The Lagos State Employment Trust Fund (LSETF) has revealed that it has provided more than N15 billion in financial support to over 20,000 micro, small and medium-sized enterprises (MSMEs) across Lagos over the past decade, helping to create more than 320,000 direct and indirect jobs.
The agency disclosed the figures during a media briefing held in Ikeja, where it presented its 10-year impact report highlighting achievements in entrepreneurship support, job creation, skills development, and economic empowerment.
According to the agency, the interventions have helped thousands of business owners access funding, expand operations, retain workers, and create new employment opportunities in Nigeria’s commercial capital.
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LSETF Marks 10 Years of Business and Employment Support
Speaking during the event, the Executive Secretary of LSETF, Feyisayo Alayande, said the organisation has evolved into one of Lagos State’s leading platforms for supporting entrepreneurs, startups, and job seekers since its establishment in 2016.
She explained that the fund was created to tackle some of the major barriers preventing businesses from growing, particularly limited access to finance, training, markets, and professional networks.
Over the years, LSETF has introduced various programmes aimed at helping residents acquire skills, secure jobs, launch businesses, and access affordable financing.
More Than N15 Billion Disbursed to Small Businesses
Providing details of the agency’s achievements, Alayande disclosed that over N15 billion has been disbursed through more than 20,000 loans issued to MSMEs operating in different sectors of the economy.
The funding has supported businesses in areas such as:
- Retail and trade
- Manufacturing
- Agriculture and agribusiness
- Technology and innovation
- Creative industries
- Services and hospitality
- Professional services
According to her, access to capital remains one of the biggest challenges facing entrepreneurs, and the fund was established to help bridge that gap.
She noted that thousands of business owners who would otherwise struggle to obtain financing from conventional lenders have been able to access the support needed to grow their enterprises.
Over 320,000 Jobs Created Across Lagos
Beyond financial assistance, the agency reported significant progress in job creation.
LSETF said its interventions have contributed to the creation of more than 320,000 direct and indirect jobs across Lagos State.
In addition, the organisation revealed that its support programmes helped preserve more than 173,000 jobs that were at risk due to business challenges and economic pressures.
The agency believes these outcomes demonstrate the important role small businesses play in driving economic growth and employment generation.
Thousands of Entrepreneurs Receive Training and Capacity Building
LSETF also highlighted its investment in business development and entrepreneurial training.
According to the report, more than 82,000 businesses have benefited from various capacity-building programmes designed to strengthen management skills, improve productivity, and enhance long-term sustainability.
The programmes covered areas such as:
- Financial management
- Business planning
- Digital marketing
- Customer service
- Business growth strategies
- Operational efficiency
The agency stated that providing knowledge alongside funding has been critical to helping entrepreneurs succeed.
Youth Employment and Skills Development Programmes
The fund disclosed that over 30,000 young Lagos residents have benefited from different employment and skills development initiatives.
These programmes were designed to improve employability, equip participants with workplace skills, and connect job seekers with available opportunities.
Through partnerships with private companies, development agencies, and training institutions, thousands of young people have gained access to training and career support.
Lagos Innovates Supports Startups and Tech Talent
Alayande also highlighted the achievements of the Lagos Innovates programme, LSETF’s flagship initiative focused on technology entrepreneurship and innovation.
According to her, the programme has supported more than 1,200 startups while helping train over 3,300 technology professionals.
The initiative aims to strengthen Lagos’ growing technology ecosystem by supporting innovative businesses, attracting investment, and developing local talent.
Many participating startups have gone on to secure partnerships, funding opportunities, and international exposure.
Loan Repayment Rate Exceeds 94 Percent
One of the notable achievements highlighted during the event was the agency’s loan repayment performance.
LSETF reported a repayment rate of 94.53 percent, a figure the Executive Secretary described as evidence that entrepreneurs are willing and able to meet their obligations when provided with genuine opportunities.
She noted that the strong repayment culture among beneficiaries challenges the perception that small business owners represent a high-risk lending group.
According to her, the performance demonstrates the resilience and commitment of Lagos entrepreneurs.
Partnerships Driving Wider Economic Impact
The agency credited much of its success to collaborations with local and international development partners.
Alayande said partnerships with organisations including GIZ, UNDP, King’s Trust International, Lafarge, and various government institutions have enabled LSETF to reach more beneficiaries and expand its impact.
These collaborations have supported training programmes, entrepreneurship initiatives, innovation projects, and employment interventions across multiple sectors.
Success Stories from Beneficiaries
The Executive Secretary shared examples of beneficiaries whose lives were transformed through the agency’s programmes.
Among them was a woman living with disability who received mobile phone repair training through a Lafarge-supported initiative and successfully built a sustainable source of income.
She also highlighted the story of a female entrepreneur who participated in the Lagos Innovates programme and later showcased her innovation at GITEX, one of the world’s largest technology and startup exhibitions.
According to LSETF, these stories reflect the broader impact of providing access to opportunities, training, and financial support.
Plans for the Next Decade
Looking ahead, the agency says it plans to deepen support for entrepreneurs, expand access to funding, strengthen youth-focused programmes, and increase investment in technology-driven enterprises.
As part of its future plans, LSETF announced that the Lagos Employment Summit 4.0 will take place in the fourth quarter of 2026.
The summit is expected to bring together government agencies, business leaders, development partners, investors, and civil society organisations to explore new solutions for job creation and enterprise development.
The agency expressed confidence that continued collaboration and targeted interventions will help create more jobs, support more businesses, and strengthen Lagos’ position as Nigeria’s economic hub.
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