The Lagos State Government has announced that over ₦15 billion has been disbursed to more than 20,000 micro, small and medium-scale enterprises through the Lagos State Employment Trust Fund (LSETF). This initiative has resulted in the creation of over 320,000 direct and indirect jobs across the state over the past decade.
10-Year Impact Report Revealed
Feyisayo Alayande, the Executive Secretary of LSETF, disclosed these figures during a media parley held in Ikeja, Lagos, on Monday. She presented the agency’s 10-year impact report, highlighting its contributions to employment generation, enterprise development, and wealth creation.
Alayande explained that the fund, established in 2016 to tackle unemployment and support entrepreneurship, has become a critical driver of economic empowerment. It provides access to finance, skills development, market opportunities, and technology support for Lagos residents.
Job Preservation and Capacity Building
According to her, the agency has helped preserve more than 173,000 jobs that could have been lost. Additionally, over 82,000 small businesses have benefited from capacity-building programmes designed to strengthen their operations and improve sustainability.
She revealed that more than 30,000 young people have been trained and connected to employment opportunities through various interventions. The Lagos Innovates initiative has supported over 1,200 technology startups and developed more than 3,300 tech talents.
Loan Repayment Performance
Alayande noted that one of the agency’s most significant achievements is its loan repayment performance, with beneficiaries maintaining a repayment rate of 94.53 per cent. She stated, “Our repayment rate is not just a financial metric. It demonstrates that when people are given genuine opportunities and treated with dignity, they honour their commitments. Lagos entrepreneurs have consistently shown that they are not a risk but an opportunity.”
Bridging the Access Gap
The Executive Secretary stressed that access remains one of the biggest challenges facing many aspiring entrepreneurs and job seekers. She emphasised that talent alone is often not enough without access to funding, training, markets, and professional networks. “The difference between someone who succeeds and someone who does not is often access. Access to capital, access to knowledge, access to markets and access to networks. That is the gap LSETF was created to bridge,” she said.
Partnerships and Success Stories
Alayande highlighted the role of partnerships in expanding the agency’s reach, citing collaborations with organisations such as GIZ, UNDP, King’s Trust International, Lafarge, and several government ministries. She recounted the story of a woman living with disability who benefited from a skills acquisition programme supported by Lafarge, learning mobile phone repairs and establishing 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.
Future Plans
Looking ahead, Alayande said the agency plans to deepen its interventions by providing more capital to growing businesses, expanding youth training programmes, and strengthening support for technology-driven enterprises. She announced that the Lagos Employment Summit 4.0 would be held in the fourth quarter of 2026 to bring together government agencies, private sector players, development partners, and civil society groups to chart a new course for job creation and enterprise development in Lagos.
While expressing satisfaction with the agency’s achievements over the last decade, Alayande maintained that more work remains to be done to ensure that economic opportunities reach a greater number of residents. “We are proud of what has been achieved over the last 10 years, but we are focused on doing even more. The next decade must deliver greater access to finance, more jobs, more training opportunities and stronger support for businesses that are ready to grow,” she concluded.
