Lagos State Governor, Babajide Sanwoolu yesterday said the state has supported about 17,000 individuals and businesses with a total loan portfolio of over N7.3 billion in the last 5 years through the Lagos State Employment Trust Fund (LSETF).
Overall, the state has provided 200,000 jobs directly and indirectly during this period.
Sanwoolu spoke at the ongoing Employment Summit organized by LSETF at Eko Hotel and Suites, Victoria Island Lagos. The Summit with theme, “Sustainable Job Creation Strategies: Collective Action and Prosperity for All” is well attended with about 6000 participants, mainly youths.
The governor who was present with the Deputy Governor, Dr. Obafemi Hamzat had interactions with the youths for about 3 -hours.
Also, the Ministry of Economic Planning and Budget has stayed true to its mission to enact policies and principles that allow for the progression of the economic activities of Lagosians.
To double their effort in enabling jobs, the Governor announced that he will increase LSETF funding by 100 per cent because the agency has been proven effective, and impactful.
He also said that his government will support LSETF to maintain scheme with start-up packages.
Furthermore, he said the state is not intimidated by unemployment percentages, but would seek opportunity of economic enhancement with them, adding that the state has proved resilient against challenges from Covid-19, #EndSars, Ebola disruptions.
He stated that these interventions have been instrumental to the 6.7 per cent drop in the unemployment rate as recorded by the National Bureau of Statistics (NBS), making Lagos the State with the highest job creation record nationwide.
He said that the world over, it is the responsibility of progressive governments to create policies and support causes that serve to elevate the level of productivity and economic prolificity of citizens.
This is because an enabling environment where exceptional wealth creation and innovative economic expansion thrive are non-negotiable ramifications for growth, development, and prosperity for all, he added.
He noted that one of such interventional initiatives is the establishment of the LSETF and the Ministry of Economic Planning and Budget, two institutions tasked with the unique responsibility of creating the much-needed enabling environment for the advancement of our people’s financial and economic development.
He said: “Our commitment, however, has not come without unprecedented challenges, as the past two years have been a period of collective struggle for both the government and people of Lagos State due to the outbreak of the Covid-19 pandemic. The last time this event was held was in 2020, we as a people lived in a completely different clime, and we have since then, come a long way. After Covid struck, the Lagos State government, being the center of excellence and Nigeria’s economic hub, was dealt a harder blow because we were hit with the twin responsibility of keeping our people safe and healthy, while also deducing new ways to ensure the economic normalcy of this incredibly spirited State, post-pandemic.
“As expected, Lagos became the epicenter of the pandemic in Nigeria, as the number of infected individuals grew, and as always, we as a responsible government, fought with full force, to successfully manage the Covid-19 crisis. Now, while we are getting accustomed to what has become ‘The New Normal’, we understood and acknowledged the fact that every aspect of our economic existence would not be business as usual, and we girded our loins to take immediate strides towards reshaping our business environment State-wide. Permit me to say that in this matter, we have proven to be up to the task, as our efforts in convening this landmark event are one of the many pieces of evidence that Lagos is working”, he added.