The Lagos State Government has announced that over N15 billion has been disbursed to more than 20,000 small and medium-scale enterprises through the Lagos State Employment Trust Fund (LSETF), resulting in the creation of over 320,000 direct and indirect jobs in the state.
LSETF 10-Year Impact Report
Executive Secretary of LSETF, Feyisayo Alayande, disclosed this during a media parley in Ikeja, Lagos, where she presented the agency’s 10-year impact report. She outlined the Fund’s contributions to employment generation, enterprise development, and wealth creation.
Established in 2016 to tackle unemployment and support entrepreneurship, the LSETF has become a critical driver of economic empowerment by providing access to finance, skills development, market opportunities, and technology support for Lagos residents.
Key Achievements
- Preserved over 173,000 jobs that could have been lost.
- Over 82,000 small businesses benefited from capacity-building programmes.
- More than 30,000 young people trained and connected to employment opportunities.
- Lagos Innovates initiative supported over 1,200 technology startups and developed more than 3,300 tech talents.
Loan Repayment Performance
Alayande revealed that beneficiaries have maintained an impressive loan repayment rate of 94.53 per cent, highlighting the effectiveness of the Fund’s interventions.
She stressed that access remains one of the biggest challenges facing aspiring entrepreneurs and job seekers, noting that talent alone is often insufficient without funding, training, markets, and professional networks.
Success Stories
Alayande recounted the story of a woman living with disability who benefited from a skills acquisition programme supported by Lafarge. She learned mobile phone repairs and subsequently established a sustainable livelihood.
She also referenced a female entrepreneur who participated in the Lagos Innovates programme and later showcased her innovation at GITEX, one of the world’s leading technology exhibitions.
