The Lagos State Government has released a performance audit tracking a decade of operations by the Lagos State Employment Trust Fund, highlighting the disbursement of fifteen billion naira to expand the micro-retail grid. The state fund has backed over twenty thousand local businesses, demonstrating the capacity of subnational credit models to stimulate grassroots trade networks.
The agency's operational indicators show the creation of over 320,000 direct and indirect jobs, alongside 173,000 jobs protected from economic shocks. By providing low-interest credit lines and vocational skills training, the fund has supported over 82,000 small businesses, 30,000 youths, and 1,200 tech startups while maintaining a loan repayment rate of 94.53 percent.
The administration stated that modernizing small enterprise financing remains a core strategy for expanding the non-oil tax grid. The Ministry of Wealth Creation and Employment has been instructed to expand the fund's digital access portals, ensuring that emerging tech entrepreneurs and disabled traders can secure credit capital clearances within a standardized processing window.
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