LSETF empowers 705 beneficiaries in its pilot phase

Thursday, January 26, 2017 4.00pm/Proshare WebTV

705 entrepreneurs today emerged the first set of beneficiaries of the Lagos State Employment Trust Fund (LSETF) loan scheme, designed for enterprise development and driving productivity for the Nigerian economy.

The Chairman of the LSETF board Mrs Ifueko Okauru disclosed this at the official presentation ceremony of cheques to the beneficiaries of the empowerment scheme.

She commended the Lagos State Governor Mr. Akinwunmi Ambode for following through on his campaign promise to set up an employment trust fund, that will invest in the growth of Micro Small & Medium Enterprises for Lagosians.

Mrs Okauru described the process for selecting the 705 first set of beneficiaries as fair and transparent, stating that the ETF engaged the services of reputable consulting group PriceWaterHouse Coopers Nigeria. (PWC Nigeria)

Speaking further the LSETF Chairman was optimistic that the empowerment of the entrepreneurs covering various sectors of the economy, will lead to job creation, value creation through services and the growth of the Lagos and Nigerian economies.

Giving his remarks at the event, Governor Akinwunmi Ambode lauded the State House of Assembly, for giving the Employment Trust Fund the required legislative support that led to its enactment as a 2016 law in Lagos State.

According to him “The LSETF is a fulfilment of my campaign promise to drive empowerment initiatives, that will promote enterprise development and MSME growth in Lagos State”.

The Governor said the first batch of the LSETF beneficiaries will access about N1bl in financing with a low interest rate of 5%, which was favourable than what the financial institutions were offering in the country.

He charged the 705 entrepreneurs to use the funds judiciously, by providing effective services, creating more jobs and focusing on innovative solutions for the economy, becoming economic agents of transformation.

Governor Ambode tasked the LSETF board to also explore the entertainment industry and the technology hubs in areas like Yaba, that have enormous potentials and business opportunities, even as the government remained committed to his target of supporting 100,000 businesses by the end of 2019.

The Lagos State Employment Trust Fund has a mandate of investing N25bl in the next three years to boost job creation in Lagos, energize the Lagos economy to boost the state’s production, support various initiatives designed to make Lagos a preferred investment destination and support Lagosians seeking to start or run their businesses.

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