At the last count, 29 million Nigerians are jobless, according to the National Bureau of Statistics. But the Lagos State Government through the N25 billion Lagos State Employment Trust Fund (LSETF) has launched a massive programme to fund job placement services and training programmes for the unemployed.
The intervention programme is aimed at nipping the growing unemployment menace in the bud.
The LSETF was created as part of the state’s commitment to boosting its economy through job creation and access to finance for Micro,Small and Medium Enterprises (MSMEs) operating in the state.
LSETF’s mandate also included the provision of training for the unemployed and job placements for the employable; mentorship and support for SME owners and improvement of the policy environment to ensure a conducive operational environment for them.
Through the scheme, promoters and owners of micro-businesses can get a loan of up to N500, 000 at five per cent interest rate per annum, while small-businesses can get a loan of up to N5million at five percent interest rate per annum.
LSETF is supporting projects that create new employments, support work-seekers and address structural constraints to more inclusive growth. It also facilitates the transformation of the informal sector to formal sector.
The Fund also aimed at registering, supervising and promoting traditional and social entrepreneurship while also facilitating business and management extension services and consultancy to SMEs, craftsmen, tradesmen and artisans.
In doing so, the fund seeks to develop inclusive and sustainable partnership initiatives with relevant stakeholders, such as community-based organisations, governments, development partners and the organised private sector.
The state Commissioner for Wealth Creation and Employment, Mr. Babatunde Durosinmi-Etti, said the fund has launched an online application portal on known as (PALM- P) and loan application process is now fully automated, making it easy and convenient for MSMEs in Lagos to send in their applications online and take advantage of the fund’s loan programmes.
The Lagos State Council of Tradesmen and Artisans (LASCOTA) President, Mr. Nurudeen Buhari, expressed confidence that soon, the incidence of artisans from neighbouring countries taking over jobs that could be handled by local artisans especially those under the Tradesmen and Artisans’ Empowerment Programme (LASTEAP) would become history.
Did you find this article informative? Kindly like, comment and share!