Nice one! A N25 billion Lagos State employment fund has been established to give loans to entrepreneurs at a ridiculous 1 percent interest rate! Even the much celebrated Central Bank of Nigeria’s N220 billion SME fund comes at a higher interest of 9 percent. Called Employment Trust Fund, Governor Akinwunmi Ambode during his election campaign promised to establish the financial relief to aid business growth and reduce unemployment.

Specific requirements for accessing the Lagos State employment fund is yet to be made public but we do know N6.25 billion would be given out yearly culminating in N25 billion across four years. Like President Jonathan’s YouWIN intervention, this fund will also provide enterprise training to beneficiaries.

Former Federal Inland Revenue boss Ifueko Omoigui-Okauru has been named Chairman of the employment fund. I hear she is highly efficient so I’m positive this program would make good impact. Leading African woman entrepreneur and WeCyclers founder Bilkis Adebiyi-Abiola is a board member of the fund, while ex-Stanbic SME Banking unit head Akintunde Oyebode is executive secretary. They’ve got the right guys! One could assume the Lagos state (and APC) government seem serious about job creation.

Employment Trust Fund Chairman Ifueko Omoigui-Okauru

We have reached out to the concerned parties for details about accessing the loans and would publish them soon enough.