The Lagos State Government on Monday said that it has set a target to utilise 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 .... read more here
http://insidemainland.com/2016/11/07/n25bn-employment-trust-fund-lagos-targets-100000-entrepreneurs-2019/

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