ABUJA, Nigeria (VOICE OF NAIJA)-The Lagos State Employment Trust Fund disbursed N1.91bn in loans to more than 4,000 Micro, Small and Medium Enterprises in 2025, as part of ongoing efforts to boost entrepreneurship, job creation and economic growth in the state.
Governor Babajide Sanwo-Olu disclosed this at the Omniverse Africa Summit 3.0 held in Lagos, where he also revealed that the state, through a renewed partnership with the United States African Development Foundation, plans to train 10,000 residents in industry-relevant skills.
Represented by Deputy Governor Dr Obafemi Hamzat, the governor said the skills development programme would cover technology, construction, fashion, healthcare and business.
He noted that in addition to the loans, grants worth more than N23m were provided to 65 businesses in 2025, while 2,500 youths benefited from the graduate internship programme.
READ ALSO:Lagos Govt Reopens Oko-Oba Abattoir
According to him, another 1,050 persons with disabilities received entrepreneurship training and start-up support tools through the fund.
“LSETF’s repayment rate of 91 per cent shows that beneficiaries are not passive recipients, but active builders of the economy,” he said.
Sanwo-Olu described the Lagos State Employment Trust Fund as a cornerstone of the state’s employment strategy, established to provide both financing and skills acquisition opportunities for residents.
The governor also announced that the renewed partnership with the United States African Development Foundation would enable the training of 10,000 residents in sectors critical to economic development.
“Through a renewed partnership with the United States African Development Foundation, the LSETF is on course to train 10,000 people in industry-relevant skills across technology, construction, fashion, health and business,” he said.
Speaking on the summit theme, “Connected Future; Synergy for Impact,” Sanwo-Olu stressed the need for stronger collaboration among governments, investors, institutions and innovators to unlock Africa’s development potential.
He also highlighted investments in broadband expansion, digital governance and innovation hubs under the state’s THEMES+ agenda, describing connectivity as a key driver of economic prosperity.
“Connectivity is the solution, not just digital connectivity, but the human, institutional and economic connections that turn individual potential into collective prosperity,” he said.
The governor urged investors and development partners to tap into Lagos growing opportunities, citing its large market, entrepreneurial culture and expanding talent base.
He also encouraged young entrepreneurs and creatives to build partnerships that would support innovation and business growth.