LSETF disburses over ₦415bn in loans in 10 years, sets for Employment Summit
The Lagos State Employment Trust Fund (LSETF) has disbursed more than ₦415 billion in loans, supported the preservation of over 173,000 jobs and trained more than 30,000 young people in its first decade of operation.
The Commissioner for Wealth Creation and Employment, Akinyemi Bankole Ajigbotafe, disclosed this while announcing plans for the fourth Lagos Employment Summit, scheduled for November 19, 2026, at the Landmark Event Centre, Lagos.
He spoke at a pre-summit press briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja on Thursday.
Ajigbotafe said the Fund, established in 2016 to tackle unemployment and improve access to finance for businesses, had disbursed more than 20,000 loans, achieved a repayment rate of 94.53 per cent and supported over 1,200 technology startups.
He described the achievements as evidence of the Lagos State Government’s commitment to employment generation, entrepreneurship development, vocational training and inclusive economic growth.
The Commissioner noted that the employment landscape was undergoing rapid transformation driven by technological advancements, artificial intelligence and digital innovation, stressing the need to equip residents with relevant skills to remain competitive in an evolving labour market.
He said the 2026 summit, themed “Lagos Works: Building Africa’s Most Productive City,” with the sub-theme “A Decade of Impact. The Next Frontier of Talent,” would provide a platform to review the Fund’s achievements over the past decade and develop strategies for the future of employment and talent development in Lagos.
Also speaking at the briefing, the Permanent Secretary, Lagos State Ministry of Wealth Creation and Employment, Ololade Olasupo Aina, reaffirmed the state government’s commitment to building a skilled, innovative and globally competitive workforce through investments in human capital development, enterprise growth and sustainable employment opportunities.
She said the Ministry, in collaboration with LSETF, had implemented several interventions over the past decade to expand employment opportunities, support businesses, improve access to finance and equip young people with relevant skills.
According to her, the changing nature of work, driven by technology, innovation and evolving industry demands, makes it imperative for Lagos to strengthen its workforce capabilities and prepare residents for emerging economic opportunities.
Aina added that the summit would strengthen partnerships, promote innovation and generate practical recommendations to advance the state’s employment and wealth creation agenda.
The Permanent Secretary commended Governor Babajide Sanwo-Olu and Deputy Governor, Dr Obafemi Hamzat for their continued commitment to human capital development and economic empowerment through the THEMES+ Agenda.
She also acknowledged the contributions of LSETF and the media, urging stakeholders to participate actively in the summit and ensure that discussions translate into practical initiatives capable of driving economic productivity and sustainable employment across Lagos State.