The Lagos State Government has presented cheques to 705 beneficiaries of the newly established Lagos State Employment Trust Fund (LSETF).
The state had recently set aside the sum of N25 billion for the trust fund to address the unemployment problem.
The beneficiaries including artisans, youths, market women received various amounts of money ranging from N50,000.00 to N5 million, totalling about N1 billion to grow and enhance their businesses.
Governor Akinwunmi Ambode who presented cheques to some of the beneficiaries at a ceremony held at Lagos Television premises, said in order to address the unemployment problem his administration on inception created the Ministry of Wealth Creation and Employment, whose mission is to promote and sustain entrepreneurship and employment.
"In the course of our campaign, we identified unemployment as a major socio-economic challenge facing Lagos State and Nigeria as a whole. In acknowledgment of this, we promised to prioritise job creation and set up an Employment Trust Fund to provide support to our youths, entrepreneurs, artisans and other unemployed residents of Lagos State," Ambode said.
The Governor explained that the Board and Management of the Fund embarked on a comprehensive review of the business environment and developed a strategic framework and operating guidelines to ensure the sustainable and successful management of the funds.
"We are funding businesses and individuals including carpenters, hairdressers, electricians, automobile parts repairers, block makers, bakers, fashion designers, cake makers, food sellers, kerosene retailers, mobile money agents, painters, plumbers, photographers and light manufacturers of liquid soaps and water," Governor Ambode said.
According to the governor, the money was provided as loans at the rate of 5% per annum.
He advised the beneficiaries of the Employment Trust Fund to use the funds responsibly by growing their businesses, create jobs for unemployed youths and contribute to the growth of the State’s GDP.
"This pilot scheme has selected beneficiaries from the 20 Local Governments and 37 Local Council Development Agencies, and provided an opportunity for the Fund to tests its processes ahead of a full rollout next month"
"The Board has promised that we will support at least 100,000 micro, small and medium enterprises in due course and I have full confidence in their ability to achieve this result. We are starting that journey of supporting 100,000 businesses with the 705 beneficiaries here today,” he added.
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