Home News ETF: Lagos supports 705 SMEs with N1bn intervention
News - January 27, 2017

ETF: Lagos supports 705 SMEs with N1bn intervention

Akinwunmi Ambode

The Lagos State Government on Thursday presented a cheque of N1 billion to 705 Small and Medium Enterprises (SMEs) to expand their businesses as part of the N25 billion Employment Trust Fund (ETF) meant to generate employment.

The state Governor, Akinwunmi Ambode charged the beneficiaries to utilise the fund for the purpose of boosting the state’s economy.

Ambode who gave the charge at the LTV complex, Lagos explained that during the course of his campaign, he identified unemployment as a major socio-economic challenge facing Lagos State and Nigeria as a whole.

He then promised to prioritise job creation and set up an Employment Trust Fund “to provide support to youths, entrepreneurs, artisans and other unemployed residents of Lagos State.

“Our role as the representatives of the people is to constantly find solutions to societal challenges and improve the lives of our people. Today, 705 beneficiaries will receive various amounts of money ranging from N50,000 to N5 million, totalling almost N1 billion to grow and enhance their businesses.

“We are funding businesses and individuals including carpenters, hairdressers, electricians, automobile parts repairers, block makers, bakers, fashion designers, cake makers, food sellers, kerosene retailers, mobile money agents, painters, plumbers, photographers and light manufacturers of liquid soaps and water,” he stated.

He explained that the idea behind the scheme was that for every N1million disbursed, government expected the creation of a minimum of five jobs around that business value chain, adding that these loans had been provided at a very affordable rate of five per cent per annum, making it far cheaper than the prevailing bank interest of 25 per cent per annum.

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