The Lagos State government has disbursed approximately N25 billion in grants and loans to Small and Medium Enterprises (SMEs) via the Lagos State Employment Trust Fund (LSETF) to boost productivity and economic growth in the state.
Governor Babajide Sanwo-Olu disclosed this recently at the 2024 Business Day Newspaper CEO Forum, themed “Governors in Conversation – Innovative Governance: Steering States through Economic Turbulence,” held at Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos. The Governor, represented by Deputy Governor Dr. Kadri Obafemi Hamzat, emphasized that these grants and loans have empowered entrepreneurs, stimulating economic activity.
“The LSETF over the past six years has disbursed close to N25 billion in grants and loans, providing single-digit interest loans and training to help entrepreneurs manage their businesses,” said Sanwo-Olu. He highlighted the state’s efforts in helping SMEs source products, access markets, and navigate regulatory frameworks with agencies such as NAFDAC, BOI, CAC, and SON.
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“Our goal is to create environments that allow private enterprises to thrive and generate future employment,” the Governor stated. He noted that these initiatives aim to enhance Nano SMEs by providing access to grants and loans to ensure their continued success.
Sanwo-Olu reiterated his administration’s commitment to facilitating business operations and supporting citizens’ growth, aligned with the T.H.E.M.E.S Plus developmental agenda, which focuses on making Lagos a 21st-century economy.
The Governor also outlined various initiatives designed to foster business development, including the Knowledge, Innovation, Technology, and Employment (KITE) hub for young entrepreneurs without funds for office space, LASRIC for fintech and tech businesses, and the Lagos Financial Centre for financial services.
Furthermore, Sanwo-Olu mentioned the creation of the largest food hub in Imota, which will streamline food aggregation and storage, enhancing food security and supporting young innovators in transforming their creative ideas into reality with necessary support.
