How Lagos State Employment Trust Fund Works

The Federal Government of Nigeria and State Governments have put together various entrepreneurship and skill acquisition programs. This is aimed at reducing unemployment and offer startup funding for SME’s.
The initiatives have continually made effort towards development of skill acquisition and entrepreneurship. There are many government initiatives like the Lagos state employment trust fund.
Others are Youth Enterprise with Innovation Nigeria, Osun Youth Empowerment Scheme and start-up Nigeria. The different schemes have recorded moderate results and remain beneficial to the local economy.
Many start-up have received financial support and gained prominence.  A good example is the YouWin initiate under the previous administration of president Goodluck ebele Johnathan.
Another one is the Lagos state employment trust fund. It provides financial support to tackle unemployment. The fund is aimed at residents of Lagos state and focus on wealth creation initiatives.
Lagos State Employment Trust Fund
It was established by the Lagos state law 2016 to help Lagos residents scale and grow their small medium enterprise. To encourage better job prospects and help the unemployed acquire skills.
Since inception the fund has disbursed over N7bn to over 10,000 entrepreneurs.  The beneficiaries of the scheme have created over 25,000 jobs.
Under the employability program 1,100 are self-employed or successfully placed in jobs. The program has also trained over 3,364 people. Under the Lagos innovative 34m issued as loans and 75 workplace vouchers. Many recipient report change in their earnings and family welfare
Key programs
The employability program
The LSETF has three key programs the loan scheme, employability program and Lagos initiate. The employability program in partnership with United Nations aims to train and secure jobs for the unemployed youths in the state.
The initiate aims at 10,000 under-employed youths. They are trained into skilled labor in the construction, manufacturing. Other sectors are garment making, healthcare, entertainment and hospitality industry. They also learn formwork and carpentry.
The loan scheme
The scheme provides loans for new business startups. New business start-up can access loans of N250, 000 while existing business are given N500, 000. Medium scale business can get loans of N5 with zero collateral and interest of 5 percent.
Lagos initiative
The Lagos initiate focuses on technology. The scheme offer workspace vouchers, event sponsorship, hub loans. The process is merit based and application process is online.
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