The Lagos State in Nigeria is setting up a new fund to to tackle unemployment in Africa’s biggest Mega-City. BattaBox heads out to interview some of the beneficiaries!
LSETF is the Lagos State Employment Trust Fund set up under Lagos state governor Akinwunmi Ambode to give loans to the people of Lagos to promote their Made in Nigeria Products.
Monsuru Adeniran has run a small tailor shop in Lagos for five years. He started with a small capital but has run into significant challenges; for example, the generator was problematic and he had issues trying to purchase raw materials to sustain his business for customers. That all changed after he became a beneficiary of the LSETF loan.
“After I received the loan, I discovered things were booming and moving,” says Monsuru Adeniran. He has bought a new generator and raw materials and his customers have increased.
Before the loan, he employed 2 people, but now he employs 4 people. And at this rate he has big hopes for the future – hoping to even buy a house.
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.