LSETF: 1,438 new beneficiaries get N924.7m cheques

By Yinka Kolawole

MICRO, small and medium-scale entrepreneurs totaling 1,438 were presented cheques worth N924.7 million as the latest beneficiaries of the Lagos State Employment Trust Fund (LSETF).

The scheme was created to empower entrepreneurs, artisans, traders and others in the state with soft loans and skills to boost their businesses thereby increasing wealth and reducing unemployment among residents.

Speaking at the presentation ceremony, Lagos State Governor, Mr Akinwunmi Ambode, expressed delight that the government was on course to meet the objectives of the initiative, adding that it was encouraging to note that previous beneficiaries have started expanding their businesses, creating jobs and repaying their loans.

Ambode, who was represented by the Commissioner for Wealth Creation and Employment, Dr. Babatunde Durosinmi-Etti, congratulated the new beneficiaries, and charged them and other potential beneficiaries to emulate those who were repaying their loans, thereby ensuring the success of the programme. “It is only when you pay your loans back, and grow your businesses, that we can truly celebrate the success of this program. Your success is our success, and together we will grow Lagos State’s economy and create jobs for our residents. This initiative is another example of taxpayers’ money working for the people,” he stated.

Taxpayers’ money

The governor made particular reference to one of the earlier beneficiaries of the scheme, simply identified as Jand2Gidi, noting that it has started contributing to the growth of Lagos economy.  ”One of the success stories of this programme which I am very proud of is the achievement of one of the first set of beneficiaries, a company called Jand2Gidi, run by two young women. Today, they have invested their loan in buying motorcycles for their delivery men, and hired people to operate those motorcycles. Not only are they repaying their loan, they have also created at least 10 direct jobs for Lagos residents, thereby increasing the economic activity across the State. We eagerly expect to celebrate many more success stories like this,” he said.

Ambode further called on other residents of Lagos who are desirous to grow their existing businesses or interested in starting one to take advantage of the scheme, assuring that the process of assessing and selecting beneficiaries would continue to be transparent and meet globally acceptable standards.

He reiterated that the target is to support about 100,000 micro, small and medium enterprises and create at least 300, 000 direct and 600, 000 indirect jobs by 2019 through the initiative. He commended the LSETF board for the good work done so far, while charging them to increase the pace of work and ensure that by the end of 2017, at least 20,000 businesses would have benefited from the programme.

 

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