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Lagos Disburses ₦15bn to 20,000 Businesses

by admin on | 2026-06-16 14:51:09

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Lagos Disburses ₦15bn to 20,000 Businesses

By Mohammad Bala Imam

The Lagos State Government, through the State Employment Trust Fund (LSETF), has disclosed that more than ₦15 billion has been disbursed to over 20,000 small and medium-scale businesses over the past ten years.

The agency also reported that it has generated over 320,000 direct and indirect jobs across the state within the same period.

The Executive Secretary of LSETF, Feyisayo Alayande, made this known during a media parley in Ikeja, Lagos, where she presented the agency’s 10-year impact report and outlined its contributions to employment generation, enterprise development, and wealth creation.

Alayande explained that the fund, established in 2016 to address unemployment and support entrepreneurship, has evolved into a key driver of economic empowerment by facilitating access to finance, skills development, market opportunities, and technology support for Lagos residents.

She added that the agency has helped preserve more than 173,000 jobs that might otherwise have been lost, while over 82,000 small businesses have benefited from capacity-building programmes aimed at strengthening operations and improving sustainability.

According to her, more than 30,000 young people have been trained and linked to employment opportunities through various interventions. In addition, the Lagos Innovates initiative has supported over 1,200 technology startups and helped develop more than 3,300 tech talents.

Alayande described these achievements as clear evidence that targeted investments in entrepreneurship and human capital development can yield measurable economic benefits.

“Over the past decade, we have disbursed more than ₦15 billion through over 20,000 loans to micro, small and medium enterprises. We have created over 320,000 jobs and saved another 173,000 jobs that could have been lost,” she said.

Repayment Rate

She identified the agency’s loan repayment performance as one of its most notable achievements, revealing a repayment rate of 94.53 per cent among beneficiaries.

“Our repayment rate is not just a financial metric. It demonstrates that when people are given genuine opportunities and treated with dignity, they honour their commitments. Lagos entrepreneurs have consistently shown that they are not a risk but an opportunity,” she stated.

Access to Funding

The Executive Secretary emphasised that access remains a major barrier for many aspiring entrepreneurs and job seekers, noting that talent alone is often insufficient without funding, training, markets, and professional networks.

“The difference between someone who succeeds and someone who does not is often access. Access to capital, access to knowledge, access to markets and access to networks. That is the gap LSETF was created to bridge,” she said.

Alayande also underscored the importance of partnerships in expanding the agency’s impact, citing collaborations with organisations such as GIZ, UNDP, King’s Trust International, Lafarge, and several government ministries.

Looking ahead, she stated that the agency plans to deepen its interventions by providing increased capital to growing businesses, expanding youth training programmes, and strengthening support for technology-driven enterprises.