Lagos State Employment Trust Fund Disburses N15bn to MSMEs

The Lagos State Employment Trust Fund (LSETF) has disbursed more than N15bn to over 20,000 Micro, Small and Medium Enterprises (MSMEs), contributing to the creation of over 320,000 jobs. This information was disclosed by Olatunbosun Alake, the Commissioner for Innovation, Science and Technology, at the Lagos Innovates LaunchPad 2.0 Idea Hub Pitch Day and Ecosystem Showcase, which took place on Thursday as part of LSETF’s 10th anniversary celebrations.

Alake emphasized that LSETF's interventions, supported by programs like Lagos Innovates, are essential for helping entrepreneurs develop viable businesses and contribute to economic growth. He noted a loan repayment rate exceeding 94 percent, indicating the effectiveness of structured support for small businesses.

Additionally, plans are underway to develop an innovation bill reserving 20 percent of innovation grants for women- and youth-led enterprises. Alake also mentioned that Lagos-based startups attracted over $6bn in investment from 2019 to 2024, representing about 70 percent of Nigeria's technology investments during that period.