1,438 Lagosians Get N924.7m Govt Loans

• 1,438 Lagosians Get N924.7m Govt Loans

The Lagos State Governor, Akinwunmi Ambode, on Tuesday presented cheques totalling N924.7m to 1,438 beneficiaries of the Employment Trust Fund scheme.

The scheme was initiated by the Ambode’s administration to provide entrepreneurs, traders, and others with capital to boost their businesses.

The government said about 4,000 businesses had so far got N3.5bn from the scheme, adding that its target was to support about 100,000 Micro, Small and Medium enterprises and create at least 300,000 direct and 600,000 indirect jobs by 2019.

Speaking at the presentation ceremony in Ikeja, Ambode said the government was on course to meet the objectives of the initiative, adding that the previous beneficiaries had started repaying their loans.

Ambode, who was represented by the Commissioner for Wealth Creation and Employment, Babatunde Durosinmi-Etti, commended the ETF board and urged members to ensure that by the end of 2017, at least 20,000 businesses benefited from the fund.

He advised the new beneficiaries to repay their loans in order to ensure the success of the programme.

He said, “It is only when you grow your businesses and pay your loans back that we can truly celebrate the success of this initiative.

“Other existing businesses or people desirous of starting one can take advantage of this scheme.”

The Chairman, ETF Board, Mrs. Ifueko Omoigui-Okauru, said there was a partnership between the LSETF and the United Nations Development Programme to improve technical and vocational training in the state.