LSETF disburses N15bn to MSMEs
AI Executive Briefing
Gemini Flash AI~45s readThe Lagos State Employment Trust Fund (LSETF) has marked its 10th anniversary by reporting significant economic impact, including the disbursement of over N15bn to 20,000 MSMEs. These interventions have facilitated the creation of over 320,000 jobs and fostered a robust startup ecosystem in Lagos.
Context & Background
- ✦LSETF provides financial and advisory support to small businesses to drive economic growth and job creation in Lagos State.
- ✦The state government is actively working to strengthen the startup ecosystem through legislative frameworks like the upcoming innovation bill and continued support for technology talent.
Key Figures & Named Entities
•Olatunbosun Alake, Commissioner for Innovation, Science, and Technology, reported a 94 percent loan repayment rate for LSETF.•Feyishayo Alayande, Executive Secretary of LSETF, noted that approximately 100,000 businesses have been empowered through various LSETF interventions.•The Lagos State Science, Research and Innovation Council has awarded nearly N1bn to 155 researchers and startups.
Outlook & Next Steps
The Lagos State government is developing an innovation bill to reserve 20 percent of grants for women and youth, with a long-term goal to double the economic contribution of technology and innovation by 2030.
Key Takeaways
AI Summary- The Lagos State Employment Trust Fund (LSETF) has disbursed over N15bn to more than 20,000 MSMEs, resulting in the creation of over 320,000 jobs.
- LSETF maintains a high loan repayment rate exceeding 94 percent, highlighting the effectiveness of structured support for small businesses.
- Lagos-based startups secured over $6bn in investment between 2019 and 2024, accounting for approximately 70 percent of Nigeria's total technology investments.
Key Facts:2019-2024: Lagos-based startups attracted more than $6bn in investment.2030: The Lagos State Government aims to double the contribution of technology and innovation to the state's economy.
Editorial Excerpt
The Lagos State Employment Trust Fund has disbursed over N15bn to more than 20,000 MSMEs, contributing to the creation of over 320,000 jobs in the state.
Frequently Asked Questions About This Story
What is the primary goal of the Lagos Innovates Idea Hub programme?
The programme helps early-stage entrepreneurs refine their ideas and develop viable business models.
What specific policy is the Lagos State government developing to support women and youth in innovation?
The state is developing an innovation bill that would reserve 20 per cent of innovation grants for women- and youth-led enterprises.
