Lagos will support SMEs to prevent unemployment- Commissioner

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Governor Babajide Sanwo-Olu

2,204 Businesses supported by LSETF within a year

At the ministerial press briefing to mark the one year anniversary of the Babajide Sanwo-Olu administration in Lagos, The State Commissioner for Wealth Creation and Employment, Mrs. Yetunde Arobieke has disclosed that the Lagos State Employment Trust fund (LSETF) would support SMEs as a way of saving jobs, adding that the ministry would organize private internship program that would offer training to 4,000 unemployed youth.

LSETF serves as an instrument to inspire the creative and innovative energies of all Lagos residents and reduce unemployment across the State .According to Arobieke, “For the period between May 29, 2019 and May 29, 2020, LSETF had supported 2,204 businesses. Loans programme accounted for 1,167 cases, employability-967 and Lagos innovates-70,” The commissioner noted.

The fund, according to the commissioner organized Employment Summit in February, 2020, adding that with the aim to influence government policy to improve results and outcomes for target groups, i.e. women, youth and enterpreneurs. The summit, whose participants were carefully selected, discussed strategies that promote job creation through skills development, applied technology and entrepreneurship.

To cushion the effect of the coronavirus pandemic,Arobieke also disclosed that loan beneficiaries can now  apply for moratorium on repayments.For the avoidance of doubt however,only performing loan beneficiaries and beneficiaries with past due obligations of not more than 60 days can apply.”

She explained that “the training which would be for a month and six months hands on work experience in the private sector towards potential full-time employment.

“Prospective participants would be harvested from the databases of the five job centres covering the 57 local governments and local council development areas,” the Commissioner stated.

The Lagos State Employment Trust Fund (LSETF) was established by The Lagos State Employment Trust Fund Law 2016 to provide financial support to residents of Lagos State, to tackle unemployment through job and wealth creation

 

 

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