Lagos State Governor, Mr. Akinwunmi Ambode on Thursday, January
26, 2017, presented cheques worth over N1billion to 705 beneficiaries of the
Lagos State Employment Trust Fund (ETF) pilot scheme, charging them to utilise
the funds responsibly to grow their businesses, create jobs for the unemployed
youths and contribute to the growth of the Lagos economy.
Governor Ambode, who made the presentation at the LTV Blue Roof,
Ikeja,
Lagos, said his administration identified unemployment as a major socio-economic challenge facing Lagos State and Nigeria as a whole in the course of the electoral campaign, and thus prioritised job creation.
He said the setting up of the ETF was a direct response to address
the challenge of unemployment as well as provide support to the youths,
entrepreneurs, artisans and other unemployed residents of the State.
“We have kept our word. We created a dedicated Ministry of Wealth
Creation and Employment, whose mission is to promote and sustain
entrepreneurship and employment,” the Governor said.
Governor Ambode, while commending the Board and Management of the
Fund for embarking on a comprehensive review of the business environment and
developing a strategic framework and operating guidelines to ensure the
sustainable and successful management of these funds, said the successful
disbursement was a product of the painstaking effort.
He said the funds are targeted at small and medium scale
businesses and individuals including carpenters, hairdressers, electricians,
automobile parts repairers, block makers, bakers, fashion designers, cake
makers, food sellers, kerosene retailers, mobile money agents, painters,
plumbers, photographers and light manufacturers of liquid soaps and water among
others.
“These beneficiaries are making history as the first set of
beneficiaries of this Employment Trust Fund, and my charge to you is simple:
You must use these funds responsibly, grow your businesses, create jobs for our
unemployed youths and contribute to the growth of the Lagos State GDP. The idea
is that for every N1million we disburse, we should create a minimum of five
jobs around that business value chain.
“These loans have been provided at a very affordable rate of 5%
per annum, far cheaper than the prevailing bank interest of 25% per annum. This
is our modest way of reflating the Lagos economy, creating jobs and getting our
youths gainfully occupied. Those of you here today, the first beneficiaries of
this initiative, will be the agents through which our country can overcome its
current economic challenges,” Governor Ambode said.
The Governor also enjoined market women and female artisans to
take advantage of the opportunity as his administration was particularly
interested in supporting women in business.
“I also implore the Employment Trust Fund to pay special attention
to the Entertainment Industry and the Tech Hubs in Sabo, Yaba area. These are
new areas with huge potential for growth and job creation,” he said.
Governor Ambode also expressed optimism that the target by the
Board to empower at least 100,000 micro, small and medium enterprises in due
course was achievable and that the multiplier effect would be the creation of
over 300,000 direct and 600,000 indirect jobs by 2019.
In her opening remarks, Chairman, Board of ETF, Mrs. Ifueko
Omoigui-Okauru said the presentation of cheques to beneficiaries was in
fulfillment of the promise made by Governor Ambode during the electioneering
and a confirmation of many to come.
She recalled that while canvassing for votes, the need to provide
jobs was clearly on the mind of the Governor, and according to her, he wasted
no time in setting up the ETF Board made up of people with proven track record,
as well as transferring N6.25billion for the initiative to kick off, while the
Board ensured that the process was fair and transparent with no favour as to
party, religion, tribe or faith, and covered all the 57 Councils in the State.
“While we were trying to come up with the necessary procedures,
Governor Ambode kept telling us to hurry up to start disbursing the loans to
residents which signified his good intention and he has also given us the
mandate to make the disbursement a monthly affair to make the fund get to as
many residents as possible,” Omoigui-Okauru said.
Responding on behalf of others, one of the beneficiaries, Ahmed
Ojikutu thanked Governor Ambode for the initiative, saying that it was
gratifying to note that the process was very transparent.
He said: “This is indeed a promise kept by the Governor. When next
the Governor tells us anything, we will believe him and I want to sincerely
thank him on behalf of all the beneficiaries.”
