Lagos empowers 500,000 entrepreneurs with N10bn grants

Lagos State Employment Trust Fund (LSETF) yesterday said about 500,000 private business enterprises operating in the state have been supported and stabilised through a tenure-bound credit programme and seed capital.

The agency also disclosed that it had disbursed over N10 billion in business grants to support new and existing enterprises, with 86 per cent of beneficiaries meeting their loan repayment obligations.

The LSETF Acting Executive Secretary, Mrs. Feyisayo Alayande, disclosed this while briefing reporters at the Bagauda Kaltho Press Centre in Alausa on the activities lined up for the third Lagos Employment Summit being organised by the agency.

The one-day summit, with the theme: “Job Creation – Uniting for Impact: Create, Collaborate, Change”, will be held on Wednesday at the Eko Hotels and Suites, Victoria Island.

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Alanyande said LSETF, since inception, had organised 220,000 business sustainability trainings for thousands of entrepreneurs, while supporting new business ventures to scale up and refocus their financial growth to create jobs and improve business opportunities.

She said: “Since the inception of our operations, we have provided good support to businesses in terms of funding. We have done about N10 billion disbursement to date in terms of creating access to seed capital and business financing for enterprises across sectors. We have done about 220,000 entrepreneurial training for Lagosians while supporting about 500,000 businesses.”