The Lagos State Employment Trust Fund (LSETF) has disbursed more than N15 billion in loans to businesses over the past decade, while supporting approximately 30,000 young people through entrepreneurship and skills development programmes.
The Commissioner for Wealth Creation and Employment, Mr Akinyemi Ajigbotafe, disclosed this on Thursday during a pre-summit briefing ahead of the fourth Lagos State Employment Summit.
Ajigbotafe said the fund, established in 2016, had disbursed more than 20,000 loans, trained over 30,000 young people and supported more than 1,200 technology startups, with a loan repayment rate exceeding 94 per cent.
He said the achievements reflected the state government’s commitment to tackling unemployment, strengthening businesses and expanding economic opportunities for residents.
According to him, the forthcoming summit, themed “Lagos Works: Building Africa’s Most Productive City,” would provide a platform for stakeholders to examine strategies for employment generation, skills development, enterprise growth and adapting to changes in the world of work.
He explained that the summit would bring together government officials, employers, entrepreneurs, educational institutions and other stakeholders to explore practical approaches to building a productive workforce.
Ajigbotafe also disclosed that activities lined up ahead of the summit included an access-to-market activation scheduled for November 13 to 15, an innovation day and a job fair at the University of Lagos.
The Permanent Secretary in the Ministry of Wealth Creation and Employment, Mrs Lolade Aina, said the summit would provide an opportunity to develop practical strategies for equipping residents with relevant skills and expanding access to employment opportunities.
She emphasised the importance of aligning skills development programmes with labour market demands to improve employability and productivity.
Similarly, the Executive Secretary of LSETF, Mrs Feyisayo Alayande, called for stronger collaboration among government, employers, educational institutions and private-sector stakeholders.
Alayande said coordinated efforts were necessary to prepare young people for emerging employment opportunities and build a workforce capable of responding to changing economic realities.
She added that partnerships across different sectors would be critical to improving access to jobs, strengthening businesses and positioning Lagos as a productive economic hub.
