The Lagos State Employment Trust Fund (LSETF) has reported an impressive 91% loan repayment rate in 2024, after disbursing over ₦1.17 billion to nearly 4,600 Micro, Small, and Medium Enterprises (MSMEs) across Lagos.
EpeInsights reports that this achievement was shared by Mr. Akinyemi Ajigbotafe, the Honourable Commissioner for Wealth Creation and Employment, during the 2025 Ministerial Press Briefing at the Bagauda Kaltho Press Centre, Alausa, Ikeja.
It was held in celebration of the sixth anniversary of Governor Babajide Sanwo-Olu’s administration.
Mr. Ajigbotafe also highlighted the progress made by LSETF through its Employability Support Programme, which successfully trained and placed 6,685 Lagos residents into sustainable employment.
Additionally, the initiative helped 82 businesses access market opportunities, further supporting their growth and long-term success.
In a bid to strengthen its impact, LSETF renewed its Memorandum of Understanding (MoU) with the United States African Development Foundation (USADF), aiming to train 10,000 residents, with plans to secure sustainable jobs for at least 60% of them.
Executive Secretary of LSETF, Feyisayo Alayande, provided insights into the financial distribution, revealing that the ₦1.17 billion loan not only created 48,830 direct and indirect jobs but also helped retain 34,542 existing ones. Additionally, ₦558.56 million in grants were awarded to support local businesses.
Alayande stressed the agency’s commitment to loan recovery, noting that efforts are underway to address the remaining 9% of unpaid loans. Beneficiaries facing genuine repayment issues are urged to contact the agency before the deadline to avoid enforcement actions.
Reflecting on the overall impact, Alayande noted that many beneficiaries have gone on to create jobs of their own, further contributing to employment growth across Lagos State.
