Lagos MSME Recovery Fund: 1,835 businesses empowered with N939.98 million
By Moses Adeniyi
The total number of businesses empowered under the Lagos State MSME Recovery Fund are 1,835 with a disbursal of a total amount of N939.98 million (US$2.47million), Nigerian NewsDirect has gathered
The MSME Recovery Fund was set up to support businesses in Lagos State whose properties and assets were vandalized post #ENDSARS protest that rocked the nation in October 2020.
It was gathered that with funding from both Lagos State Government, corporate organizations and private individuals, businesses were supported with grant sums ranging from ₦50,000 to ₦5,000,000 for the beneficiaries to rebuild their businesses.
According to statistics gathered, the number of jobs saved through the intervention was pegged at 10,005 and 40,020 direct and indirect jobs respectively.
Meanwhile, statistics showed that under the Conditional Cash Transfer of the Federation Government, about 6,810 beneficiaries were paid so far since the inception of the programme with the total amount disbursed in the tune of N269,340,000.00 during the 1st to 4th Bi-Monthly payment exercise of Conditional Cash Transfer to the beneficiary households in Lagos State.
It was gathered that the Lagos State Employment Trust Fund within two years of the Governor Babajide Sanwo-Olu led administration, supported over 14,646 small businesses in Lagos State and created more than 123,720 jobs.
According to the State’s Commissioner for Wealth creation & Employment, Mrs. Yetunde Arobieke, in the ongoing Ministerial Briefing to commemorate two years of the Governor Babajide Sanwo-Olu led administration in Office, “the achievements recorded so far by the Ministry have been made possible through the unwavering support of the Governor Sanwo-Olu in his pursuits to mitigate unemployment in Lagos State.”
She further re-affirm that the Ministry will continue to strive for the actualization of its mandate, stating that “these efforts through our activities and its resultant achievements have earned us commendations within and even in the Diaspora.”
According to her, despite the Global challenge occasioned by the Covid-19 Pandemic, “the Ministry rose up to meet the needs of Lagosians in so many areas.”
Among the achievements of the Ministry for the time under review is the convening the Y2020 Annual Stakeholders Summit aimed at fostering healthy and viable collaboration with existing and new stakeholders capable of assisting the Lagos State Government to create sustainable wealth for its citizen.
Another programme of the Ministry within the period under review was the Y2020 Sensitization Workshop for Exited N-power beneficiaries of batches A&B in Lagos State, under which a total of 22,647 beneficiaries under the variants (N-teach, N-Health, N-Agro) were monitored by the Ministry.
Others are a Graduate Internship Programme; the flag-off of the Federal Government Special Grant for Rural Women in Lagos State with a grant payment targeted for over 8,000 beneficiaries across all the 57 Local Government Areas/Local Council Development Areas of Lagos State with the aim of increasing income level enhancing food security and uplifting of beneficiaries from poverty in the state.
Others are the Lagos Industrial Hubs (Leather, Garment and Gemstone); Career Workshop, Artisans Virual Market, Employability Programmes. Also on the measures of wealth creation within the period under review was the Employability Skills Training initiative of the Ministry that was envisioned to develop the skills and enhance employability among the teeming unemployed youths in Lagos State.
Other programmes initiated by the Ministry to create wealth include a Mentorship Programme, artisans week celebration, Global Entrepreneurship WEEK, establishment of the State Cash Transfer (LSCTU) for the implementation of the National Cash Transfer Programme
Speaking on the Lagos Industrial Hubs initiative, the Commissioner said the Ministry has been working on establishing Industrial Hubs which entails creating a congregation of related enterprises in an identified location for enhanced productivity, Wealth Creation and Business Development through provision of access to business accommodation, workshop, standard equipment and infrastructural facilities at affordable costs.
According to her, the multiplier effect is to create value chain in the enterprises, and the aim is proposed to set up 3 different Hubs (i.e Leather, Garment & Gemstone).
The Lagos Leather Hub is being establish to aid Startups, Artisans and Entrepreneurship development in the Leather market in the State.
The aim is to tackle the challenges of Artisans such as working space, access to modern equipment, inadequate skills and poor infrastructure.
The Commissioner disclosed that the Government, through the Ministry has consequently started the construction of the Lagos Leather Hub, which is to be situated close to the Mushin Leather Market at Matori, Mushin, Lagos to leverage on the opportunities the market presents to create employment, develop capacity of Artisans and provide necessary equipments and infrastructure.
“The Lagos Garment & Gemstone Hubs: work has also commenced to create space for people with common skill sets in garment and fashion ventures to thrive as a unit with required facilities, to boost economic and commercial activities in the State. The Gemstone Hub will involve value chains in Mineral stone business,” she said.
Speaking on the Graduate Internship Programme, the Commissioner said: “This is one of the initiatives of the Ministry intended to address the challenge of unemployment among unemployed graduates in Lagos State.”
The programme which is planned to last for 6 months is meant to expose interns to a particular job, profession or industry; networking; give them the opportunity to excel and possibly learn a job with the organization; expose the interns to professional skills and interpersonal relationships in a structured setting; expose them to possible niche of entrepreneurial opportunities.
Others are to assist Micro, Small and Medium Enterprises (MSMEs) and other companies to choose from the State’s database of groomed talent/interns, to enhance productivity and boost their businesses thereby promoting economic growth at no cost through the intervention of the State Government and to provide opportunity for the graduates to have employability skills and exposure to today’s world of work.
51,514 graduates applied for the internship online.
It was gathered that while a total of 4,736 applicants attempted the online Assessment Test, 1,000 candidates who scored a minimum of 60% were invited for the first tranche of the employability skills training. 4,000 interns are targeted to be placed on a monthly stipend of #40,000 for six months.
“You will agree with me that the State Government under the able leadership of Mr. Governor, Babajide Olusola Sanwo-Olu is leaving no stone upturned in mitigating the unemployment scourged,” she said.
