We have created 320,000 jobs, supported 20,000 businesses with N15bn – Lagos State Government
By Imisioluwa Afunmiso
The Lagos State Government has disclosed that over N15 billion has been disbursed to more than 20,000 micro, small and medium enterprises (MSMEs) through the Lagos State Employment Trust Fund (LSETF), resulting in the creation of over 320,000 direct and indirect jobs across the state in the last 10 years.
The Executive Secretary of LSETF, Feyisayo Alayande, disclosed this on Monday during a media parley held in Ikeja, where she presented the agency’s 10-year impact report and highlighted its contributions to employment generation, enterprise development and wealth creation in Lagos.
Alayande said the fund, established in 2016 to tackle unemployment and promote entrepreneurship, has become a key driver of economic empowerment by expanding access to finance, skills development, market opportunities and technology support for residents.
According to her, LSETF has also helped preserve over 173,000 jobs that were at risk of being lost, while more than 82,000 small businesses have benefited from capacity-building programmes aimed at improving operational efficiency and business sustainability adding that over 30,000 young people have been trained and linked to employment opportunities through various interventions by the agency.
Speaking on the agency’s technology-focused initiatives, Alayande noted that the Lagos Innovates programme has supported more than 1,200 technology startups and helped develop over 3,300 tech talents describing the agency’s impact as clear evidence that deliberate investment in entrepreneurship and human capital development can generate measurable economic growth.
“Over the past decade, we have disbursed more than N15 billion through over 20,000 loans to micro, small and medium enterprises. We have created over 320,000 jobs and saved another 173,000 jobs that could have been lost,” she said.
Alayande also highlighted the agency’s strong loan repayment performance, revealing that beneficiaries have maintained a 94.53 per cent repayment rate.
According to her, the repayment performance demonstrates the reliability and resilience of Lagos entrepreneurs.
“Our repayment rate is not just a financial metric. It demonstrates that when people are given genuine opportunities and treated with dignity, they honour their commitments. Lagos entrepreneurs have consistently shown that they are not a risk but an opportunity,” she stated.
She identified access to resources as one of the biggest challenges confronting entrepreneurs and job seekers, stressing that talent alone is often insufficient without financial support and market exposure.
“The difference between someone who succeeds and someone who does not is often access — access to capital, access to knowledge, access to markets and access to networks. That is the gap LSETF was created to bridge,” she said.
Alayande further emphasised the importance of strategic partnerships in broadening the agency’s impact, citing collaborations with organisations including GIZ, UNDP, King’s Trust International, Lafarge and several government ministries.
She recounted the story of a woman living with disability who benefited from a Lafarge-supported skills acquisition programme, where she learned mobile phone repairs and established a sustainable livelihood while also referencing a female entrepreneur who participated in the Lagos Innovates programme and later showcased her innovation at Gitex, one of the world’s leading technology exhibitions.
She further noted that the agency plans to deepen its interventions by increasing capital support for growing businesses, expanding youth training programmes and strengthening assistance for technology-driven enterprises announcing the Lagos Employment Summit 4.0 to hold in the fourth quarter of 2026, bringing together government agencies, private sector stakeholders, development partners and civil society groups to chart a new path for job creation and enterprise growth in the state.
While expressing satisfaction with the agency’s achievements over the past decade, Alayande noted that more work remains to ensure economic opportunities reach more Lagos residents.
“We are proud of what has been achieved over the last 10 years, but we are focused on doing even more. The next decade must deliver greater access to finance, more jobs, more training opportunities and stronger support for businesses that are ready to grow,” she said.