• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

LSETF suspends loan repayment for SMEs, startups amidst lockdown

Fakoyejo Olalekan by Fakoyejo Olalekan
April 7, 2020
in Business News, Socio Economic
LSETF suspends loan repayment for SMEs, startups amidst Coronavirus lockdown

Teju Abisoye, Acting Executive Secretary of LSETF

Share on FacebookShare on TwitterShare on Linkedin

The Lagos State Employment Trust Fund (LSETF) has suspended the repayment of loan obtained by 11,000 Micro, Small and Medium Enterprises (MSMEs) and technology start-ups in the state.

This was disclosed by the Acting Executive Secretary of LSETF, Teju Abisoye. According to her, the decision was taken to help reduce the financial burden, which was caused by the Coronavirus outbreak, on the MSMEs.

The COVID-19 pandemic has affected trade and other business activities globally, resulting in SMEs and even larger corporations seeking a halt on repayment of loan. In order to keep the struggling SMEs in business, LSETF has placed a moratorium on credit yet to be repaid.

RelatedStories

Nigerian Stocks: List of Dividends announced in 2023

Nigerian Stocks: List of Dividends announced in 2024

July 22, 2024
When you travel to your village, why do you buy yams, palm oil and bananas and return them to your city?

Food inflation: Nigerian traders blame unstable market conditions for price increases

May 4, 2024

Some SMEs had obtained loan from LSETF prior to the Coronavirus outbreak for their business growth, however, trade has been stagnant, so the moratorium is part of the relief measure by the state government to assist SMEs amidst the shutdown.

[READ MORE: CBN temporarily suspends settlement of failed Visa and Verve card transactions)

Nairametrics had reported that Lagos State government restricted movements before President Muhammadu Buhari ordered a lockdown in Lagos, Ogun and Abuja. The lockdown is expected to last for 14 days, but with Nigeria still struggling to trace over 6000 contact persons, SMEs and other startups might remain lockdown in Q2.

Abisoye said, “We are passionate and committed to enabling every productive resident in Lagos to dream, grow and succeed in their endeavours. We are keen to help them get access to affordable financial and other institutional support they need to create wealth and employment for our youth, while significantly contributing to building a 21st Century Economy for Lagos in alignment with the State Government’s THEMES agenda.

“We understand that to do this; we must engender an enabling environment for small businesses to operate and thrive. In recognition of the difficulty that businesses may encounter this period, we understand that many of them will not be able to meet their loan repayment obligations.

“Therefore, we hope this announcement will serve as a spark of optimism in anticipation of a quick return to normalcy and business continuity. We also urge them to adhere strictly to the recommendations of the World Health Organisation (WHO) and the relevant health authorities in Nigeria as we all work together to end this pandemic.”

READ ALSO: Age of Start-ups: Familiar path of companies that failed test of time in Nigerian market

Meanwhile, LSETF also suspended the “Lagos Innovates Workspace Vouchers Program”. The program was designed to support and facilitate access to well-equipped workspaces and learnings for potential innovators and founders of start-ups in the Lagos tech ecosystem was suspended for a month due to the lockdown by the government.


Follow us for Breaking News and Market Intelligence.
Tags: CoronavirusCOVID-19 PandemicFunding MSMEs in NigeriaLagos State Employment Trust Fundloan for MSMESMicro Small and Medium Enterprises Development Fund (MSMEDF)Nigerian Business NewsPresident Muhammadu Buhari
Fakoyejo Olalekan

Fakoyejo Olalekan

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fakoyejo.olalekan@nairametrics.com.

Related Posts

Nigerian Stocks: List of Dividends announced in 2023
Dividends

Nigerian Stocks: List of Dividends announced in 2024

July 22, 2024
When you travel to your village, why do you buy yams, palm oil and bananas and return them to your city?
Economy

Food inflation: Nigerian traders blame unstable market conditions for price increases

May 4, 2024
Major bills signed into law by Presidents Buhari and Tinubu in 2023 
Economy

Major bills signed into law by Presidents Buhari and Tinubu in 2023 

December 31, 2023
Nigerian Stocks: List of Dividends announced in 2023
Dividends

Nigerian Stocks: List of Dividends announced in 2023

December 18, 2023
Supreme court, Muhammadu Buhari
Politics

Buhari calls supreme court judgement a relief to Nigerians

October 26, 2023
Infrastructure: Buhari’s admin built 8,938 Housing units , 8,938 KM of roads - FG
Business

Buhari confers national honours on Emefiele, Anyaoku, Keyamo, Mrs Elumelu, others

May 28, 2023
Next Post
SBM Jollof Index

SBM Jollof Index reveals how Covid-19 has forced food items to skyrocket

Comments 1

  1. Anonymous says:
    May 18, 2021 at 7:23 pm

    how long to repay lsetf loan

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 
  • Heineken withdraws staff, suspends operations in Eastern DRC cities amid worsening rebel conflict 
  • Tariff relief triggers $2 billion investment in Nigeria’s digital infrastructure – Tayo Aduloju

Follow us on social media:

Recent News

Yusuf Tuggar, Nigerian military

WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 

June 21, 2025
Heineken launches mandatory takeover bid of Champions Breweries, offers to buyout remaining 15.3% equity stake

Heineken withdraws staff, suspends operations in Eastern DRC cities amid worsening rebel conflict 

June 21, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics