In recognition of its contribution to the growth and development of Small and Medium Enterprises (SMEs) in Nigeria, the Lagos State Employment Trust Fund (LSETF) won the SME Most Innovative State Government Agency at the 2019 Nigeria SMEs National Business Awards.
LSETF was established in 2016 with a broad mandate to address unemployment and support entrepreneurship in the state. Over the last three years, the fund has initiated several programmes aimed at strengthening and supporting the Micro, Small and Medium Enterprise through access to funding, business support and capacity building.
Since inception, the fund has provided access to funds to over 11,477 beneficiaries with a total loan portfolio of ₦7.2 billion. In addition to providing access to finance, LSETF provides skills development for unemployed young people; over 5,403 individuals have been equipped with world-class skills to actualise their potentials, get jobs or grow their businesses.
Commenting on the award, the Acting Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Mrs. Teju Abisoye lauded the Association of Small Business Owners of Nigeria for the recognition of the Fund’s impact on the growth of SMEs in Nigeria. “At LSETF, we are deliberate at fulfilling our mandate of creating jobs and supporting entrepreneurs; we consistently search for better, easier and up-to-date ways to provide the needed support to entrepreneurs resident in Lagos State,” Mrs. Abisoye said.
Speaking further, she dedicated the award to the Lagos State Government; Board of Trustees, Management and Staff of the fund.
The 2019 Nigeria SMEs National Business Awards was organised by the Association of Small Business Owners of Nigeria (ASBON) in collaboration with Small Business Club. ASBON is the umbrella body for entrepreneurs in small businesses in Nigeria, with over twelve thousand registered members present in twenty-three states of the federation.