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Tag: LSETF

  • Ikorodu to partner LSETF to boost farming, trading

    Ikorodu to partner LSETF to boost farming, trading

    The Ikorodu Local Government Area said it will partner with the Lagos State Employment Trust Fund (LSETF) to grant soft loans to farmers and traders in the area.

    Its Chairman, Mr Wasiu Adesina, disclosed this in an interview with the News Agency of Nigeria (NAN) in Ikorodu, Lagos, Adesina said the partnership would help to enhance food production, reduce the price of farm produce and enhance businesses and investments.

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    The chairman added that he would expand the scope of traders’ access to soft loans for economic growth and development. “We are going to work with the LSETF and banks to roll out the soft loans; the arrangement is in the pipeline. “The money will be disbursed to farmers, market men and women to boost their production, which will aid in price reduction. The bank will screen the eligible ones while repayment will start after three weeks with low interest which will be paid by the local government,” he said.

    Adesina said the council was also planning to organise an Agric fair, where food items would be sold to residents at affordable prices as was previously done by the council.

  • ‘LSETF financed 500,000 businesses with N10b’

    ‘LSETF financed 500,000 businesses with N10b’

    No fewer than 500,000 private businesses operating in Lagos State have been supported and stabilised through a tenure-bound credit programme and seed capital by the Lagos State Employment Trust Fund (LSETF), it was learnt yesterday.

    According to the LSETF, it had disbursed over N10 billion grants to support new and existing enterprises, with 86 per cent of beneficiaries meeting their loan repayment obligations.

    The Acting Executive Secretary, Mrs. Feyisayo Alayande, stated this yesterday while briefing reporters on the activities lined up for the third Lagos Employment Summit. The one-day summit, themed ‘Job Creation – Uniting for Impact: Create, Collaborate, Change’, will hold tomorrow at the Eko Hotels and Suites, Victoria Island.

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    According to Mrs. Alanyande, the LSETF, since inception, had organised 220,000 business sustainability trainings for thousands of entrepreneurs, while supporting new business ventures to scale up and refocus their financial growth to create jobs and improve business opportunities.

    She said: “Since inception of our operations, we have provided good support to businesses in terms of funding. We have disbursed about N10 billion till date in terms of creating access to seed capital and business financing for enterprises across sectors. We have done about 220,000 entrepreneurial trainings for Lagosians, while supporting about 500,000 businesses.

    “As at two months ago, we had over 83 per cent collection rate, which means that majority of our loan beneficiaries have paid back their facilities. As I speak, we have moved the collection rate up to 86 per cent. This means that we have been performing better.

    “Our beneficiaries are constantly reminded about their obligations to repay the loan given to them to scale up their businesses. Our goal is to achieve total repayment. Any beneficiary who defaults is automatically denying someone else the opportunity to benefit from the scheme.”

    Mrs. Alanyande said the summit would offer a platform for stakeholders in the entrepreneurship and employability market to explore collaborative strategies and best practices in catalysing job creation.

    According to her, the event will explore diverse contemporary perspectives and viewpoints on job creation through curated sessions and topics.

    She added: “The Lagos Employment Summit aligns with our mandate to promote economic growth and job creation opportunities for the vibrant people of Lagos State. With this year’s edition, we aim to stimulate inclusive discourse and develop strategies that drive impactful job creation initiatives.”

    Commissioner for Wealth Creation and Employment Akinyemi Ajigbotafe noted that the summit is the government’s strategic plan to foster economic growth and create sustainable employment opportunities.

    LSETF Director for Strategy, Funding and Stakeholders Management, Ms. Sherifah Balogun, said the event would mark another milestone in the agency’s journey towards achieving the vision of the Governor Babajide Sanwo-Olu administration to empower people and create decent means of livelihood for Lagosians.

    “We are delighted to host the third edition of the employment summit. We believe partnership is critical and instrumental to LSETF’s success over the years. We are leveraging the event to bring all stakeholders from diverse sectors on common ground, thereby setting the stage for rewarding collaborations,” Balogun said.

