Lagos State Employment Trust Fund has disbursed over ₦15 billion in loans to more than 20,000 small and medium enterprises (SMEs) over the past decade, in a move that has significantly boosted job creation, enterprise growth, and access to finance across the state.
The initiative has strengthened small businesses, expanded financial inclusion, and provided critical support to thousands of entrepreneurs operating across key sectors of Lagos’ economy, according to the agency.
Speaking at a press briefing on Monday at the Bagauda Kaltho Press Centre, Alausa, Ikeja, where she presented the agency’s 10-year impact report, the Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Feyisayo Alayande, said the Fund has also played a major role in safeguarding employment and building business resilience across the state.
She disclosed that the agency has helped to save more than 173,000 jobs that were at risk of being lost, while also supporting over 82,000 small businesses through various capacity-building and empowerment programmes.
According to her, the Fund’s interventions have contributed to the creation of about 320,000 jobs both directly and indirectly, while more than 30,000 young people have been trained and linked to employment opportunities through its skills development initiatives.
Alayande further revealed that over 1,200 technology startups have benefited from the agency’s support programmes, while about 3,300 talents have been developed under the Lagos Innovates initiative, which is aimed at strengthening the state’s growing tech ecosystem.
She also highlighted the strong performance of beneficiaries in loan repayment, noting that the Fund has recorded a repayment rate of 94.53 percent, which she described as a reflection of trust, accountability, and the effectiveness of its support model.
“The repayment rate is not just a financial metric. It demonstrates that when you treat people with dignity and give them real opportunity they will honour their commitments. Lagos entrepreneurs have consistently shown that they are not a risk but an opportunity,” she said.
Looking ahead, Alayande stated that the agency plans to scale up its operations by increasing access to capital for growing businesses, expanding youth training programmes, and deepening support for technology-driven enterprises.
She also announced that the Lagos Employment Summit 4.0 will hold in the fourth quarter of 2026, bringing together government agencies, private sector stakeholders, development partners, and civil society organisations to design new strategies for job creation and enterprise development in Lagos State.
She further shared a human-interest story of a woman living with disability who benefited from a Lafarge-sponsored skills acquisition programme, where she was trained in mobile phone repairs, as an example of the impact of inclusive empowerment initiatives.
“We are proud of what has been achieved over the last 10 years but we are focused on even doing more. The next decade must deliver greater access to finance, more job creation, training opportunities, and stronger support for businesses that are ready to grow,” she added.