Employment Trust Fund: 15,000 new jobs created in two years- Oyebode

…Says N6bn disbursed to 8,000 beneficiaries in Lagos

Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Mr. Akintunde Oyebode on Tuesday said that no fewer than 15,000 jobs have been created by the Fund in the last two years.

Speaking to journalists and some Masters Research Students in his office, he said at least 8000 Micro, Small and Medium Enterprises (MSMEs) and businesses have also accessed approximately N6billion since inception of the ETF, an initiative of the Governor Akinwunmi Ambode administration through which N25billion was earmarked to be disbursed over a period of four years to provide entrepreneurs, artisans, traders and others with capital to boost their businesses thereby reducing unemployment and increasing wealth among the people.

According to him, since its commencement in 2016, the ETF has continued to grow the economy and create jobs through provision of credit facilities with minimal interest.

He said the Fund is targeted towards creating 300,000 (Three Hundred Thousand) direct and 600,000 (Six Hundred Thousand) indirect jobs within three years, by supporting at least 100,000 (One Hundred Thousand) MSMEs, while it also seeks to add over 200,000 new tax payers to the Lagos State’s tax net by 2019.

“The ETF is primarily targeted at MSMEs and I can tell you that in the last two years, we have been able to fund about 8,000 businesses with over N6billion. Our target is to ensure that we increase that number to at least 15,000 before the end of the year,” he said.

Oyebode said the impact of the fund was already been felt as it has gone a long way to create at least 15,000 direct jobs for skilled persons and thousands of other indirect jobs for unskilled persons, saying that the target to create 300,000 direct and 600,000 indirect jobs was well on course.

“The underlining factor is that people with genuine businesses are keying into the fund. We believe that when we empower one business owner with fund, he or she would require more hands and that translates to one or two persons off the labour market. At the end of the day, as their businesses are growing and expanding, the economy of the State is also recording appreciable growth,” he said.

Oyebode said aside the ETF, the government through the Lagos State Employability Support Project, has also concluded plans with some multinational companies and in affiliation with the United Nations Development Programme (UNDP) to produce 10,000 skilled persons within three years to cater for demand in key sectors such as manufacturing, healthcare, construction, entertainment, garment making and tourism and hospitality.

“In addition, the project will place at least 6,000 trained persons in jobs and upgrade the equipment and improve the curriculum at two of Lagos State Technical and Vocational Education Board (LASTVEB’s) Colleges,” Oyebode said.

It would be recalled that Vice President, Professor Yemi Osinbajo during a recent event in Lagos described the ETF as an excellent example of how State Governments could intervene in creating opportunities for small businesses.

Osinbajo inaugurates disbursement of capital to two million traders

Ifeanyi Onuba, Abuja
Vice President Yemi Osinbajo on Thursday began the disbursement of start-up capital for 39,000 petty traders in the Federal Capital Territory.
The disbursement is part of the current administration’s drive to empower over two million petty traders across the country through a commercial loan scheme tagged “Trader moni.”


The scheme being implemented by the Bank of Industry allows each beneficiary to get an interest free loan of between N10,000 to N15,000.
The interest-free loan is part of the social intervention programmes under the President Muhammadu Buhari led administration.
The VP also inaugurated a One-Stop-Shop to address some of the impediments to the growth of Micro, Small and Medium Enterprises in the country.

Osinbajo commissioned the facility which is located at the headquarters of the Abuja Enterprise Agency.
The centre would provide MSMEs with support services to grow their businesses.

Some of these support are access to finance, enterprise development and regulatory support in areas such as business registration, tax-related issues, and export promotion.

The VP while speaking at the event said the establishment of the centre underscored the effort of the administration of President Muhammadu Buhari to creating an environment that would support the rapid growth of MSMEs in the country.

The Executive Director, MSMEs, Bank of Industry, Toyin Adeniji, said that the bank is partnering with the Federal government to empower small traders.

Adeniji said that the project which is wholly driven by the government is expected to give N10,000 grant each to the traders to boost their businesses.

Ambode disburses N1bn to 705 beneficiaries of N25bn ETF

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.”