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 federal government has expressed readiness to leverage the €59 million West Africa Sustainable Ocean Programme (WASOP) as part of intensified efforts to combat illegal, unreported and unregulated (IUU) fishing while strengthening sustainable management of its marine resources.
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, made this known in Abuja during a meeting with the European Union Ambassador to Nigeria, Mr Gautier Mignot, where both sides reaffirmed their commitment to deepening cooperation on maritime security and sustainable ocean governance.
Welcoming the EU Ambassador, Mr Oyetola commended the group for its longstanding partnership with Nigeria, particularly its support for maritime stability in the Gulf of Guinea, a region critical to global shipping and regional economic development.
He noted that the West Africa Sustainable Ocean Programme (WASOP) presents a timely opportunity to strengthen coordinated action against illegal fishing, improve ocean governance, and promote sustainable exploitation of marine resources across West Africa.
He said Nigeria is keen to fully engage with the programme to attract technical and financial support that will enhance enforcement capacity and boost the country’s blue economy ambitions.
The Minister stressed that illegal fishing remains a major threat to the marine ecosystem and coastal livelihoods, warning that IUU fishing continues to deplete fish stocks, undermine food security, and erode the economic well-being of coastal communities.
He said: “Illegal, unreported, and unregulated (IUU) fishing is a direct threat to national security, food sovereignty, and the survival of our coastal communities. We cannot afford to stand by and watch our marine ecosystems be depleted and economic livelihoods eroded.
“We are calling for an era of stronger international collaboration, backed by aggressive monitoring and uncompromised enforcement systems, to permanently dismantle these illicit operations and safeguard our waters.”
Mr Oyetola also highlighted ongoing reforms in Nigeria’s maritime sector under the National Policy on Marine and Blue Economy, which prioritises innovation, private sector investment, and sustainable development of ocean resources.
He referenced key milestones in the sector, including improvements in port operations and logistics, as well as enhanced maritime security.
He further noted that Nigeria is strengthening initiatives aimed at expanding its maritime infrastructure and improving competitiveness in global trade.
The Minister also reiterated the need for broader cooperation beyond piracy control, urging development partners to support Nigeria in addressing environmental crimes, human trafficking, and illegal fishing in a more integrated and coordinated manner.
He sought increased technical assistance from the European Union, particularly in surveillance systems, fisheries monitoring, and enforcement capacity to strengthen Nigeria’s ability to curb IUU fishing across the Gulf of Guinea.
On his part, Mr Mignot reaffirmed the European Union’s commitment to strengthening maritime cooperation with Nigeria and supporting regional efforts to ensure safer and more sustainable oceans.
He highlighted the West Africa Sustainable Ocean Programme (WASOP), a major EU-funded initiative designed to promote integrated ocean governance, sustainable fisheries management, and protection of coastal and marine ecosystems across West African countries.
According to him, the programme will support improved coordination among coastal states, strengthen enforcement mechanisms, and promote a more inclusive and sustainable blue economy in the region.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited recorded a 3.11 per cent week-on-week loss last week as a result of the decline suffered by 65 equities. In the preceding week, the bourse ended with 51 price decliners.
In the five-day trading week, 23 equities appreciated compared with 34 equities a week earlier, while 58 equities remained unchanged versus 61 equities in the preceding week.
Business Post reports there was no room for the bulls in the week, as all other indices closed in red, except for the sovereign bond, which finished flat.
ABC Transport lost 24.73 per cent to trade at N6.21, University Press shrank by 17.07 per cent to N5.10, Eterna crashed by 12.92 per cent to N30.00, John Holt slipped by 12.09 per cent to N14.90, and First Holdco decreased by 11.43 per cent to N62.00.
On the flip side, International Energy Insurance gained 60.62 per cent to sell for N7.26, Abbey Mortgage Bank expanded by 47.24 per cent to N9.35, Tripple Gee grew by 9.80 per cent to N4.37, Ikeja Hotel increased by 9.45 per cent to N44.00, and RT Briscoe soared by 8.86 per cent to N14.86.
At the close of business, market participants traded 3.966 billion shares worth N175.659 billion in 343,587 deals, in contrast to the 2.398 billion shares valued at N111.480 billion transacted in 241,313 deals a week earlier, which had only three trading sessions due to the Sallah holiday.
The financial services industry led the activity chart with 2.690 billion stocks sold for N69.975 billion in 134,882 deals, contributing 67.83 per cent and 39.84 per cent to the total trading volume and value, respectively.
The services sector exchanged 323.601 million shares worth N6.443 billion in 25,906 deals, and the ICT segment traded 176.039 million equities valued at N27.892 billion in 40,837 deals.
Access Holdings, Abbey Mortgage Bank, and Sterling Holdco accounted for 1.290 billion units worth N17.560 billion in 17,768 deals, contributing 32.53 per cent and 10.00 per cent to the total equity turnover volume and value, respectively.
By Adedapo Adesanya
The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.
MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.
As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.
The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.
Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
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