Lagos Govt. supports 2,204 businesses in 12 months

The Lagos State Government, through the Lagos State Employment Trust Fund (LSETF), says it has supported 2,204 businesses in the last 12 months towards reducing unemployment in the state.

The Commissioner for Wealth Creation and Employment, Mrs Yetunde Arobieke, made this known on Thursday in Ikeja, during the Ministerial Press Briefing to mark one year of Gov. Babajide Sanwo-Olu in office.

LSETF is an implementing arm of the Ministry of Wealth Creation and Employment.

Arobieke said that LSETF served as an instrument to inspire the creative and innovative energies of all Lagos residents and reduce unemployment across the state.

”For the period between May 29, 2019 and May 29, 2020, LSETF had supported 2,204 businesses through Loans Programme for 1,167, Employability for 967 and Lagos Innovates for 70,” she said.

Arobieke said that the fund had put measure in place to ameliorate the impact of coronavorus pandemic on loan beneficiaries.

She said that loan beneficiaries would have to apply for moratorium on their loan repayments.

”For the avoidance of doubt, only performing loan beneficiaries and beneficiaries with past due obligations of not more than 60 days can apply,” the commissioner said.

She also said that the Fund would support SMEs as a way of saving jobs, and would organise Graduate Internship Programme that would offer 4,000 unemployed youth training.

Arobieke said that the training would be for a month and six months hands-on work experience in the private sector toward potential full-time employment.

”Prospective participants would be harvested from the databases of the five job centres covering the 57 Local Governments/Local Council Development Areas (LGAs/LCDAs).

”This will benefit employers who will have access to talented and empowered graduates, who they can ‘try out’ without cost, while the companies stabilise to stimulate the economy,” the commissioner said.

According to her, government will pay stipends to the interns.