In 2024, the Lagos State government distributed N1.17 billion in loans to 4,600 Micro, Small, and Medium Enterprises (MSMEs) to help combat unemployment in the state. This effort, led by the Lagos State Employment Trust Fund (LSETF), has reported an impressive 91% repayment rate. Mr. Akinyemi Ajigbotafe, the Commissioner for Wealth Creation and Employment, shared these details during a media event marking the sixth anniversary of Governor Babajide Sanwo-Olu’s administration.
Additionally, LSETF has facilitated market access for 82 small businesses, while providing training and employment opportunities to 6,685 residents. The agency also awarded grants totaling N558.56 million to support local businesses in Lagos. In partnership with the United States African Development Foundation (USADF), LSETF renewed its Memorandum of Understanding to train 10,000 individuals, aiming for at least 60% of them to secure employment after completion.
LSETF’s Executive Secretary, Feyisayo Alayande, explained that the financial support provided to MSMEs resulted in the creation of 48,830 direct and indirect jobs and helped preserve 34,542 existing jobs. Many loan recipients have expanded their businesses, even hiring additional workers, contributing to job reduction across the state. The agency is closely monitoring the remaining loans and is working to ensure that all payments are made. Alayande encouraged businesses facing difficulties to contact LSETF before their loan deadlines to avoid enforcement actions.
