The Lagos State Government through the Lagos State
Employment Trust Fund (LSETF) on Friday distributed offer letters to some of
the beneficiaries of the pilot scheme of the N25 billion Employment Trust Fund
(ETF), with a pledge to create at least 300, 000 direct and 600, 000 indirect
jobs by 2019 through the initiative.
Speaking at the distribution ceremony, Executive Secretary
of LSETF, Mr. Akin Oyebode said the award of the offer letters was in
fulfillment of one of the cardinal promises of the Governor Akinwunmi
Ambode-led administration to set up a fund to drive the growth of the Micro,
Small and Medium Enterprises (MSMEs) in recognition of their critical role as
the engine of growth and leading creator of jobs in any economy.
Oyebode, who said the award of the offer letters was also an
eloquent testimony of the readiness of the State Government to support the
thriving youths and residents of the State, said a total of 1,000 MSMEs have
been earmarked to benefit from the pilot scheme, out of which 281 micro
enterprises have so far been approved.
He said out of those approved, 150 beneficiaries have
collected their offer letters, while the process for approval for others in the
pilot scheme is ongoing.
To ensure transparency and unbiased process, Oyebode said
the LSETF engaged partners to help with the selection, verification and
disbursement of the loans to beneficiaries.
"These partners include Price Waterhouse Coopers (PWC) who
verified all the applications and audit the processes. Others include
organizations such as the Fate Foundation, LEAP Africa, Nigerian Association of
Small Scale Industrialists (NASSI), Women in Management, Business and Public
Service (WIMBIZ), National Automobile Technicians Association (NATA) and
Cooperative Societies, who provided applicants for the pilot scheme through
their membership," Oyebode said.
He added that application process is still ongoing and that
once completed, a full list of beneficiaries would be made available to the
public.
While disclosing details of the loan, Oyebode said the
beneficiaries of the micro enterprise pilot scheme were given loan approval
ranging from N300, 000 to N500, 000, with an annual five percent interest rate,
which is the lowest anywhere in the country.
He said the LSETF was in the process of rolling out the
N5million SME loan programme which will provide fund for the sector for up to
two years, adding that the N6.25billion to be disbursed annually through the
ETF has already been approved.
Besides, Oyebode expressed gratitude to all stakeholders for
their support so far, and expressed readiness for greater cooperation in the
coming months and years.
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