Lagos Created 320,000 Jobs and Supported 20,000 Businesses with N15 bn in One Year

The Lagos State Government has announced that it has disbursed more than N15 billion to over 20,000 small and medium‑scale businesses through the Lagos State Employment Trust Fund (LSETF).

During a media briefing in Ikeja, Lagos, the Executive Secretary of LSETF, Ms. Feyisayo Alayande, revealed that the Fund has created more than 320,000 direct and indirect jobs since its inception a decade ago.

Alayande presented the agency’s 10‑year impact report, outlining its role in employment generation, enterprise development and wealth creation. She explained that the Fund, established in 2016 to address unemployment and support entrepreneurship, has become a key driver of economic empowerment by providing access to finance, skills development, market opportunities and technology support for Lagos residents.

According to her, the agency has also preserved more than 173,000 jobs that might have been lost and has helped over 82,000 small businesses through capacity‑building programmes designed to strengthen operations and improve sustainability.

She noted that more than 30,000 young people have been trained and connected to employment opportunities through various interventions, while the Lagos Innovates initiative has supported over 1,200 technology startups and developed more than 3,300 tech talents.

Alayande described these figures as evidence that targeted investments in entrepreneurship and human capital development can deliver measurable economic benefits.

“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.

She highlighted the agency’s strong loan repayment performance, noting that beneficiaries have maintained a repayment rate of 94.53 percent.

“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.

The Executive Secretary stressed that access remains one of the biggest challenges for many aspiring entrepreneurs and job seekers, noting that talent alone is often insufficient without access to funding, training, markets and professional networks.

“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 also highlighted the role of partnerships in expanding the agency’s reach, citing collaborations with organisations such as GIZ, UNDP, King’s Trust International, Lafarge and several government ministries.

She recounted the story of a woman with a disability who benefited from a skills acquisition programme supported by Lafarge, learning mobile‑phone repairs and subsequently establishing a sustainable livelihood.

She also referenced 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.

According to Alayande, such success stories underscore the transformative impact of providing opportunities to individuals who may otherwise have been excluded from economic participation.

Looking ahead, she said the agency plans to deepen its interventions by providing more capital to growing businesses, expanding youth training programmes and strengthening support for technology‑driven enterprises.

She announced that the Lagos Employment Summit 4.0 would be held in the fourth quarter of 2026 to bring together government agencies, private sector players, development partners and civil society groups to chart a new course for job creation and enterprise development in Lagos.

While expressing satisfaction with the agency’s achievements over the last decade, Alayande maintained that more work remains to be done to ensure that economic opportunities reach a greater number of 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.