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Lagos State Employment Trust Fund – Everything You Need To Know

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Sirmike Wednesday, 24 April 2024, 2:37 pm

Lagos State Employment Trust Fund – Everything You Need To Know

Lagos State Employment Trust Fund (LSETF) is a government agency established to provide financial support to residents of Lagos State to tackle unemployment through job and wealth creation.

The primary aim of the Lagos State Employment Trust Fund (LSETF) is to create an enabling environment for job and wealth creation in Lagos State. The LSETF does this by providing financial support to small businesses, skills development for youth, and promoting innovation in technology-driven enterprises.

Here are some of the specific programs and initiatives that the LSETF undertakes to achieve its aim:

MSME Loan Programme: This program provides affordable access to funding for small businesses to grow, expand, create wealth and put people to work.
Lagos Innovates: This program supports the development and growth of innovative technology-driven businesses in Lagos State.
Employability: This program provides training and upskilling opportunities for youth in Lagos State, to help them develop the skills they need to find and secure employment.
Lagos Cares: This program provides relief, facilitates the recovery, and enhances the capabilities of local MSMEs through support designed to reduce the vulnerability and cushion the effect of income loss brought about by the ongoing COVID-19 pandemic.

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The LSETF is a key player in the Lagos State government’s efforts to create jobs and reduce unemployment. The Fund’s programs and initiatives have helped to support thousands of small businesses and youth in Lagos State, and have played a significant role in stimulating economic growth and development in the state.

How much is available in the Lagos State Employment Trust Fund?

The Lagos State Employment Trust Fund (LSETF) has a total of ₦10 billion available for loans to Micro, Small and Medium Enterprises (MSMEs) in Lagos State.

How much interest is charged on the Lagos State Employment Trust Fund?

The interest rate charged on the Lagos State Employment Trust Fund (LSETF) is 9% per annum.

Eligibility requirements for the Lagos State Employment Trust Fund

The Lagos State Employment Trust Fund (LSETF) offers a variety of programs and services to help Lagos residents find employment, start their own businesses, and develop their skills. The eligibility requirements for these programs vary depending on the specific program, but some general eligibility requirements include:

You must be a resident of Lagos State.
You must be at least 18 years old.
You must be unemployed or underemployed.
You must have a valid government-issued ID.
You must have a business plan or training certificate, if applicable.

In addition to these general requirements, some programs may have additional eligibility requirements, such as:

You must have a minimum level of education.
You must have a minimum amount of work experience.
You must be a member of a particular community or group.

You can find more information about the eligibility requirements for specific LSETF programs on the LSETF website.

Here are some of the specific programs offered by LSETF and their eligibility requirements:

MSME Loan Programme: This program provides loans to micro, small, and medium-sized enterprises (MSMEs) in Lagos State. To be eligible for a loan, you must have a registered business in Lagos State, have been in operation for at least one year, and have a business plan.
Lagos Cares: This program provides grants to MSMEs in Lagos State that have been affected by the COVID-19 pandemic. To be eligible for a grant, you must have a registered business in Lagos State, have been in operation for at least one year, and have been adversely affected by the pandemic.
Employability Support Project: This program provides training and support to young people in Lagos State who are unemployed or underemployed. To be eligible for the program, you must be between the ages of 18 and 35, be unemployed or underemployed, and have a secondary school diploma or equivalent.

If you think you may be eligible for an LSETF program, you can apply online or by visiting an LSETF office. You will need to provide documentation to support your application, such as your government-issued ID, business registration certificate, and tax returns.

The LSETF is a great resource for Lagos residents who are looking for help with employment, entrepreneurship, or skills development. If you are interested in learning more about the programs and services offered by LSETF, you can visit the LSETF website or call the LSETF hotline.

In Conclusion:

The Lagos State Employment Trust Fund (LSETF) offers a wide range of programs and services to support the economic growth and development of Lagos residents. Whether you are a job seeker, an aspiring entrepreneur, or someone looking to enhance your skills, LSETF has resources available to assist you. By applying online or visiting an LSETF office, you can access these resources and take advantage of the opportunities provided. Remember to gather all the necessary documentation to support your application, and don’t hesitate to reach out to LSETF through their website or hotline for further information.