BattaBox finds out what happens when a Lagos fashion store gets a new loan to expand!
“”We want every Nigerian to be able to walk and buy something if they want and need it,”” says Uchechukwu Abiakam, a beneficiary of the Lagos State Employment Trust Fund. “”I don’t want people thinking their salary cannot afford it.””
“”I applied and in three months, they came to view the business, then an interview, and then it was all sorted,”” explains Uchechukwu. “”The emotion was disbelief that I could get such a loan so easily, and it’s 5-6% so if you have a business plan you will pay it back.””
ADANN fashion and accessories, making affordable and well made in Nigeria fashion wares. After the received the loan, they increased their product range, expanded more stores from 7 to 16 outlets, and hired more staff from 10 to 20 people directly.
The Lagos State in Nigeria is setting up a new fund to to tackle unemployment in Africa’s biggest Mega-City.
The aim of LSETF is not just to grant loans to potential businesses, but to build capacity and ensure they are running sustainable businesses that obey the law. The Lagos state government believes, when a business meets these requirements, they give themselves the best opportunity to grow sustainably.
“”The most important thing is about impact. We want to ensure that businesses have the right tools to succeed and grow, and therefore employ people,”” explains Akin Oyebode, the Executive Secretary of the Lagos State Employment Trust Fund.
You can find out how to get loans to fund your made in Nigeria products and other business by the Lagos State Employment Trust Fund. Visit their website or office to learn about the requirement to bring your MADE IN NIGERIA business/idea to reality.
You can also be part of the initiative by going to any of your local Lagos councils, or head to www.lsetf.ng”