  • LSETF, USADF sign $10m deal

    In line with its mandate to provide employment and entrepreneurship opportunities for Lagos residents, the Lagos State Employment Trust Fund (LSETF), on Tuesday, signed a Memorandum of Understanding (MoU) with the United States African Development Fund (USADF) to support 15,000 youth in the State.

    Through this MoU, both parties will provide the equal sum of $2 million dollars every year for five (5) years ($10m in total) to provide skill development and internship opportunities to 3,000 youth between the ages of 18-35, yearly.  Women will represent at least 50% of the beneficiaries.

    The signing ceremony, which took place in Washington DC, United States of America had top executives of both agencies, members of the U.S Congress, partners and international media present. Speaking during the signing ceremony, Mrs. Ifueko M. Omoigui Okauru, Chairman, LSETF’s Board of Trustees, expressed her optimism on the impact of the partnership. “This USADF-LSETF collaboration will enable a) the expansion of world-class vocational training centres available in the state; b) the development of 15,000 skilled youth for employment into targeted sectors; c) the provision of internship cost subsidies to employers and; d) track real-time placement of unemployed youth into jobs”.

    Acting Executive Secretary  Teju Abisoye said:“With the recent Labor Force Report by the National Bureau of Statistics (NBS) showing a 6.7% drop in unemployment rate as well as Lagos state providing the largest number of 740,146 jobs in the third quarter of 2018, it is obvious that the deliberate employment intervention policies of the Lagos State Government are finally impacting on job creation. I am pleased to have USADF join us to create more jobs for our youth, whilst sustainably decreasing our alarming unemployment rate”

    The President and Chief Executive Officer of the United States African Development Foundation, C. D Glin, said: “We are proud to be in partnership with the LSETF, whose programmes have been independently verified to be making an impact on the lives of young Nigerians. This USADF-LSETF partnership further expands our existing commitment to investing in high impact initiatives hinged on generating income, providing financial solutions and causing a change in the African economy.”

    The initiative includes training of participants and provision of internship opportunities over a period of six (6) months and is expected to result in sustainable job and entrepreneurship opportunities.

  • LSETF gets Executive Secretary

    Lagos State Governor, Akinwunmi Ambode has appointed Mrs. Teju Abisoye as Lagos State Employment Trust Fund (LSETF) Acting Executive Secretary.

    The appointment took effect from April 1, pending confirmation by the state House of Assembly.

    Prior to her appointment, Mrs Abisoye was LSETF Director of Programmes and Co-ordination. She was responsible for the delivery of targeted programmes designed to enable access to finance and financial inclusion for Micro, Small and Medium Enterprises (MSMEs) as well as enable skills development and other structured interventions to boost job and wealth creation in the state.

    Commenting on the appointment, LSETF Chairperson, Mrs. Ifueko M. Omoigui Okauru said: “We are pleased to have Teju assume the role of the Executive Secretary of the Fund. Teju brings to this role her superior understanding of the vision, core values and strategies of the LSETF as she has been at the forefront of co-ordinating the delivery of the Fund’s programmes. She has demonstrated exemplary leadership, deep knowledge of the interventions needed to tackle unemployment and is very passionate about gender parity.”

    Mrs. Abisoye expressed her commitment to achieving the Fund’s mandate of job creation and tackling unemployment in the state. “I am grateful to GovernorAkinwunmi Ambode for the confidence reposed in me to serve in this role and to direct the affairs of the Trust Fund. I am very grateful to my predecessor and the pioneer Executive Secretary of the Fund, Mr. Akin Oyebode for his exemplary leadership and laying the foundation for me to build on.”

  • LSETF kicks off community engagement on programmes

    The Lagos State Employment Trust Fund (LSETF) has embarked on a comprehensive community engagement across the Lagos Divisions to share its impact and update on its various programmes, with residents and small business owners in the State. The grassroots engagement which is scheduled to take place within the IBILE (Ikorodu, Badagry, Ikeja, Lagos Island and Epe) divisions, is hinged on its core values of transparency, integrity accountability and inclusiveness.

    The events will be led by members of the Board of Trustees, the Executive Secretary, Akintunde Oyebode and hosted by community leaders, trade union councils, youth organisations, local government officials, market women and the small business operators within the select locations.

