Lagos State Employment Trust Fund (LSETF) on Thursday disclosed that it has disbursed more than N15 billion in loans to grow businesses in the state over the past 10 years, while supporting about 30,000 young people through skills development and entrepreneurship programmes.
The state’s Commissioner for Wealth Creation and Employment, Mr Akinyemi Ajigbotafe, disclosed this at a pre-summit briefing ahead of the fourth Lagos State Employment Summit.
Ajigbotafe said the Fund, established in 2016, had disbursed more than 20,000 loans, trained over 30,000 young people and supported more than 1,200 technology start-ups, recording a loan repayment rate of over 94 per cent.
He said the achievements reflected the state government’s commitment to tackling unemployment, strengthening businesses and expanding economic opportunities for residents.
According to him, the forthcoming summit, themed “Lagos Works: Building Africa’s Most Productive City,” will provide a platform for stakeholders to examine strategies for employment generation, skills development, enterprise growth and adapting to the changing world of work.
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He added that activities ahead of the summit would include an access-to-market activation from 13 November to 15 November, an innovation day and a job fair at the University of Lagos.
The Permanent Secretary in the Ministry of Wealth Creation and Employment, Mrs Lolade Aina, said the summit would provide an opportunity for stakeholders to develop practical strategies to equip Lagos residents with relevant skills and expand access to employment opportunities.
She stressed the importance of aligning skills development initiatives with labour market demands to improve residents’ employability and productivity.
Similarly, the Executive Secretary of LSETF, Mrs Feyisayo Alayande, called for stronger collaboration among government, employers, educational institutions and private-sector players to prepare the workforce for emerging opportunities.
She said coordinated efforts among stakeholders were critical to building a productive workforce capable of responding to changing economic realities and the demands of the future workplace.
