By Dipo Olowookere
Governor Akinwunmi Ambode of Lagos State has approved loans totalling N1.76 billion to 1,401 applicants in micro, small and medium scale enterprises.
This disclosure was made yesterday by the Commissioner for Wealth Creation and Employment, Mr Babatunde Durosinmi-Etti, speaking on Thursday at Bagauda Kaltho Press Centre, Alausa during the ongoing Ministerial Press briefing to commemorate the second year in office of Mr Ambode and the 50 years anniversary of Lagos State.
The Commissioner also said the state government has continued to engage the informal sector by organizing a forum to stimulate greater interaction with stakeholders for the government to identify problems bedevilling the sector.
According to him, about 250 trade associations have been identified in the state to date, with over 80 trade associations registered.
Mr Durosinmi-Etti noted that the loans were approved through the Lagos State Employment Trust Fund (LSETF).
“The fund, which is focused on providing financial support to Micro, Small and Medium Enterprises (MSMES) in Lagos, has approved loans totalling N1.76 billion to 1,401 applicants in micro, small and medium scale enterprises,” he said.
In a related development, the Commissioner stated that the state government has come up with a new initiative it called the ‘Graduate Internship Scheme’ aimed to give interns an opportunity to develop employability skills which are vital in securing employment.
The programme is said to be part of efforts the Governor to eradicate unemployment in the state.
The programme, which is an initiative of the State Ministry of Wealth Creation and Employment (MWCE), is also aimed at entrepreneurship development through establishment and promotion of business to create sustainable wealth and employment.
Mr Durosinmi-Etti said that the scheme, planned to be a 3-month paid internship scheme for 2000 recent graduates with a minimum of one-year post-NYSC, will help the interns to gain valuable applied work experience, build up their professional network and expose them to possible niche entrepreneurial opportunities.
Mr Durosinmi-Etti further stated that an alliance has been built with the young entrepreneurs to create jobs and support their innovation, adding that the Ministry is also collaborating with West Africa Vocational Education Academy (WAVE) to train unemployed youths on employable skills and job opportunities for three weeks.
The training is designed to equip the unemployed with soft skills and prepare them for entry-level jobs within the hospitality, wholesale and retail sectors.
Highlighting the ongoing projects of government, the Commissioner stated that the Ministry was developing an online portal that will provide an online marketplace for micro, small and medium scale enterprises and will also collaborate with relevant agencies to build 500-1000 affordable schools in the 20 Local Government Areas of the State over the next 3-5 years
