The Lagos State Government has disbursed more than ₦15 billion in loans to over 20,000 small and medium-scale enterprises through the Lagos State Employment Trust Fund (LSETF), generating over 320,000 jobs and preserving an additional 173,000 jobs across the state in the last decade.
Executive Secretary of LSETF, Feyisayo Alayande, disclosed this on Monday during a media parley in Ikeja, where she presented the agency’s 10-year impact report and highlighted its contributions to employment generation, entrepreneurship development and wealth creation in Lagos.
According to Alayande, the fund, established in 2016 to address unemployment and stimulate economic growth, has evolved into a major vehicle for empowering residents through access to finance, skills development, market linkages and technology-driven opportunities.
She said the agency’s interventions have reached thousands of entrepreneurs and job seekers across various sectors of the economy, helping businesses survive challenging economic conditions while creating pathways to sustainable livelihoods.
“Over the past decade, we have disbursed more than ₦15 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,” Alayande said.
Beyond financing, she revealed that more than 82,000 small businesses have benefited from capacity-building programmes designed to strengthen operational efficiency, improve competitiveness and enhance long-term sustainability.
The Executive Secretary added that over 30,000 young people have been trained and connected to employment opportunities through different programmes, while the agency’s Lagos Innovates initiative has supported more than 1,200 technology startups and developed over 3,300 tech talents.
Describing the figures as proof of the impact of targeted investments in entrepreneurship and human capital development, Alayande said the agency remained committed to expanding access to opportunities for more Lagos residents.
She identified access to capital, knowledge, markets and professional networks as some of the key barriers preventing many talented individuals from achieving their full economic potential.
“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 agency’s strong loan repayment culture, disclosing that beneficiaries have maintained a repayment rate of 94.53 per cent over the years.
According to her, the performance demonstrates the credibility and resilience of entrepreneurs who have accessed the fund’s support.
“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 attributed much of the agency’s success to strategic partnerships with development organisations, private sector institutions and government agencies, including GIZ, UNDP, King’s Trust International and Lafarge.
To illustrate the impact of such collaborations, Alayande recounted the story of a woman living with disability who acquired mobile phone repair skills through a programme supported by Lafarge and subsequently established a sustainable source of income.
She also cited the experience of a female entrepreneur who participated in the Lagos Innovates programme and later showcased her innovation at GITEX, one of the world’s largest technology and startup exhibitions.
According to her, these success stories reflect the transformative effect of creating opportunities for individuals who might otherwise remain excluded from economic participation.
Looking ahead, the LSETF boss said the agency would focus on expanding access to finance for growing businesses, scaling up youth employment and skills development programmes, and strengthening support for innovation-driven enterprises.
She further announced that the Lagos Employment Summit 4.0 would hold in the fourth quarter of 2026, bringing together government officials, private sector leaders, development partners and civil society organisations to discuss strategies for job creation and enterprise development.
While expressing satisfaction with the agency’s achievements over the past decade, Alayande stressed that there was still significant work to be done.
“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.
The Lagos State Employment Trust Fund was established by the Lagos State Government in 2016 to tackle unemployment, promote entrepreneurship and drive inclusive economic growth through funding, training and business support programmes. Since inception, it has emerged as one of Nigeria’s leading subnational intervention agencies dedicated to enterprise development and job creation.
