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LASG funds residents’ business ideas with N5.2bn

LASG funds residents’ business ideas with N5.2bn

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Samson Folarin

The Lagos State Government on Thursday said 6,462 residents with proven business ideas had benefitted about N5.22bn from the Lagos State Employment Trust Fund.

The LSETF is an initiative of the state government through which N25bn was earmarked for disbursement over a period of four years to provide entrepreneurs, artisans and traders with capital to boost their business.

Speaking at the annual ministerial press briefing of the state government, the Commissioner for Wealth Creation and Employment, Mrs. Uzamat Akinbile-Yussuf, said the amount so far disbursed constituted a huge part of the total N5.98bn approved for 8,229 residents.

She said, “In fulfilment of the Lagos State Government’s mandate, the Fund has now disbursed N5.22bn to 6,462 beneficiaries, out of the approved loans totalling N5.98bn for 8,229 beneficiaries received.

“For batch one of 2018, the board approved loans totalling N492,798,560 for 1,753 beneficiaries. The successful applicants have been contacted to meet the conditions that precede the disbursement of their loans.”

Akinbile-Yussuf said as part of efforts to encourage start-ups in innovation and technology, the state government launched an innovation-driven enterprise programme, tagged, ‘Lagos Innovates’, where access to infrastructure, learning and networks was provided.

She said the government, through the Lagos State Employability Support Project, also planned to produce 10,000 skilled persons within three years to cater to the demand in manufacturing, healthcare, construction, entertainment, garment making, tourism and hospitality sectors.

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