Job creation: LSETF disburses N10bn to fund over 500,000 SMEs

The Lagos State Government, through the state Employment Trust Fund, LSETF, has disbursed the sum of N10 billion as grants to over 500,000 businesses in Small and Medium Enterprises, and SMEs in the state.

Acting Executive Secretary, Lagos State Employment Trust Fund LSETF, Mrs Feyisara Alayande, stated this on Monday, during a media briefing at Alausa, Ikeja, on the forthcoming Lagos Employment Summit, by the LSETF, with the theme: “Job Creation: Uniting for impact: Create, Collaborate, Change,” coming up on Wednesday, July 3, 2024.

Meanwhile, the state government, announced that all arrangement is set to launch the labour management information system aimed to further tackle unemployment rate in the state.

Alayande said the initiative will be unveiled at the Lagos Employment Summit scheduled for July 3, Victoria Island, Lagos,.

She said the summit aimed at creating job opportunities and employment in the state government’s bid to reducing the unemployment rate in Lagos.

According to Alayande,”The agency had disbursed N10 billion to SME since its creation seven years, trained 220,000 in various entrepreneurial skills, we supported 500,000 businesses across various sectors in the state.

“While the fund not accessed for by applicants in 2017 to 2023, is about N4.5 billion.

“We are launching a labour management information system, it’s a system that has been in production for a year. Our focal point is making sure that anybody that needs data around employment labour has a place to go.

“Both as a job seeker and as an employer, we are calling on everyone who wants a job or who wants to hire somebody to look out for us and go on the platform labour management information system.”

Alauande reiterated Governor Babajide Sanwo-Olu’s commitment towards empowering the Small and Medium Scale Enterprise SME’s community.

Partners and stakeholders at event, which includes Special Adviser to Governor, Media and Publicity, Mr Gboyega Akosile, she said the summit was in line with T.H.E.M.E.M Plus developmental agenda to create value and wealth while scaling up businesses in the state, urging residents to key into the programme.

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