LSETF Disburses N15bn to Businesses

By Babatunji Wusu| The Lagos State Government has revealed that more than N15 billion has been disbursed to over 20,000 small and medium-scale enterprises through the Lagos State Employment Trust Fund (LSETF), contributing to the creation of more than 320,000 direct and indirect jobs across the state over the last decade.

The Executive Secretary of LSETF, Feyisayo Alayande, disclosed this during a media briefing in Ikeja, where she presented the agency’s 10-year impact report and highlighted its achievements in employment generation, entrepreneurship development and wealth creation.

Alayande explained that the LSETF impact report demonstrates how the fund, established in 2016 to address unemployment and support entrepreneurs, has become a major platform for economic empowerment. According to her, the agency has provided access to finance, business training, market opportunities and technology support for thousands of Lagos residents.

She stated that the fund has also helped preserve more than 173,000 jobs that might otherwise have been lost. In addition, over 82,000 small businesses have benefited from capacity-building programmes aimed at improving business sustainability and growth.

The LSETF impact report further showed that more than 30,000 young people have received training and gained access to employment opportunities through various interventions. Through the Lagos Innovates initiative, the agency has also supported over 1,200 technology startups and helped develop more than 3,300 tech talents.

“Over the past decade, we have disbursed more than ₦15 billion through over 20,000 loans to micro, small and medium enterprises. We have created over 320,000 jobs and saved another 173,000 jobs that could have been lost,” she said.

Alayande highlighted the agency’s 94.53 per cent loan repayment rate, describing it as proof of the commitment and reliability of Lagos entrepreneurs.

She noted that access to funding, training, markets and professional networks remains a major challenge for many aspiring business owners. According to her, the LSETF impact report confirms that bridging this gap can unlock economic opportunities and drive sustainable growth.