• Beneficiary employs 10
Lagos State Governor Akinwunmi Ambode has disbursed N924.7 million cheques to 1, 438 beneficiaries of the State Employment Trust Fund (LSETF).
The governor, who presented the cheques to the beneficiaries yesterday at the blue roof Lagos television (LTV) Agidingbi, said the initiative was geared towards providing funds for entrepreneurs, artisans, traders among others to help boost their business and tackle unemployment challenges in the state.
It could be recalled that the governor in January this year, presented cheques totalling about N1billion to 705 beneficiaries who were selected after scaling through a transparent screening process in the pilot phase.
Governor Ambode, who was represented by the Commissioner for Wealth Creation and Employment, Dr. Babatunde Durosinmi-Etti, said the first beneficiaries have started repaying their loans.
He identified a beneficiary called Jand2Gidi, saying that it was a thing of joy that they have started contributing to the growth of Lagos economy.
According to him, “One of the success stories of this programme which I am very proud of is the achievement of one of the first set of beneficiaries, a company called Jand2Gidi, run by two young women.
“Today, they have invested their loan in buying motorcycles for their delivery men, and hired people to operate those motorcycles. Not only are they repaying their loan, they have also created at least 10 direct jobs for Lagos residents, thereby increasing the economic activity across the State. We eagerly expect to celebrate many more success stories like this.”
He hailed LSETF board for the good work done so far, while urging them to increase the pace of work and ensure that by the end of 2017, at least 20,000 businesses would have benefited from the loan program, just as he expressed optimism that the overall target of the scheme would be met by 2019.
He urged the beneficiaries and other potential beneficiaries to emulate those who are repaying their loans, thereby ensuring the success of the program
“It is only when you pay your loans back, and grow your businesses, that we can truly celebrate the success of this program. Your success is our success, and together we will grow Lagos State’s economy and create jobs for our residents.
“This initiative is another example of taxpayers’ money working for the people. I cannot thank enough all taxpaying citizens for providing the resources from which the State Government contributes N6.25billion tranches annually to the N25billion Employment Trust Fund,” he said.
Besides, Governor Ambode urged other existing businesses or people desirous of starting one to take advantage of the scheme, assuring that the process of assessing and selecting beneficiaries would continue to be transparent and meet globally acceptable standards.
Chairman, Board of ETF, Mrs Ifueko Omoigui-Okauru said the presentation was another milestone by Governor Ambode’s administration, saying that the vision of the Governor in setting up the fund, which is the first of its kind in Nigeria, and his unwavering commitment to its success deserved commendation.
Responding on behalf of beneficiaries, Mr O.A Goriola of November 16 Nig Ltd, commended the government for the initiative and pledged that the funds would be judiciously utilised.
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