Economy
Lagos To Finance 100,000 SMEs With N25b
By Modupe Gbadeyanka
Not less than 100,000 entrepreneurs are expected to access the N25 billion Employment Trust Fund put in place by the Lagos State government.
Addressing newsmen in Lagos on Monday at the Bagauda Kaltho Press Centre, Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Mr, Akintunde Oyebode, pointed out that the financial support was aimed at helping Micro, Small and Medium Enterprises (MSMEs) in the state grow.
According to him, by 2019, 100,000 entrepreneurs must have benefited from the trust fund, but stressed that beneficiaries would have to fulfil some obligations, including being duly registered by the Lagos State Residents Registration Agency (LASRRA) among others.
Mr Oyebode noted that the fund was in line with Governor Akinwunmi Ambode’s vision to create employment and entrepreneurship opportunities for all Lagosians.
He disclosed that the Board set up to manage the funds had spent the last few months perfecting strategies and addressing grey areas ahead of the commencement of the disbursement of the funds later this year.
Explaining further, he said the Board of Trustees embarked on several strategy sessions to define the mission, vision, core values and strategic framework to guide the Fund’s activities.
“After the completion of the research exercise, the Board working with its appointed consultants developed a strategic framework articulating the goals of the Board, the key interventions designed to enhance job creation, and the supporting infrastructure needed to deliver the set goals. This exercise has now been concluded and approved by the Lagos State Executive Council,” he said.
Highlighting some of the framework for the disbursement, Oyebode said the fund would provide loans to MSMEs at a single digit interest rates per annum, while training and capacity building and technical support would be provided to drive growth and job creation.
“The businesses we support must demonstrate capacity to repay our loans; be owned by Lagos residents duly registered by the Lagos State Residents Registration Agency (LASRRA); show evidence of tax payments to the Lagos Inland Revenue Service (LIRS); and have valid Bank Verification Numbers (BVNs).
“In addition to our MSME financing schemes, we will also train unemployed residents to either take up identified jobs or run their businesses,” he said.
Mr Oyebode added that in adherence with Section 6 of the Lagos State Employment Trust Fund Law of 2016, the Board has forwarded the Operating Guidelines outlining the proposed interventions and eligibility criteria for approval by the Lagos State House of Assembly.
He expressed optimism that the fund would have multiplier effect with the capacity to create 300,000 direct and 600,000 indirect jobs while about 200,000 new tax payers would be added to the State’s tax net.
He said that the LSETF Board, in order to ensure sustainability of the Fund, has set its target to raise a minimum of N25 billion from domestic and international donors, in addition to the N25billion already committed by the State Government.
“Once the pilot phase is completed, we will roll out our loan schemes in all 57 LGAs and LCDAs across Lagos State. The full rollout will see us visit all LGAs to hold stakeholder sessions, where our staff will educate applicants on the application process, and the eligibility criteria for our various schemes. We are also in the process of setting up liaison offices in 20 LGAs, to bring the Fund’s activities closer to the people, and increase our points of representation to serve Lagos residents,” he said.
Corroborating him, Commissioner for Wealth Creation and Employment, Dr Babatunde Durosinmi-Etti said Governor Ambode’s administration was committed to ensuring the fund impacts on the lives of Lagosians.
He lauded the plan by the LSETF Board to set up offices in 20 Local Governments in the State, saying that it would go a long way to ensuring that no area is marginalized.
“It is important that this process has taken considerable time, we need to make it work and also ensure that it is to the benefit of all Lagosians,” Mr Durosinmi-Etti said.
Adding his voice, Chairman, House Committee on Wealth Creation and Employment, Mr Sola Giwa, assured that members of the House would give the Operational Guidelines of the fund expeditious passage.
“This is one of the pivotal promises of Governor Ambode and I can assure you that the House would do its best to ensure that we do it right,” Mr Giwa said.
By Adedapo Adesanya
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has said there are no discrepancies in the tax laws passed by the National Assembly and the gazetted versions made available to the public.
Last week, a member of the House of Representatives, Mr Abdussamad Dasuki, raised worries about the differences between its version and that gazetted by the presidency.
However, speaking on Channels Television’s Morning Brief on Monday, Mr Oyedele claimed what has been circulating in the media was fake.
“Before you can say there is a difference between what was gazetted and what was passed, we have what has not been gazetted. We don’t have what was passed,” he said.
“The official harmonised bills certified by the clerk, which the National Assembly sent to the President, we don’t have a copy to compare. Only the lawmakers can say authoritatively what we sent.
“It should be the House of Representatives or Senate version. It should be the harmonised version certified by the clerk. Even me, I cannot say that I have it. I only have what was presented to Mr President to sign.”
