The Lagos State Government, through the State Employment Trust Fund (LSETF) says more than ₦15billion has been disbursed to over 20,000 small and medium-scale businesses in the last ten years.
The agency also mentioned that it has created over 320,000 direct and indirect jobs across the state within the timeframe.
Executive Secretary of LSETF, Mrs Feyisayo Alayande, stated this during a media parley in Ikeja, Lagos, where she presented the agency’s 10-year impact report and highlighted its contribution to employment generation, enterprise development and wealth creation.
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Alayande said the fund, established in 2016 to tackle unemployment and support entrepreneurship, has become a critical driver of economic empowerment by providing access to finance, skills development, market opportunities and technology support for Lagos residents.
According to her, the agency has also helped preserve more than 173,000 jobs that could have been lost, while over 82,000 small businesses have benefited from capacity-building programmes designed to strengthen their operations and improve sustainability.
She revealed that more than 30,000 young people have been trained and connected to employment opportunities through various interventions, while the Lagos Innovates initiative has supported over 1,200 technology startups and developed more than 3,300 tech talents.
Alayande described the figures as evidence that targeted investments in entrepreneurship and human capital development can deliver measurable economic benefits.
“Over the past decade, we have disbursed more than ₦15 billion through over 20,000 loans to micro, small and medium enterprises. We have created over 320,000 jobs and saved another 173,000 jobs that could have been lost,” she said.
Repayment rate
She noted that one of the agency’s most significant achievements is its loan repayment performance, revealing that beneficiaries have maintained a repayment rate of 94.53 per cent.
“Our repayment rate is not just a financial metric. It demonstrates that when people are given genuine opportunities and treated with dignity, they honour their commitments. Lagos entrepreneurs have consistently shown that they are not a risk but an opportunity,” she stated.
Accessing fund
The Executive Secretary stressed that access remains one of the biggest challenges facing many aspiring entrepreneurs and job seekers, noting that talent alone is often not enough to succeed without access to funding, training, markets and professional networks.
“The difference between someone who succeeds and someone who does not is often access. Access to capital, access to knowledge, access to markets and access to networks. That is the gap LSETF was created to bridge,” she said.
Alayande also highlighted the role of partnerships in expanding the agency’s reach, citing collaborations with organisations such as GIZ, UNDP, King’s Trust International, Lafarge and several government ministries.
Looking ahead, she said the agency plans to deepen its interventions by providing more capital to growing businesses, expanding youth training programmes and strengthening support for technology-driven enterprises.
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