    Mr. Oyebode is expected to give a comprehensive update on how the team has actualised the Fund’s mandate of providing access to funding for small businesses to create wealth and employment; equip young people with relevant skills to make them globally competitive and well positioned to secure sustainable employment and providing support and funding to innovators and businesses in the vibrant technology ecosystem in Lagos. Conversely, the LSETF team will use the platforms to get first-hand account and feedback from the residents on their experience in accessing the Fund’s programmes.

    Speaking on the planned engagement, Akintunde Oyebode, said residents should take advantage of the grassroots engagement to learn more about the Fund’s programmes. “The LSETF team prides itself in being a people-oriented institution. We were set up to provide entrepreneurship and employment opportunities for Lagos residents. We understand that there is no better way to test the effectiveness of our programme than to initiate an intimate engagement with the communities for us to share the successes and challenges, whilst getting feedback from the beneficiaries”, said Mr. Oyebode.

    “I enjoin residents and small businesses within the IBILE division to join us in this exemplary interaction”, he added.

    A Lagos State Government initiative, the Lagos State Employment Trust Fund (LSETF) was created as part of its commitment to boost the Lagos economy through job creation, leverage and access to finance for Micro, Small, Medium Enterprise (MSMEs) and Small and Medium Scale Enterprise (SMEs) operating in the State. The Fund is targeted at registered Lagos residents, irrespective of their political leaning, religion, gender or tribal affiliations.

     

  • LSETF opens application window for micro enterprises

    THE Lagos State Employment Trust Fund (LSETF) has announced the opening of its loan application process for small businesses and startups operating in the state.

    Applicants intending to secure funding of up to N500,000 can apply at five per cent interest under the LSETF Loan Programme, beginning Monday, September 3, to close on Sunday, September 30.

    Applicants can obtain forms at LSETF’s liaison offices across the 20 local government offices and submit completed forms at the same location, or apply online via the LSETF website, www.lsetf.ng, from Monday.

    As part of the requirements, applicants should attach proof of residency registration with Lagos State Residents Registration Agency (LASRRA), tax identification, training certificate (for Startups), passport photographs and details of guarantors. In addition, existing micro enterprises should show proof of sales evidenced by sales records or bank statements for six months.

    LSETF’s Executive Secretary Mr. Akintunde Oyebode said the process was free and open to operators, who are residents, irrespective of their tribe, gender, religion or political affiliation.

    “This loan application window is a follow up to our existing loan programme where the fund has disbursed almost N6 billion to 7,000 beneficiaries. The month-long application window is possible following the process optimisation we carried out as a result of the huge backlog we had to deal with having recorded an overwhelming response to the open and rolling application process we had running before. Going forward, the LSETF applications will be accessible at periodic windows as we have it now. So I call on qualified small businesses to apply as soon as possible before the close of the application window,” Mr. Oyebode said.

  • LSETF, ATC partner on youth empowerment

    The Lagos State Employment Trust Fund (LSETF) in partnership with Jobberman and ATC (one of Nigeria’s leading independent owner, operator and developer of wireless and broadcast communications real estate), has graduated 62 trainees within the Makoko community in Lagos, and has succeeded in attaining 44 per cent job placement for them.

    The partnership, which kicked off in October 2017, is aimed at training and providing job placements for unemployed youths within the various communities  in Lagos State, with the initiative kicking off with Makoko. Youths, who possess a minimum of SSCE certification, will receive an intensive training in life skills, entrepreneurship and information and communication technology (ICT). The training will include digital skills such as graphics and web designs, digital marketing as well as photography and videography.

    This is in line with the Fund’s key mandate of bridging the huge unemployment gap in the state, by providing skills development and job creation opportunities for thousands of unemployed youths in Lagos State and to ensure effective learning and individual coaching, the training partners will admit and train 36 youths monthly in six months cycle across the state.

    Commenting on the initiative, the LSETF Executive Secretary, Akintunde Oyebode, said “The Makoko youth has been entrenched in the minds of Lagos residents as the poster child of indigent living conditions and lack of opportunities. So, as change agents, our choice of starting this initiative with Makoko is straight forward. We aim to make an impact in the very heart of where the problems of poverty and unemployment are most manifested.

