LSETF: LASG grants N4.5bn to 5,527 entrepreneurs in one year

Gov. Akinwunmi Ambode of Lagos State says it has since inception of its Employment Trust Fund (LSETF) in 2016 approved N4.5 billion to 5,527 entrepreneurs.

Ambode, represented by Mr Tunji Bello, Secretary to the State Government, disclosed this on Monday in Lagos at the opening ceremony of the 2nd Lagos State Micro, Small and Medium Enterprises Exclusive Fair.

He said that the fund, in partnership with the United Nations Development Programme (UNDP) and private sector entrepreneurs, would train 16,000 unemployed persons in the state in the last quarter of 2017.

The governor urged entrepreneurs to take advantage of the structures and opportunities created by government to support the growth of businesses.

Our correspondent reports that the LSETF is a N25 billion fund created in 2016 to boost entrepreneurship development in the country.

It is to provide financial support to residents of Lagos State for job and wealth creation, and to tackle unemployment.

Also speaking, Prince Rotimi Ogunleye, Lagos State Commissioner, Ministry of Commerce, Industry and Cooperatives, commended the state government for its initiative in upscaling the growth of the MSMEs subsector.

Ogunleye said that upscaling the growth of the MSMEs would assist in re-engineering the nation’s economy.

“It is a fact that Lagos State is the hub of the largest concentration of MSMEs; we have 3,224,324 micro operators and over 11, 663 SME operators.

“They are all contributing to boosting the Gross Domestic Product (GDP) of the nation, generating employment and creating sustainable entrepreneurship.

“Thereby, they add value to our move towards industrialisation,” the commissioner said.

He, however, said that despite the MSMEs’ importance, they had not been able to expand their market frontiers, adding that the fair evolved out of a need to strengthen the existing public-private business ecosystem.

Ogunleye said that the fair would be a platform for partnerships and linkages between operators, financiers, government agencies and the academia.

He added that the fair would also assist in discovering innovations and opportunities that would boost the sector.

The commissioner urged the public to patronise locally made products to support the actualisation of the nation’s economic recovery.

Also speaking, Mrs Nike Akande, President, Lagos Chamber of Commerce and Industry (LCCI), said that the fair was an evidence of the state government’s commitment to promoting small businesses.

She said that the government’s focus on providing an enabling environment had positively impacted on private sector performance in the state.

“The small businesses are crucial to job creation, economic diversification, creativity and income redistribution. They are also critical to building an inclusive economy.

“The bitter lessons of the collapse of oil prices, shrinking oil output and skyrocketing naira exchange rate dictate that we should look inward.

“Therefore, the “Purchase Made-in-Lagos” campaign is clearly in consonance with the spirit of building a self-reliant economy,” Akande said.

The Chairman, Lagos State House of Assembly Committee on Commerce, Industry and Cooperatives, Mr Oladele Adekanye, said that government must step up actions and initiatives to support the growth of the MSME sector.

Adekanye commended the government for making access to funds easy for entrepreneurs in the state through the Lagos State Employment Trust Fund (LSETF).

He also lauded the state for initiatives to generate 3000 megawatts of electricity to address power challenges.