Governor Babajide Olusola Sanwo-Olu of Lagos State has announced that approximately N25 billion has been disbursed to Small and Medium Enterprises through the Lagos State Employment Trust Fund over the past six years. This initiative aims to bolster productivity and stimulate economic growth across the state.
Speaking at the 2024 Business Day Newspaper CEO Forum held at Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos, Governor Sanwo-Olu, represented by Deputy Governor Dr. Kadri Obafemi Hamzat, highlighted the impact of these grants and single-digit loans in empowering entrepreneurs and fostering a vibrant business environment.
“The Lagos State Employment Trust Fund has provided nearly 25 billion naira in grants and loans over the past six years. These funds, including single-digit loans, have been instrumental in sustaining businesses and equipping entrepreneurs with essential skills for business management,” Governor Sanwo-Olu stated.
In addition to financial support, the Governor emphasized the state government’s role in facilitating access to markets and aiding SMEs in navigating regulatory frameworks. Collaborations with key agencies such as NAFDAC, BOI, CAC, and SON have ensured compliance with legal requirements, enhancing the overall business climate in Lagos.
The LSETF, established under the Lagos State Employment Trust Fund Law of 2016, was designed to combat unemployment by promoting job creation and wealth generation among residents. Various loan categories, including micro-enterprise loans and startup funds, have been tailored to meet the diverse needs of entrepreneurs across Lagos State.
This initiative underscores Lagos State’s commitment to fostering economic resilience and supporting the growth of SMEs as crucial drivers of development.
