Lagos govt disburses N1.93bn loans, grants to support small businesses

The Lagos State Government has disbursed N1.933 billion in loans and grants to micro, small and medium enterprises (MSMEs) as part of efforts to stimulate economic growth, reduce unemployment and strengthen entrepreneurship.

The Commissioner for Wealth Creation and Employment, Akinyemi Bankole Ajigbotafe, disclosed this on Thursday during the 2026 Ministerial Press Briefing at the Bagauda Kaltho Press Centre, Alausa, Ikeja.

Ajigbotafe said the intervention, executed through the Lagos State Employment Trust Fund, comprised N1.91 billion in affordable loans to 4,036 MSMEs and N23.628 million in grants to 65 businesses to support expansion, operations and resilience.

He said the funding aligns with the state government’s broader strategy to empower entrepreneurs, create jobs and deepen economic inclusion.

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According to him, more than 8,454 MSMEs also benefitted from enterprise development and capacity-building programmes, while 848 entrepreneurs were linked to market opportunities aimed at increasing sales and visibility.

The commissioner added that the ministry, through partnerships with development agencies and private sector organisations, intensified vocational and technical training for residents.

He said that in collaboration with GIZ, King’s Trust International, United States African Development Foundation and Diageo, the state trained 3,456 Lagos residents in construction, hospitality and tourism, creative industries, health and beauty, and the green economy.

Out of the beneficiaries, 2,127 were placed in jobs, boosting youth employability in the state, he said.

Ajigbotafe further disclosed that the state government signed a Memorandum of Understanding with the United Nations Development Programme to train an additional 2,000 Lagos residents in 2026.

On inclusion, he said the ministry partnered with Lafarge Africa Plc, the Lagos State Office for Disability Affairs, the Ministry of Youth and Social Development, and the Lagos State Council of Tradesmen and Artisans to deliver entrepreneurship and vocational training for women and persons with disabilities.

The programme, he said, supported 50 women in construction and 100 persons with disabilities with skills in hairdressing, makeup, shoe and bag production, as well as phone and laptop repairs.

Ajigbotafe also highlighted the state’s investment in innovation and technology-driven entrepreneurship, noting that LSETF incubated 50 early-stage startups through its Idea Hub programme and launched the third cohort of its Female Founders and Funders initiative involving 30 female founders.

He added that about 1,000 tech talents were trained in software development, full-stack development, cybersecurity and artificial intelligence for software engineering.

On employment generation, the commissioner said the Lagos State Graduate Internship Placement Programme has impacted more than 6,500 graduates across the five divisions of the state since inception.

He said 2,500 graduates were placed during the 2024 cycle concluded in 2025 after undergoing three weeks of employability training and a three-month paid internship with a monthly stipend of N60,000.

Ajigbotafe said the ministry also organised job fairs and recruitment drives to connect job seekers with employers.

According to him, one recent event attracted 2,005 job seekers, including 17 persons with disabilities, while more than 110 organisations participated in recruitment activities.

He added that the event surpassed its target of 1,500 participants and led to several employment opportunities for attendees.