1,401 applicants to get N25bn Employment Trust Fund benefits

Lagos State government on Thursday said that a total of 1, 401 applicants have been approved to benefit from its N25bn Employment Trust Fund.

The State’s Commissioner for Wealth Creation and Employment, Mr. Babatunde Durosimi-Etti said this at a press briefing in Alausa, Ikeja, noting that this was in fulfillment of the government’s mandate on wealth creation to get many young entrepreneurs productively engaged.

Durosimi-Etti said that some applicants had accessed about N1.76 billion as loans, adding ‎that that the state received 1,937 applications with 1,505 on Medium Enterprises scale and 432 on Small and Medium Enterprise category.

‎For the second batch of the pilot project, Durosimi-Etti said the Fund received 1,937 applications, with 1,505 on Medium Enterprises and 432 Small and Medium Enterprises category out of which the board approved 696 applicants.

He added that successful applicants had been contacted to meet the conditions that preceded the disbursement of their loans.

The commissioner explained that ‎in line with the commitment of the state governor, Mr. Akinwunmi Ambode’s administration to create more employment through trainings on skills, the ministry in collaboration with Lagos State Technical and Vocational Education Board (LASTVEB) also trained Tradesmen and Artisans in the state to enhance their productivity and upgrade their skills.

He added that a total number of 500 artisans were retrained and certified while1,500 artisans were to be trained this year.

“The Fund received 3,758 applications (2,304 MEs and 1,454 SMEs) in the first batch of the pilot project. The Board approved 705 applicants (517 MEs and 188 SMEs) totaling N900, 137,078. The first beneficiaries were presented their offer letters recently. Each of the beneficiaries in the pilot phase received cheques ranging from N50, 000.00 to N5 million to grow and enhance their business and create jobs.

“For the in the second batch of the pilot project, the Fund received 1,937 applications (1,505 MEs and 432 SMEs). Out of these, the board approved 696 applicants (495 MEs and 201 SMEs) totaling N855, 338,037. The successful applicants have been contacted to meet the conditions that precede the disbursement of their loans,” Durosimi- Etti said.