Mr Oyedele stated that he reached out to the House of Representatives Committee regarding a particular Section 41 (8), which states, “You have to pay a deposit of 20 per cent.”
He noted that the response given by the committee was that its members had not met on the issue.
“I know that particular provision is not in the final gazette, but it was in the draft gazette. Some people decided that they should write the report of the committee before the committee had met, and it had circulated everywhere.
“What is out there in the media did not come from the committee set up by the House of Representatives. I think we should allow them do the investigation,” Mr Oyedele added.
In June, President Bola Tinubu signed the four tax reform bills into law, marking what the government has described as the most significant overhaul of the country’s tax system in decades.
The tax reform laws, which faced stiff opposition from federal lawmakers from the northern part of the country before their passage, are scheduled to take effect on January 1, 2026.
The laws include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act, all operating under a single authority, the Nigeria Revenue Service.
By Dipo Olowookere
A total of 55 equities appreciated last week on the Nigerian Exchange (NGX) Limited versus the 49 equities recorded a week earlier.
However, 33 stocks closed lower compared with 41 stocks in the previous week, while 55 shares remained unchanged versus 57 shares of the preceding week.
Leading the advancers’ log was Aluminium Extrusion, which gained 59.35 per cent to close at N12.35, Mecure Industries rose by 44.93 per cent to N55.00, First Holdco appreciated by 42.93 per cent to N44.95, Guinness Nigeria improved by 33.01 per cent to N289.70, and NPF Microfinance Bank grew by 20.65 per cent to N3.74.
On the flip side, Living Trust Mortgage Bank lost 11.38 per cent to settle at N3.35, Japaul declined by 10.53 per cent to N2.38, International Energy Insurance slipped by 9.92 per cent to N2.27, FTN Cocoa depreciated by 9.80 per cent to N4.42, and Stanbic IBTC went down by 9.33 per cent to N95.20.
The buying interest in the week raised the All-Share Index (ASI) and the market capitalisation by 1.76 per cent to 152,057.38 points and N96.937 trillion, respectively.
Similarly, all other indices finished higher with the exception of AFR Bank Value, and the energy indices, which fell by 1.38 per cent and 0.17 per cent apiece.
According to trading data, a total 9.849 billion shares worth N305.843 billion in 126,584 deals exchanged hands in the five-day trading week compared with the 4.373 billion shares valued at N97.783 billion traded in 110,736 deals a week earlier.
The financial services industry led the activity chart with 8.295 billion shares valued at N232.223 billion traded in 50,351 deals, contributing 84.22 per cent and 75.93 per cent to the total trading volume and value, respectively.
The healthcare space followed with 517.443 million shares worth N3.472 billion in 2,979 deals, and the consumer goods counter transacted 392.765 million shares worth N12.664 billion in 18,438 deals.
The trio of Ecobank, First Holdco, and Access Holdings accounted for 6.424 billion shares worth N204.629 billion in 11,362 deals, contributing 65.23 per cent and 66.91 per cent to the total trading volume and value, respectively.
By Adedapo Adesanya
The Nigerian Export Promotion Council (NEPC) has assured beneficiaries of the $50 million Women Exporters in the Digital Economy (WEIDE) Fund to expect the first tranche of grants in the first quarter of 2026, following the completion of ongoing capacity-building and compliance processes.
The assurance was given during a Town Hall Meeting for WEIDE Fund beneficiaries held in Abuja over the weekend. The gathering provided an opportunity to review progress made since the launch of the initiative in August 2025.
The $50 million WEIDE Fund is a global initiative by the WTO and ITC to empower women-led businesses in developing countries, especially Nigeria, by providing training, finance, and market access for digital trade, helping them grow from small enterprises to global players through support like grants and mentorship, as seen in its launch phase benefiting 146 Nigerian women entrepreneurs.
Speaking at the event, the chief executive of NEPC, Mrs Nonye Ayeni, called on beneficiaries to maximize the opportunities provided by the programme, emphasizing the progress made and the milestones achieved since its launch.
Mrs Ayeni said the engagement was meant to review the programme’s achievements, identify areas for improvement, and strengthen support for the beneficiaries.
“So, it’s time for us to get together at the end of the year to see how far we’ve gone, how well we’ve done, and what we need to do to make it better and support them more effectively through the WEIDE Fund,” she said.
Mrs Ayeni highlighted the significant capacity-building activities conducted for the 146 selected women entrepreneurs, noting that top-tier coaches and trainers had been deployed immediately after the official launch by the Director General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala.
“These coaches are exceptional. They’ve trained our beneficiaries in financial literacy, bookkeeping, soft skills, leadership, succession planning, and digital tools so they can compete globally,” she said.
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