The Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Akintunde Oyebode has disclosed that no fewer than 8,000 Micro, Small and Medium Enterprises (MSMEs) and businesses have accessed approximately N6 billion since the Fund earmarked.
Oyebode who made the disclosure in Lagos, said more than 15,000 jobs have been created by the Fund in the last two years.
According to him, the initiative of the Governor Akinwunmi Ambode-led administration is to provide entrepreneurs, artisans, traders and others with capital to boost their businesses. Oyebode said the Fund has reduced unemployment and increased wealth among the people of Lagos.
Oyebode added that since the Fund’s commencement in 2016, the LSETF has continued to grow the economy and create jobs through the provision of credit facilities with minimal interest.
The Executive Secretary of the Fund disclosed that the initiative is targeted towards creating 300,000 direct and 600,000 indirect jobs within three years, by supporting at least 100,000 MSMEs, while it also seeks to add over 200,000 new taxpayers to the Lagos State’s tax net by 2019.
“The underlining factor is that people with genuine businesses are keying into the fund. We believe that when we empower one business owner with fund, he or she would require more hands and that translates to one or two persons off the labour market. At the end of the day, as their businesses are growing and expanding, the economy of the State is also recording appreciable growth,” Oyebode said.
The Lagos State Employment Trust Fund (LSETF) was established by The Lagos State Employment Trust Fund Law 2016. The Fund is aimed at providing financial support to residents of Lagos State, for job, wealth creation and to tackle unemployment.
The Fund commenced with an initial capital of N25 billion contributed over four years by the Lagos State Government, but intend to raise additional funding from various sources including donor partners, development agencies, corporate organisations and individuals.
LSETF focuses on promoting entrepreneurship by improving access to finance, strengthening the institutional capacity of MSMEs and formulating policies designed to improve the business environment in Lagos State.