The Lagos State Employment Trust Fund (LSETF) has disbursed N6 billion to 8000 Micro, Small and Medium Enterprises (MSMEs) since its creation by the administration of Governor Akinwunmi Ambode.
This was revealed by the Executive Secretary of the LSETF Akintunde Oyebode when some research students visited him recently.
According to Oyebode, the agency has contributed to the creation of 25000 direct jobs and thousands of indirect jobs in the state.
“The Fund is primarily targeted at MSMEs and I can tell you that in the last two years, we have been able to fund about 8,000 businesses with over N6 billion,” he said.
“Our target is to ensure that we increase that number to at least 15,000 (beneficiaries) before the end of the year.”
He added that “the underlining factor is that people with genuine businesses are keying into the Fund.
He said: “We believe that when we empower one business owner with a fund, he or she would require more hands and that translates to one or two persons off the labour market. At the end of the day, as their businesses are growing and expanding, the economy of the State is also recording appreciable growth.”
The LSETF is a N25 billion fund set up by the Lagos State Government, to be disbursed to entrepreneurs, artisans, traders, over a four-year period, to boost their businesses.