much LSETF has disbursed to Startups since 2016

Onome Ohwovoriole by Onome Ohwovoriole
August 29, 2017
in Business News, Small Business
Gov. Ambode Says Lagos Has Completed $840 Million Bond Restructuring

Gov. Akinwunmi Ambode of Lagos State

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The Lagos State Government has so far disbursed N4.5 billion to over 5000 Micro, Small and Medium Enterprises (MSMEs) in one year. Secretary to the State Government Olatunji Bello disclosed this at an event in Lagos recently. The funds were disbursed through the Lagos State Employment Trust Fund (LSETF) in the last one year. The state will also train 16,000 youths in vocational education in partnership with the United Nations Development Programme and private sector employers.

Why LASG is supporting MSMEs

Micro Small and Medium Enterprises (MSMEs) are a key driver of growth in the Nigerian economy as they employ a huge number of people. Supporting MSMEs in the state to expand and grow will reduce unemployment in the state. Staff employed by the SMEs will pay tax to the state government.

The SMEs will also pay various taxes and levies as they will be captured by the tax authorities. A drop in crude oil prices, pushed the country’s economy into recession, and left many states struggling to meet salary and pension obligations. This has also forced states to look inward and grow internally generated revenue.

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How the scheme works

Applicants are selected and verified through an online portal www.lsetf.ng. Micro enterprises can get a maximum of N500,000, while Small and Medium Scale Enterprises can get up to a maximum of N5 million. Interest rate for the loans is 5%. The LSETF also partners with High Networth Individuals (HNIs), private organizations, donor agencies, non-governmental agencies, international development organizations who leverage on its technical capability.

The LSETF was established in 2016 with an initial seed funding of N25 billion. The fund has the mandate to lend to MSMEs owned by residents of the state. In addition, the fund also provides vocational training. The fund has a target to create 300,000 direct jobs, 600,000 indirect jobs and give loans to 150,000 MSMEs by 2019.

Tags: Lagos State GovernmentLSETFNews Review
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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