Lagos state gives loan to 2,000 entrepreneurs

The Governor of Lagos State, Akinwunmi Ambode, has presented cheques to over 2,000 beneficiaries of the Lagos State Employment Trust Fund.

The governor said he was excited that the initiative was meeting its objectives of creating jobs and contributing to the growth of the Lagos economy.

No fewer than 10,000 entrepreneurs had previously received more than N7bn from the LSETF, a statement said on Monday.

The former beneficiaries, according to the statement, had created over 25,000 new jobs in the last three years.

Ambode, during the presentation of cheques to the new batch of entrepreneurs at the LTV Blue Roof, Agidingbi, Ikeja, said the initiative had scaled up entrepreneurship.

"The Employment Trust Fund was a promise we made to Lagosians in 2015 and today, I am happy to see the faces of the people whose lives and aspirations have been positively impacted by this programme," he said.

The governor explained that in line with his promise of inclusive governance, the beneficiaries of the LSETF programmes ranged from the youth to senior citizens in active business across all 20 local government areas and 37 local community development areas in the state.

"A very big validation of this programme we have embarked upon comes from the over 25,000 new direct jobs created directly by these businesses in our state. This does not include the multiplier effect of those businesses on the Lagos economy and the indirect jobs created.

"Apart from the jobs being created, I am especially pleased to see testimonials from some of our beneficiaries. I watched the video of Ibrahim Shuaib, a final year student of Dentistry at the Lagos State University Medical School. With a loan of N250,000, Ibrahim has not only grown his dry-cleaning business, employing over 20 people, but also started another business which his sister runs," he said.

Ambode asked the beneficiaries to use the fund to grow their businesses and pay back as and when due.

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