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Lagos Support Businesses with N1.56 Billion

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CEM REPORT | Lagos State Government has supported 3,673 businesses with the sum of N1.56 billion as grants alongside mentorship and business advisory to young people to start and grow their businesses.

The state has also created 10,500 direct jobs by supporting 1,835 small businesses with N985million.

The state noted that the funds were disbursed through the State Employment Trust Fund (LSETF).


The Lagos State Governor Babajide Sanwo-Olu disclosed this on Wednesday at the Lagos Chamber of Commerce and Industry (LCCI)/Lagos Economic Summit Group (LESG) Private-Public Partnership Pre-Ehingbeti Stakeholders Engagement themed: “Building a Sustainable Future for a Greater Lagos,” held at the Commerce House, Victoria Island Lagos.

He added that his administration had invested N1 billion into Agricultural Value Chain businesses to provide food and create jobs in the state.

The governor, who was represented by the Deputy Governor; Dr Kadri Obafemi Hamzat, also said the initiatives include the Lagos State Employment Trust Fund, and Lagos State Security Trust Funds, among others, saying such has enhanced the living standard of Lagosians and the state’s enviable status as the economic nerve centre of the country.

“Let me confidently state here as a matter of fact that most of the key infrastructure that dots the landscape of Lagos as well as pioneering initiatives that have profoundly elevated the status of Lagos as a functional mega-city, speak to the quality of resolutions of past Summits.”

In his opening remark, LCCI President, Michael Olawale-Cole, represented by his Deputy, Gabriel Idahosa, stated that the decision of the Lagos State government to collaborate with the Chamber on the 30- year development Plan reflected the government’s appreciation and recognition of the Organised Private Sector (OPS) in the realization of the socio-economic objectives of the state and nation in general.

He assured the state government of the support of the Chamber in ensuring the effective implementation of the State Development Plan and promised to enlighten the business community about the opportunities and benefits that were in the plan and why they should be part of it.

Also speaking, the Commissioner for Finance, Rabiu Olowo, noted that the Ehingbeti Economic Summit, was about the state’s deliberate agenda for a greater Lagos, saying that the summit had the absolute inclusion of the different stakeholders.

The commissioner disclosed that the state government had fulfilled about 90 per cent of the action plans from the last summit which he said would be reported during the forthcoming Ehingbeti Summit holding from October 11 to 12 2022.

Commissioner for Economic Planning and Budget and Co-Chairman Ehingbeti Lagos Economic Summit, Samuel Egube, in his opening remark, assured that the state government would continue to collaborate with the private sector, not only on the 30- year development plan but on the development of the state in general.

Egube added that the Ehingbeti Economic Summit had played a vibrant role in the development of the state, saying that resolutions from past Ehingbeti Summits had brought developments such as the Ikoyi Link Bridge, and BRT Project, among others.

“Resolutions from past Ehingbeti Summits have brought developments such as the Ikoyi Link Bridge, BRT Project, the Red and Blue Rail Project which will commence operation soon, Lagos Free Trade Zone and the Imota Rice Mill amongst many others.”

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