LSETF, Agege council boost MSMEs’ access to finance
The Lagos State Employment Trust Fund (LSETF), in collaboration with Agege Local Government, on Thursday launched a finance readiness and capacity development clinic to enhance small businesses’ access to funding.
- By Chinyere Okoroafor
The Lagos State Employment Trust Fund (LSETF), in collaboration with Agege Local Government, on Thursday launched a finance readiness and capacity development clinic to enhance small businesses’ access to funding.
The initiative aims to equip Micro, Small, and Medium Enterprises (MSMEs) with the knowledge and tools required to access LSETF loan facilities and strengthen their financial preparedness.
It also seeks to support business formalisation through engagement with key agencies, including the Lagos State Internal Revenue Service, Lagos State Health Management Agency, Lagos State Residents Registration Agency, and the Small and Medium Enterprises Development Agency of Nigeria.
Speaking at the programme, the Executive Secretary of LSETF, Feyisayo Alayande, stressed the importance of knowledge in business growth and sustainability.
She said: “When the right knowledge is passed on to business owners, they are better positioned to grow and sustain their enterprises.”
Alayande explained that the programme was designed to equip entrepreneurs with the necessary skills, practical experience, and relevant information required to run and scale their businesses effectively.
She added that the Fund offers loans at a single-digit interest rate of nine per cent, ranging from ₦200,000 to ₦5 million.
“Our goal is to ensure that every entrepreneur has a fair chance to succeed by gaining both knowledge and access to finance,” she said.
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Also speaking, Director of Programmes and Coordination at LSETF, Oyindamola Egbeyemi, said the programme was designed to be inclusive and accessible.
According to her, training sessions are delivered in multiple languages, including English, Yoruba, and Pidgin, to address communication barriers and enhance participant understanding.
On expansion, Egbeyemi noted that the initiative, though piloted in Agege, could be replicated across other local government areas.
“This is the first time we are implementing this model in a structured partnership with a local government chairman. However, LSETF has liaison offices across the 20 local government areas and 37 local council development areas, as well as within the Ministry of Wealth Creation and Employment.
“With the support of stakeholders, we are optimistic that the success recorded in Agege will pave the way for replication in other parts of the state,” she said.
