Lagos Employment Fund facilitates 275,051 jobs, businesses

• Creates 68,000 tax payers, earns budget boost

Sopuruchi Onwuka

The Lagos State government through its employment creation agency has facilitated the creation and enhancement of 275,051 small businesses, new employment opportunities and existing jobs in the state.

Chairperson of Lagos State Employment Trust Fund (LSETF), Mrs Bola Adesola, declared that the state has also remained relentless at improving the business environment in order to empower businesses to utilize the abundant youth force in the state to enhance productivity.

Mrs Adesola who spoke at the Lagos Employment Summit hosted at Eko Hotel and Suites last weekend said LSETF has been tackling unemployment in the state from multiple fronts, explained that government’s infrastructural expansion programme, peaceful environment and vibrant commercial status have combined to make Lagos one of the most attractive destination of migrant youths seeking new future after the COVID-19 pandemic and associated economic depression.

She said LSETF is assisting teeming youths of diverse origins realize their dreams by facilitating business start ups, providing new skills for job seekers and supporting micro, small and medium scale enterprises in order to assist the government stimulate and sustain economic growth and well being of residents.

She restated the urgent need for partner agencies, development institutions and corporate behemoths to step up to the challenge of helping provide better future for Nigeria’s young population who, she said, are trapped in the nation’s employment quandary.

She pointed at the enormity of unemployment crisis in the country, saying that national rate of unemployment rate has risen to 33.3 percent. And the situation in Lagos State, according to her, was worse at 37.14 percent. She attributed rising unemployment rate in the state to influx of unskilled youths from other states of country and countries of the West African region who seek better future in the state.

She made it clear that players in the public and private sectors of the economy must collaborate on strategies and collective action in tackling the rising unemployment in the state. She stressed that effectively tackling unemployment in the country would begin with arresting the situation in Lagos State.

 Mrs Adesola stated that LESTF has since its inception in 2016 deployed a full range of strategies that enhance businesses, create employment, boost the skills of job seekers, improve the living standard of young people, and also create basis for greater tax revenue for the state.

She said that schemes evolved by LSETF in numbers have enabled the creation of 182,000 new jobs, saved 50,000 jobs, and trained 12,335 young people for employment.

She added that the various interventions of the agency also supported 30,409 small businesses, 30,409 tech start-ups and talents, and also created 68,582 tax payers in the state.

Through the various schemes like the MSME Recovery Fund, Mrs Adesola said the LSETF continues to provide institutional support for engaging productive population and supporting businesses after disruptions inflicted by the pandemic and ENDSARS protests.

She added that the agency was also providing structural support for small businesses with its hubs, empowering some 530,000 traders, providing nano-loans to support bottom-ladder businesses.

Mrs Adesola pointed out that apart from direct interventions, the LSETF has provided a credible channel for partner agencies to locate and impact beneficiaries with different and various interventions.

Over four agencies and institutions that participated in the summit, including the Brookings Institute and International Finance Corporation (IFC) and the Lagos State government pledged enhanced support for LSETF to enable it sustains its life changing programmes for the youths.

Governor Babajide Sanwo-Olu who led a delegation from the Lagos State government to the summit commended the LSETF on its achievements and pledged to sponsor the innovation challenge scheme instituted by the agency to explore and groom talents. He also declared 100 percent budget increase for the LSETF, saying that funding remains critical to wealth creation.