The Lagos State Employment Trust Fund, according to Governor Babajide Sanwoolu, has helped over 17,000 individuals and businesses with a total loan portfolio of over N7.3 billion in the last five years (LSETF).
During this time, the state has directly and indirectly created 200,000 employment.
Sanwoolu addressed during the LSETF Employment Summit, which is currently taking place at the Eko Hotel & Suites in Victoria Island, Lagos. The Summit, whose topic is “Sustainable Job Creation Strategies: Collective Action and Prosperity for All,” is well-attended, with over 6000 attendees, the majority of whom are young people.
The governor, who was accompanied by his deputy, Dr. Obafemi Hamzat, interacted with the youths for approximately three hours.
In addition, the Ministry of Economic Planning and Budget has maintained true to its objective of enacting policies and principles that allow for the advancement of Lagosians’ economic activities.
Because the LSETF has been demonstrated to be effective and beneficial, the Governor declared that he will boost funding by 100% to quadruple their effort in enabling jobs.
He also stated that his government will assist LSETF in maintaining the start-up package program.
Furthermore, he stated that the state is not intimidated by unemployment rates, but rather looks for ways to improve the economy with them, noting that the state has proven resilience in the face of problems such as Covid-19, #EndSars, and Ebola disruptions.
He claimed that these actions were responsible for the National Bureau of Statistics (NBS) recording a 6.7% decline in the unemployment rate, making Lagos the state with the highest job creation record in the country.
He stated that progressive governments around the world have a responsibility to adopt policies and support causes that help citizens increase their productivity and economic prowess.
This is because, he explained, an enabling climate in which exceptional wealth creation and innovative economic expansion thrive has non-negotiable repercussions for everyone’s growth, progress, and prosperity.
One of these interventional initiatives, he observed, is the creation of the LSETF and the Ministry of Economic Planning and Budget, two institutions tasked with the singular job of providing the much-needed enabling environment for our people’s financial and economic progress.
He said: “Our commitment, however, has not come without unprecedented challenges, as the past two years have been a period of collective struggle for both the government and people of Lagos State due to the outbreak of the Covid-19 pandemic. The last time this event was held was in 2020, we as a people lived in a completely different clime, and we have since then, come a long way. After Covid struck, the Lagos State government, being the center of excellence and Nigeria’s economic hub, was dealt a harder blow because we were hit with the twin responsibility of keeping our people safe and healthy, while also deducing new ways to ensure the economic normalcy of this incredibly spirited State, post-pandemic.
“As expected, Lagos became the epicenter of the pandemic in Nigeria, as the number of infected individuals grew, and as always, we as a responsible government, fought with full force, to successfully manage the Covid-19 crisis. Now, while we are getting accustomed to what has become ‘The New Normal’, we understood and acknowledged the fact that every aspect of our economic existence would not be business as usual, and we girded our loins to take immediate strides towards reshaping our business environment State-wide. Permit me to say that in this matter, we have proven to be up to the task, as our efforts in convening this landmark event are one of the many pieces of evidence that Lagos is working”, he added.
