LSETF has disclosed that it supported more than 20,000 micro, small and medium enterprises (MSMEs) with over N15 billion in funding over the last 10 years, helping to create more than 320,000 direct and indirect jobs across Lagos.
The Lagos State Employment Trust Fund (LSETF) made this known during a media parley held in Ikeja, Lagos, where the agency presented its 10-year impact report on entrepreneurship development, job creation and wealth generation in the state.
Speaking at the event, LSETF Executive Secretary, Feyisayo Alayande, said the agency has grown into one of the major intervention platforms for businesses and young entrepreneurs in Lagos since it was established in 2016 by the Lagos State Government.
According to her, the fund has focused on improving access to finance, skills development, technology support and market opportunities for small businesses operating in the state.
“Over the past decade, we have disbursed more than N15bn through over 20,000 loans to micro, small and medium enterprises. We have created over 320,000 jobs and saved another 173,000 jobs that could have been lost,” Alayande said.
She added that beyond funding support, LSETF also helped preserve more than 173,000 jobs that were under threat, while over 82,000 businesses benefited from different capacity-building programmes designed to improve operational efficiency and long-term sustainability.
The agency also disclosed that more than 30,000 young Lagos residents received training and employment support through various initiatives targeted at reducing unemployment and improving access to opportunities.
Alayande further highlighted the impact of Lagos Innovates, the agency’s technology-focused initiative, noting that it has supported more than 1,200 startups while helping to train over 3,300 tech talents across Lagos.
She described the figures as proof that strategic investment in entrepreneurship and human capital development can deliver measurable economic growth.
According to her, one of the strongest indicators of the agency’s impact is its loan repayment performance, which currently stands at 94.53 percent.
“Our repayment rate is not just a financial metric. It demonstrates that when people are given genuine opportunities and treated with dignity, they honour their commitments,” she said.
“Lagos entrepreneurs have consistently shown that they are not a risk but an opportunity.”
Alayande identified limited access to capital, knowledge, markets and professional networks as some of the biggest challenges facing entrepreneurs and job seekers in Nigeria.
“The difference between someone who succeeds and someone who does not is often access. Access to capital, access to knowledge, access to markets and access to networks. That is the gap LSETF was created to bridge,” she said.
She also noted that partnerships with development organisations and private sector stakeholders have played a major role in expanding the reach of the agency’s programmes.
According to her, collaborations with organisations such as GIZ, UNDP, King’s Trust International, Lafarge and several government ministries have helped LSETF deliver wider economic impact across different sectors.
Alayande shared examples of beneficiaries whose lives changed through the agency’s interventions, including a woman living with disability who received mobile phone repair training through a Lafarge-supported programme and later built a sustainable source of income from the skill.
She also referenced a female entrepreneur who participated in the Lagos Innovates programme and later showcased her innovation at GITEX, one of the world’s leading technology exhibitions.
Looking ahead, the LSETF boss said the agency plans to increase access to funding for growing businesses, expand youth-focused training programmes and strengthen support for technology-driven enterprises in Lagos.
She also announced that the Lagos Employment Summit 4.0 will hold in the fourth quarter of 2026, bringing together government agencies, private sector players, development partners and civil society groups to discuss new strategies for job creation and enterprise growth.
“We are proud of what has been achieved over the last 10 years, but we are focused on doing even more,” Alayande said.
“The next decade must deliver greater access to finance, more jobs, more training opportunities and stronger support for businesses that are ready to grow.”
