In its efforts to boost entrepreneurship and proffer solution to the prevalent unemployment problem in the state, the Lagos State Government has granted loans to some 5,800 Small and Medium Scale Enterprises (SMEs) to the tune of ₦ 4.9 billion.
This was disclosed during an interview by Mr Akin Oyebode, Executive Secretary/ Chief Executive Officer of the Lagos State Employment Trust Fund (LSETF).
Oyebode stated that more beneficiaries are expected to emerge during the ongoing loan scheme, while specifically hinting on the Government\’s commitment to provide at least some 15,000 small business owners with financial facilities before the end of 2018.
\”We even expect an improvement in the later years, if businesses key into our innovation-driven enterprise framework-Lagos Ennovate, which is a set of programmes designed to support innovation-driven start-ups in the state.
“Our goal is to make Lagos the destination for innovation and technology in Africa. Already, we have raised $1 million from the United Nations Development Programme to drive this”
What does it take to apply for a loan?
Prospective beneficiaries of the fund must be unemployed residents of Lagos State who have evidence of their LASSRA Number, have at least a secondary school educational qualification and are between the ages of 18 and 35. All submissions made to the agency are vetted to ensure authenticity.
About the Lagos State Employment Trust Fund
The Lagos State Trust Fund is an initiative of Governor Akinwunmi Ambode, established under the Lagos State Trust Fund Law in 2016 and vested with the responsibility of providing financial support to unemployed entrepreneurs with the aim of ending unemployment and eradicating poverty.
According to the agency\’s website, \”the Fund has the mandate to directly invest ₦25 billion in helping Lagos residents grow and scale their Micro Small and Medium Enterprises (“MSMEs”) or acquire skills to get better jobs.
