The Lagos state government has revealed its readiness to empower 100,000 businesses in the state with its N25 billion employment trust fund.
The announcement which was made on Monday, November 7th by the Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Mr Akintunde Oyebode, also said that at least 100,000 Micro, Small and Medium Enterprises (MSMEs) will receive financial support within the next three years under the scheme.
According to Vanguard, Oyebode said the Board set up to manage the employment trust fund had spent the last few months perfecting strategies for its disbursement later this year.
“The Board of Trustees embarked on several strategy sessions to define the mission, vision, core values and strategic framework to guide the Fund’s activities.
“After the completion of the research exercise, the Board working with its appointed consultants developed a strategic framework articulating the goals of the Board, the key interventions designed to enhance job creation, and the supporting infrastructure needed to deliver the set goals. This exercise has now been concluded and approved by the Lagos State Executive Council.”
Oyebode also revealed that there are however certain conditions to be met before businesses can receive support under the scheme.
“The businesses we support must demonstrate capacity to repay our loans; be owned by Lagos residents duly registered by the Lagos State Residents Registration Agency (LASRRA); show evidence of tax payments to the Lagos Inland Revenue Service (LIRS); and have valid Bank Verification Numbers (BVNs). Also, we will also train unemployed residents to either take up identified jobs or run their businesses,” Oyebode said.
