Nigerians Demand Evidence of LSETF’s N10 Billion Business Grant to 500,000 Entrepreneurs

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The Lagos State Employment Trust Fund (LSETF) claims to have supported and stabilized over 500,000 private business enterprises in Lagos State through a credit program and seed capital. On Monday, the agency revealed that it had disbursed over N10 billion in business grants, with 86 percent of beneficiaries meeting their loan repayment obligations. Nigerians are now demanding evidence to substantiate these claims.

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During a press briefing at the Bagauda Kaltho Press Centre in Alausa, LSETF Acting Executive Secretary, Mrs. Feyisayo Alayande, shared these details while discussing the upcoming third Lagos Employment Summit organized by the agency.

The one-day summit, themed “Job Creation – Uniting for Impact: Create, Collaborate, Change,” is set to take place on Wednesday at the Eko Hotels and Suites, Victoria Island. Alayande highlighted that since its inception, LSETF has organized 220,000 business sustainability trainings and supported new business ventures to scale up, creating jobs and improving business opportunities.

“Since the inception of our operations, we have provided significant support to businesses in terms of funding,” Alayande said. “We have disbursed about N10 billion to create access to seed capital and business financing across sectors. We have conducted approximately 220,000 entrepreneurial trainings and supported about 500,000 businesses.”

Alayande also mentioned the high loan repayment rate, stating, “As of two months ago, we had an 83 percent collection rate, which means the majority of our loan beneficiaries have repaid their loans. Currently, the rate has improved to 86 percent. Our goal is total repayment, as any default denies others the opportunity to benefit from the scheme.”

Regarding the employment summit, Alayande said it would provide a platform for stakeholders in the Entrepreneurship and Employability sectors to explore collaborative strategies and best practices for job creation. The event will feature discussions on diverse contemporary perspectives on job creation.

Alayande also announced the launch of the Labour Market Information System, which will offer up-to-date employment data for individuals and institutions within the state. The summit aims to reaffirm LSETF’s commitment to empowerment and business sustainability.

“The Lagos Employment Summit aligns with our mandate to promote economic growth and job creation for Lagosians. This year’s edition aims to stimulate inclusive discourse and develop strategies for impactful job creation initiatives,” Alayande stated.

Commissioner for Wealth Creation and Employment, Hon. Akinyemi Ajigbotafe, emphasized that the summit is part of the State Government’s strategic plan to foster economic growth and create sustainable employment opportunities.

LSETF Director for Strategy, Funding, and Stakeholders Management, Ms. Sherifah Balogun, highlighted the importance of partnerships in LSETF’s success. “We are delighted to host the third edition of the employment summit. Partnership is a critical factor in our success. We aim to bring all stakeholders together to set the stage for rewarding collaborations,” Balogun said.

Despite these announcements, Nigerians are calling for concrete evidence to verify the claims of extensive financial support and successful project implementations by LSETF.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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