    “With this initiative, we intend to create a pipeline of very young competent professionals, who would inspire the younger generation of youths in their community to aspire to a life of meaning and opportunity. There is no better way than to equip them with life and digital skills, which are today, the most relevant requirements in the digitally-driven businesses and economies,” he said

    Aside this partnership, the LSETF is currently working with the United Nations, Development Programme (UNDP) through the Lagos State Employability Support Project. Already, the programme has graduated over 1134 trainees and has helped with job placement of 263 of the certified trainees.

     

  • LSETF chief for Harvard conference

    LSETF chief for Harvard conference

    As part of efforts to showcase Lagos as a  conducive environment for business, Executive Secretary, Lagos State Employment Trust Fund (LSETF) Akintunde Oyebode is to speak at the 20th Annual Harvard Business School Africa Business Conference tomorrow in Boston, United States.

    The conference, with the theme, “Values and Value Chains: Africa in a New Global Era”,  will bring together policy makers, business leaders, entertainment and media  professionals in Africa, focusing on opportunities and developments on the continent.

    It will also be a platform to connect over 10,000  individuals and businesses, who share an interest, passion and commitment for Africa.

    A trained Economist, Oyebode is passionate about sustainable  development, sustainable finance and youth unemployment.

    He is the pioneer executive secretary of LSETF, an initiative the Governor of Lagos State, Akinwunmi Ambode, established to provide financial support to residents, wealth creation and for employment.

    Oyebode will  speak on “Creating and Capturing Value in Urban Africa,” among panellists focusing on the potential for economic growth and opportunity for innovation in Africa’s largest  cities.

    This session will seek to explore what tools and policies – legal, government, economic, etc. private and public actors can use to harness and  accommodate urban population growth.

    Other panellists include John Macomber, senior lecturer of Harvard Business School, and Luis Tribeno, Urban Development Specialist, World Bank.

  • LSETF, LCDA to partner on jobs

    Ojokoro Local Council Development Area (LCDA) Chairman    Hammed Idowu  Tijani is set to partner the Lagos State Employment Trust Funds (LSETF)  to create wealth and jobs for residents of the community.

    The opportunities, according to him, will come under a scheme tagged: “Matching “, where the local government will enter into a deal with LSETF to facilitate them.

    The scheme, Tijani said, covers six sectors: health,  manufacturing, garment making, hospitality, construction and entertainment. Trainees will receive loans to start their businesses after the training.

    The loan, which comes under two categories are: start up, which can accommodate those who want to start their businesses with N50,000 to N250,000 and the second category is the micro enterprise that affords a minimum of  N50,000, and a maximum of N500,000. The loans are expected to be repaid within 15 months after collection.

    Further details of the programme will be made known to residents through an enlarged meeting and announcement, the chairman said.

  • LSETF enrolls candidates for free training

    LSETF enrolls candidates for free training

    The Lagos State Employment Trust Fund ( LSETF ), through its Employability Support Project, has commenced free skills training for the first batch of beneficiaries in the state. The exercise was in line with its objective of building on its mission to improve the local economy by creating a skilled and experienced workforce.

    Launched in partnership with the United Nations Development Programme (UNDP), the employability support project provides six to eight weeks of vocational training to Lagos residents between the ages of 18 and 35 years. The project aims to empower its beneficiaries with industry relevant skills which will improve their chances of gaining employment.

    The Executive Secretary, LSETF, Akintunde Oyebode, explained the role of the project in addressing unemployment in the state, while also creating active youths that can contribute to the socio-economic development of their communities. “The Employability Support Project addresses sectors of the economy that require highly skilled workforce to spur innovation, creativity and business growth. Our first batch of beneficiaries will graduate by the end of February, 2018 and by the end of the 18-month project, we aim to train 10,000 Lagos residents. We expect that the successful trainees, with their newly-acquired skills and personal commitment, will help entrepreneurs and investors in the state to create new businesses and grow the local economy,” he said.

    He added that LSETF has engaged several Vocational Training Centres across the state to facilitate the free skills training course in manufacturing, entertainment, garment making, hospitality, healthcare and construction. Oyebode called on business owners and corporate organisations in Lagos state to take advantage of the employability support project to improve their work force and accelerate the growth of their businesses.