The Lagos State Government on Monday said that it has set a target to utilize the N25billion Employment Trust Fund to provide financial support to over 100,000 Micro, Small and Medium Enterprises (MSMEs) within the next three years.


Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Mr. Akintunde Oyebode, who spoke while briefing journalists at the Bagauda Kaltho Press Centre said the fund, was in line with Governor Akinwunmi Ambode’s vision to create employment and entrepreneurship opportunities for all Lagosians.


Acknowledging the fact that Lagosians are eagerly awaiting the commencement of the fund, especially with the challenging economic recession, the Executive Secretary said the Board set up to manage the funds had spent the last few months perfecting strategies and addressing grey areas ahead of the commencement of the disbursement of the funds later this year.

Explaining further, he said the Board of Trustees embarked on several strategy sessions to define the mission, vision, core values and strategic framework to guide the Fund’s activities.


“After the completion of the research exercise, the Board working with its appointed consultants developed a strategic framework articulating the goals of the Board, the key interventions designed to enhance job creation, and the supporting infrastructure needed to deliver the set goals. This exercise has now been concluded and approved by the Lagos State Executive Council,” he said.

Highlighting some of the framework for the disbursement, Oyebode said the fund would provide loans to MSMEs at a single digit interest rates per annum, while training and capacity building and technical support would be provided to drive growth and job creation.


“The businesses we support must demonstrate capacity to repay our loans; be owned by Lagos residents duly registered by the Lagos State Residents Registration Agency (LASRRA); show evidence of tax payments to the Lagos Inland Revenue Service (LIRS); and have valid Bank Verification Numbers (BVNs). In addition to our MSME financing schemes, we will also train unemployed residents to either take up identified jobs or run their businesses,” he said.


Oyebode added that in adherence with Section 6 of the Lagos State Employment Trust Fund Law of 2016, the Board has forwarded the Operating Guidelines outlining the proposed interventions and eligibility criteria for approval by the Lagos State House of Assembly.


Oyebode expressed optimism that the fund would have multiplier effect with the capacity to create 300,000 direct and 600,000 indirect jobs while about 200,000 new tax payers would be added to the State’s tax net.

He said that the LSETF Board, in order to ensure sustainability of the Fund, has set its target to raise a minimum of N25 billion from domestic and international donors, in addition to the N25billion already committed by the State Government.

“Once the pilot phase is completed, we will rollout our loan schemes in all 57 LGAs and LCDAs across Lagos State. The full rollout will see us visit all LGAs to hold stakeholder sessions, where our staff will educate applicants on the application process, and the eligibility criteria for our various schemes. We are also in the process of setting up liaison offices in 20 LGAs, to bring the Fund’s activities closer to the people, and increase our points of representation to serve Lagos residents,” he said.

Corroborating him, Commissioner for Wealth Creation and Employment, Dr. Babatunde Durosinmi-Etti said Governor Ambode’s administration was committed to ensuring the fund impacts on the lives of Lagosians.

He lauded the plan by the LSETF Board to set up offices in 20 Local Governments in the State, saying that it would go a long way to ensuring that no area is marginalized.

“It is important that this process has taken considerable time, we need to make it work and also ensure that it is to the benefit of all Lagosians,” Durosinmi-Etti said.


Adding his voice, Chairman, House Committee on Wealth Creation and Employment, Hon. Sola Giwa, assured that members of the House would give the Operational Guidelines of the fund expeditious passage.

“This is one of the pivotal promises of Governor Ambode and I can assure you that the House would do its best to ensure that we do it right,” Giwa said.




SIGNED

HABIB ARUNA

CHIEF PRESS SECRETARY

NOVEMBER 7, 2016

http://www.metronaija.com/2016/11/lagos-to-support-100000-enterpreneurs.html

_{The guy below me sha...#SMH}

OWO TI DE



This would encourage employment to an extent in Lagos..big ups Ambode..Big ups Gidi!!!

First to comment,God thank u

Bronze position...
Ambode is working
Ambode for president.

The foresight of Asiwaju Bola Ahmed Tinubu has brought about exceptional leaders like Fashola Ambode who are able to steer the economy of Lagos state towards prosperity in a time of economic recession.

I hope other states are learning from this and planning ahead to tackle any eventualities.

Afonjas always like to talk but cant do.


we hear this kind of news almost everyday but yet to actualise it.

goingape2:
Afonjas always like to talk but cant do.
we hear this kind of news almost everyday but yet to actualise it.

Flat head

Hope they see it through

K

laudable! This is one of his campaign promises which is being fulfilled. Btw, what is wrong with Ogun state govt?no new project,all projects have been abandoned

Mostly indigenous people

Ol boy see money

Lagos state is really helping Osunites
I doubt if there are up to 10,000 real Lagos indigene

this kind news dey tire me ... remind me wen next we here about this news or what really happened

99000 will be Yoruba beneficiaries.

Rapsainot:
No be Naija?? Topic should rather be "LAGOS TO SUPPORT POLITICIAN RELATIVES WITH N25BN" Nothing good works here!!

u talk ponqwam

Keneking:
Mostly indigenous people

Before nko? Can you trace your father's compound in Lagos?
You think because you sell garden egg in Lagos traffic, you have a say?

Better go back to Anambra and start harvesting the imaginary Ugu that Obiano planted.

Hope it works

Nice one,

I will advise people to go into exportation of farm and animal products.

It's our collective duty to make Nigeria great.

Be positive

To be shared to the root[color=#770077][/color]

LET'S WAIT AND SEE

Till then,i reserve my comment.

hemartins:


Flat head

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Unfortunate me with no LASRAA number since I've not been living in Lagos since the last 3yrs plus now.

I wish I can get it with all my biodata to support my claim of my indigeneship

goingape2:
Afonjas always like to talk but cant do.

We hear this kind of news almost everyday but yet to actualise it.

Ambode has executed more projects than your Governors, their predecessors your ancestors put together. That explains why your Governors steal the future of you and your generations and invest it in Lagos.

Lagos is a model state... Ambode is working.

Good

unclezuma:


_{The guy below me sha...#SMH}

OWO TI JA DE



This would encourage employment to an extent in Lagos..big ups Ambode..Big ups Gidi!!!

... Is that Don Jazzy on the left?

AAinEqGuinea:


... Is that Don Jazzy on the left?

Yup..That's from the "Surulere" video

unclezuma:


Yup..That's from the "Surulere" video

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