LSETF Creates 320,000 Jobs, Disburses N15bn to SMEs in Decade

By Adebola Isimijola, Lagos

The Lagos State Employment Trust Fund (LSETF) says it has created over 320,000 jobs and disbursed more than N15 billion in loans to small and medium-scale enterprises (SMEs) across Lagos State in the last 10 years.

Executive Secretary of the agency, Mrs. Feyisayo Alayande, disclosed this during a media parley in Lagos on Monday, where she reviewed the impact of the fund’s interventions on employment generation, entrepreneurship and economic development.

Alayande said more than 82,000 small businesses have benefited from the agency’s capacity-building programmes, while over 30,000 youths have been trained and linked to employment opportunities. She added that more than 1,200 technology startups have received support through the Lagos Innovates programme.

According to her, the fund currently maintains a loan repayment rate of 94.53 per cent, a development she described as evidence that entrepreneurs are capable of meeting their obligations when provided with the right support.

“Entrepreneurs are not a risk; they are an opportunity, and they have proven it consistently. Our repayment rate is proof that when people are treated with dignity and given real opportunities, they honour their commitments,” she said.

The LSETF boss cited several success stories from the agency’s programmes, including that of a woman living with disability who acquired phone repair skills through an LSETF partnership initiative and subsequently established a sustainable source of income.

She also noted that many beneficiaries have secured jobs in reputable organisations after undergoing training facilitated by the agency, while several startup founders have gained international exposure through opportunities provided under its innovation support programmes.

Alayande said the agency’s experience over the past decade has shown that access to finance, knowledge, markets and professional networks remains critical to unlocking the potential of entrepreneurs and job seekers.

“The difference between a person who builds something and one who cannot is rarely talent. It is almost always access. LSETF exists to close that gap,” she stated.

She attributed the agency’s achievements to strong institutional structures, strategic partnerships and the commitment of its workforce, noting that collaborations with development partners and international organisations have expanded the reach of its programmes.

The Executive Secretary called on the media to help raise awareness of opportunities available through the fund, saying many entrepreneurs, job seekers and startup founders who qualify for its programmes remain unaware of them.

Looking ahead, she said the agency would expand its funding, training and business support initiatives, while strengthening partnerships aimed at driving economic growth and job creation in Lagos.

Alayande also announced plans to host the Lagos Employment Summit 4.0 in the fourth quarter of 2026 to bring together government, private sector and development stakeholders to discuss the future of employment and enterprise development in the state.

“We have been here for 10 years, and we are not going anywhere. The next chapter is going to be our most significant yet,” she added.