LSETF Creates Over 320,000 Jobs, Disburses N15bn in Loans in 10 Years

 

The Lagos State Employment Trust Fund (LSETF) says it has created more than 320,000 direct and indirect jobs, disbursed over ₦15 billion in loans, and supported thousands of businesses and young people across Lagos State since its establishment in 2016.

Executive Secretary of LSETF, Mrs. Feyisayo Alayande, disclosed this during a media parley held in Lagos to mark the agency's 10th anniversary.

Speaking on the impact of the fund over the last decade, Mrs. Alayande said LSETF was established by the Lagos State Government to tackle unemployment and promote wealth creation through access to finance, skills development, capacity building, market access and technology ecosystem support.

According to her, the agency has helped save about 173,000 jobs that could have been lost, while providing over 20,000 loans to micro, small and medium-scale enterprises across the state.

"Over the past decade, LSETF has created over 320,000 direct and indirect jobs across Lagos State, saved 173,000 jobs that would otherwise have been lost, disbursed over ₦15 billion through more than 20,000 loans, and supported over 82,000 small businesses with capacity building," she said.

Mrs. Alayande added that the agency had trained more than 30,000 young people and connected many of them to employment opportunities, while supporting over 1,200 technology startups and developing more than 3,300 talents through its Lagos Innovates programme.

She noted that LSETF's loan repayment rate currently stands at 94.53 per cent, describing it as evidence that Lagos entrepreneurs are reliable and capable of meeting their financial obligations when given the right opportunities.

"Our repayment rate is not just a financial metric. It is proof that when you treat people with dignity and provide real opportunities, they honour their commitments. Lagos entrepreneurs are not a risk; they are an opportunity," she said.

The Executive Secretary stressed that the agency's success was driven by strategic partnerships with organisations including GIZ, UNDP, King's Trust International, Lafarge, Diageo, government ministries and other development partners.

She said the collaborations had enabled the fund to expand its reach, provide skills training and create pathways for economic empowerment in communities across Lagos.

Mrs. Alayande also highlighted some of the beneficiaries whose lives had been transformed through LSETF programmes, including a woman living with a disability who acquired phone repair skills through a partnership initiative and went on to establish her own business.

She explained that such success stories reflect the core mission of the fund, which is to remove barriers between ambition and opportunity.

According to her, access to finance, knowledge, markets and networks remains the key factor determining whether many residents are able to succeed economically.

The Executive Secretary urged media organisations to help bridge the information gap by increasing awareness about the agency's programmes and opportunities.

"There are entrepreneurs in Alimosho who do not know they qualify for an LSETF loan. There are young people in Ikorodu who do not know we offer free skills training. There are startups in Yaba that do not know about Lagos Innovates. They are not unreachable; they are simply uninformed," she said.

Mrs. Alayande assured journalists of the agency's commitment to transparency, accessibility and accountability in its operations.

Looking ahead, she said LSETF would focus on expanding access to capital for businesses, increasing skills development opportunities for young people and strengthening support for startups and innovators.

She also announced plans to convene the Lagos Employment Summit 4.0 in the fourth quarter of 2026, bringing together government agencies, the private sector, development partners and civil society organisations to chart the future of employment and enterprise development in Lagos State.

Mrs. Alayande noted that the agency's achievements over the last decade were made possible by the vision of the Lagos State Government and the resilience of entrepreneurs, innovators and job seekers who took advantage of opportunities provided through the fund.

She reiterated that LSETF would continue to serve as a catalyst for employment generation, enterprise development and economic inclusion across the state.