Lagos job opportunity | Lagos targets 900,000 jobs by 2019 – The Lagos State Government through the Lagos State Employment Trust Fund on Friday distributed offer letters to some of the beneficiaries of the pilot scheme of the N25 billion Employment Trust Fund , 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 that the issuing of letters was also a clear testimony of state Government commitment to supporting prosperous young people and residents of the state, said a thousand MPMs were has been allocated to the pilot project, of whom 281 micro-enterprises have already been approved.
He said that among those approved, 150 beneficiaries received their letters of offer, while the approval process for other people in the pilot project was under way.
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.
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