The Lagos State Employment Trust Fund (“LSETF” or “the Fund”), was established by The Lagos State Employment Trust Fund Law 2016 to provide financial support to residents of Lagos State, for job, wealth creation and to tackle unemployment. LSETF serves as an instrument to inspire the creative and innovative energies of all Lagos residents and reduce unemployment across the State. The Fund has the mandate to directly invest N25Billion in helping Lagos residents grow and scale their Micro Small and Medium Enterprises (“MSMEs”) or acquire skills to get better jobs.
The Fund will deliver primarily through its partners and will leverage their experience & capabilities to achieve its goals.
LSETF will focus on promoting entrepreneurship by improving access to finance, strengthening the institutional capacity of MSMEs and formulating policies designed to improve the business environment in Lagos State.
The Fund expects to create 300,000 (Three Hundred Thousand) direct and 600,000 (Six Hundred Thousand) indirect jobs within three years, by supporting at least 100,000 (One Hundred Thousand) MSMEs.
The initiative is the brainchild of Governor Akinwunmi Ambode. It was created to bridge the employment gap in Lagos State and serve as an instrument to galvanise the creative and innovative energies of all Lagosians
The fund will energize the economy in many ways: by removing constraints to production and supporting businesses to grow; and by ensuring the availability of a competent work force to ensure businesses find the right people to hire.
The Fund will use various interventions to boost job creation in Lagos State, energize the Lagos economy to boost the state’s production, support various initiatives designed to make Lagos a preferred investment destination and support Lagosians seeking to start or run their businesses and unemployed Lagosians who lack the skills to take existing jobs.
It is headed by Mrs Ifueko Omoigui Okauru and the Executive Secretary is Akintunde Oyebode. Other members include Mr Dele Martins, Tunde Bank-Anthony, Mrs Bilikiss Adebiyi-Abiola, Mr Otto Orondaam, Pastor Funmi Dawodu (FCA), Comrade Michael Popoola Ajayi, Mr. Akinyemi Ashade, and Mr Tunde Durosinmi-Etti.