Lagos fund disburses 15 billion naira to 20,000 SMEs
By the AFREEQUE newsroom, based on Punch
The Lagos State Employment Trust Fund has disbursed more than 15 billion naira to over 20,000 small and medium-sized enterprises, helping to create more than 320,000 jobs. Commissioner for Innovation, Science and Technology Olatunbosun Alake announced the figures at an event marking the fund’s tenth anniversary, according to Punch.
The Lagos State Employment Trust Fund (LSETF) has disbursed more than 15 billion naira to over 20,000 small and medium-sized enterprises, helping to create more than 320,000 jobs, Punch reports. Lagos Commissioner for Innovation, Science and Technology Olatunbosun Alake announced the figures at an event held on Thursday to mark the fund’s tenth anniversary.
The LSETF has a loan repayment rate of more than 94%, Alake said. The event also marked the graduation of 50 entrepreneurs from the 14th cohort of the Lagos Innovates Idea Hub programme, which supports start-ups in improving their projects and business models.
The state is preparing an innovation law that would reserve 20% of grants for businesses led by women or young people. Lagos aims to double the contribution of technology and innovation to its economy by 2030, according to the commissioner.
Between 2019 and 2024, Lagos-based start-ups attracted more than $6 billion in investment, representing about 70% of technology investment in Nigeria over the period, Alake added.
