Lagos Boosts Job Creation With Loan Scheme

• Lagos Boosts Job Creation With Loan Scheme

The Lagos State Employment Trust Fund has reached an advanced stage in the selection process for at least 1,000 beneficiaries in the pilot stage of its loan scheme.

The loan scheme is aimed at supporting businesses in the state.

Earlier in the month, the fund had sourced applications from organisations like Fate Foundation, LEAP Africa, Nigerian Association of Small Scale Industrialists, Women in Management, Business and Public Service, National Automobile Technicians Association and the general public.

The LSETF, in a statement on Sunday, said it had also partnered technology businesses like Paga, Konga and Max.ng to enhance the success of the project.

Commenting on the ongoing pilot process, LSETF’s Executive Secretary, Mr. Akin Oyebode, was quoted as saying, “It is critical for us to test our processes ahead of a full roll-out next year. This will ensure we identify any flaws in our process and fix them before a full launch across the state.

We are also in the process of setting up liaison offices in 20 Local Government Areas to bring the fund’s activities closer to the people, and increase our points of representation to serve Lagos residents.”

The fund is expected to provide support to at least 100,000 micro, small and medium enterprises, and create at least 300,000 direct and 600,000 indirect jobs over the next three years.

According to the statement, the LSETF will also provide training and job placements for the unemployed; training and mentorship for the SME owners and make policy recommendations to improve the business environment in Lagos State.

The statement said, “Once the pilot phase is completed and reviewed, the LSETF will roll out the loan schemes across Lagos State. This will be complemented with stakeholder sessions across 20 LGAs, where the LSETF staff members will educate applicants on the application process and the eligibility criteria for its various schemes.”