All About Lagos State Employment Trust Fund (LSETF)
A brief introduction on the LSETF
The Lagos State Employment Trust Fund (LSETF) was established in 2016 by the Lagos State Employment Trust Fund Law. The scheme is targeted at providing financial support to Lagos State residents, to reduce the rate of unemployment, promote wealth creation, and provide jobs.
The Lagos State Government initiated the idea of LSETF to assist the unemployed in Lagos State. This is by enabling the unemployed to take up existing jobs in the various sectors of the economy.
The programme commenced with an initial capital of 25 billion naira, which was contributed for over four years. Additional funding will be raised from sources such as corporate organizations and development agencies.
What they do?
The Lagos State Employment Trust Fund aims at promoting entrepreneurship by formulating policies to improve the business environment, strengthening the MSMEs’ institutional capacity, and promoting easy access to finance.
Programmes will be developed to train the unemployed residents in Lagos State and engage them in various jobs.
The vision of LSEFT is- “Creating employment and entrepreneurship opportunities for all Lagos residents.”
The programme offers free vocational training that will help people to work in sectors such as Healthcare, Entertainment and Garment Making, Manufacturing, and a host of others. These training sessions will be held at authorized Vocational Training Centres.
At the end of the training, a certificate will be awarded to the participants, to improve their lives and the capacity to earn a living.
The MSME Loan Programme is aimed at promoting small businesses for growth, expansion, wealth creation, and employment. This loan scheme is available to registered residents of Lagos that are business owners.
LSETF aims to tackle the employment challenge amongst youths in Lagos state by creating the LSEFT Employability Support Project.
The scheme provides skills for the youths through vocational training and assists them in getting job placements.
LSEFT Employability Support Project is aimed at training 10,000 youths to gain skills in 6 sectors- Health and Garment Making, Entertainment, Hospitality, Construction, and Manufacturing.
Who is the head?
Targeting at addressing the employment challenge in Lagos State, the scheme was initiated by the Lagos State Employment Trust Fund (LSETF) in partnership with the United Nations Development Program (UNDP). Lagos State Government coordinates the programme.
The funding support is of 3 types- Micro Enterprise, Micro-Enterprise Owners, and Small and Medium Enterprise Owners. Start-ups have access to N250,000 through the Micro Enterperise funding support. Applicants of the Micro Enterprise Owners have access to N500,000. It focuses on business that has existed for up to 12 months.
Small and Medium Enterprise Owners are eligible for small businesses that have existed for over 12 months. They can access funds up to N5 million.
To access these funds, business owners must live and operate their businesses in Lagos State. They must also have at least one guarantor and the Lagos State Residents Registration Agency (LASRRA).
The LSETF has disbursed over N7.3 billion to 11, 000 businesses and created 100,000 direct and indirect jobs.
Employment/job creation programmes of the Lagos State Employment Trust Fund, LSETF.
The nation is currently facing the problem of unemployment and many youths are facing the challenge of looking for job placements. The LSEFT Employability Support Project was created with the aim of tackling the unemployment challenge amongst youths in Lagos State.
Youths are trained to gain skills in 6 primary sectors- Construction, Hospitality, Entertainment, Health and Garment Making, and Manufacturing. These skills will assist them in gaining employment.
How to apply to them for employment.
The LSEFT does not guarantee employment. However, the scheme is working effortlessly to facilitate job placement opportunities for students who successfully complete the course.
To benefit from the employability support project, you can fill an application form on www.lsesp.ng.
- Maryam AbdulWahab is a creative writer and lifestyle blogger. She is also a graduate of Economics from Al-Hikmah University. She lives and breathes literature. When she isn’t writing prose or blog posts, she is reading a fiction work or studying events around her. She writes from Lagos, Nigeria. You can find more of her works on her website.
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