Lagos to fund small businesses with NGN25billion

Lagos to fund small businesses with NGN25billion

Lagos state government has approved a total of  NGN6.25billion fund for 281 micro-enterprises for four years, totalling N25billion, the Trust fund bill was signed since January by Gov. Akinwunmi Ambode to support small businesses.

According to the government about 150 of the beneficiaries have received offer letters under the pilot scheme of its Employment Trust Fund (ETF). The vision if the ETF scheme is to support 1000 micro,small and medium enterprises (MSMEs) and create 300,000 and 600,000 indirect jobs by 2019.

Mr Akintunde Oyebode, the Executive Secretary of the ETF, made the remark on Friday in Lagos, at the presentation of offer letters to some of the beneficiaries.

He said that under the pilot scheme, beneficiaries would be given 5% interest loans between NGN300, 000 and NGN500, 000 and are expected to repay within 12 months.

“Subsequently, we will roll out the SME loan programme of up to N5 million for three years,’’ Oyebode said.

One of the recipients, Mr Charles Obi, on behalf of other beneficiaries, thanked Gov. Akinwumi Ambode for keeping to his promise.