Key points
- The Lagos State Employment Trust Fund has distributed ₦15 billion to approximately 20,000 small and medium businesses.
- Funding interventions over the past ten years facilitated the creation of more than 320,000 direct and indirect jobs.
- The state credit program maintains a 94% loan repayment rate, leaving only ₦100 million in outstanding obligations.
- Over 30,000 youths received vocational training alongside the structural preservation of 173,000 existing jobs.
- The agency’s dedicated innovation wing provided technical support to more than 1,200 technology startups across Lagos.
Main Story
The Lagos State Employment Trust Fund (LSETF) has disbursed ₦15 billion to approximately 20,000 Micro, Small, and Medium Enterprises (MSMEs) as part of a decade-long push to drive grassroots economic growth.
Speaking at a press conference on Monday at Alausa, Ikeja, the Executive Secretary of LSETF, Mrs. Feyisayo Alayande, presented the agency’s 10-year stewardship report, detailing the subnational government’s impact on poverty reduction and financial inclusion. Alayande disclosed that the targeted financial injections successfully facilitated the creation of over 320,000 direct and indirect jobs across the state’s commercial hubs.
The intervention fund has recorded a loan repayment rate of 94%, an outcome the agency attributes to the financial integrity and resilience of local Lagos entrepreneurs. Currently, only about ₦100 million remains outstanding under the revolving credit model. LSETF management urged the remaining defaulting beneficiaries to fulfill their repayment commitments promptly to ensure the sustainability of the capital pool for future applicants.
Beyond direct enterprise funding, the fund’s decade in review revealed that the agency preserved 173,000 existing jobs, trained over 30,000 youths in high-demand vocational skills, and nurtured more than 3,000 technical talents and 1,200 technology startups through its specialized “Lagos Innovates” program. Looking ahead, the agency is actively seeking new corporate and institutional partnerships to scale its inclusive economic framework over the next ten years.
The Issues
- Recovering the remaining ₦100 million in outstanding loans to keep the revolving credit scheme liquid for new applicants.
- Scaling up local tech talent development to match the rapid infrastructure demands of the 1,200 supported startups.
- Expanding strategic partnerships with private sector stakeholders to multiply the fund’s capital reach over the next decade.
What’s Being Said
- Appraising the human impact behind the agency’s performance metrics, LSETF Executive Secretary Mrs. Feyisayo Alayande stated: “In the last 10 years, we have disbursed N15 billion across 20,000 MSMEs and facilitated creation of over 320,000 direct and indirect jobs. These are not just figures. They represent livelihoods sustained, businesses expanded and families empowered across Lagos State.”
- Addressing the financial discipline of the state’s entrepreneurs, Alayande added: “We have maintained a repayment rate of 94 per cent, with only about N100 million outstanding. We appeal to beneficiaries with outstanding obligations to fulfil their commitments so that others can benefit.”
What’s Next
- LSETF credit control teams will deploy updated recovery mechanisms to collect the ₦100 million in outstanding beneficiary debts.
- Program managers will roll out new application windows for small business loans and technical talent training under the Lagos Innovates banner.
- The agency will host roundtable meetings with private investors to draft collaborative funding frameworks for the upcoming decade.
Bottom Line
The Lagos State Employment Trust Fund has funneled ₦15 billion into 20,000 small businesses over the last decade, maintaining a strong 94% repayment rate while generating over 320,000 jobs and supporting 1,200 tech startups to boost the state’s inclusive economy.
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