BattaBox meets a Nigerian electrical appliance dealer, based in Lagos, who took up the LSETF loan – and finds out how it changed his life.
The Lagos State in Nigeria is setting up a new fund to to tackle unemployment in Africa’s biggest Mega-City.
The aim of LSETF is not just to grant loans to potential businesses, but to build capacity and ensure they are running sustainable businesses that obey the law. The Lagos state government believes, when a business meets these requirements, they give themselves the best opportunity to grow sustainably.
“The most important thing is about impact. We want to ensure that businesses have the right tools to succeed and grow, and therefore employ people,” explains Akin Oyebode, the Executive Secretary of the Lagos State Employment Trust Fund.
You can find out how to get loans to fund your made in Nigeria products and other business by the Lagos State Employment Trust Fund. Visit their website or office to learn about the requirement to bring your MADE IN NIGERIA business/idea to reality.
You can also be part of the initiative by going to any of your local Lagos councils, or head to www.lsetf.ng
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Do you need to fund your “Made in Nigeria” products or know someone who needs a loan? Tap into the Lagos State Employment Trust Fund —
1st comment
I’ve noticed that most of the loans is given to people to import things and sell. 90% of the loans should be for manufacturers. That’s what we need now.
Yes, you’re right. However, i believe the loan also caters for those also based on your application.
This. Nigeria must develop domestic industrial capacity.
epebinu the gov can use their sense to target manufacturers if they are not applying.
Victoria Adeyemi don’t know how you got “90%” because many of the loans that I have seen have been to businesses such as cloth makers, bag makers, caterers, bakers, solar charger manufacturer, shea butter producers, fruit juice makers, local coffee producers and shops, artisans, small-scale agriculture (poultry, fish farming, piggery, etc.), and several other businesses entirely dependent on local materials and production. In addition, approximately 16% of the loans are reportedly dedicated to tech startups.
Perhaps it bears pointing out that the primary goal of the LSETF is to generate EMPLOYMENT (direct and indirect) across several value chains. With a loan limit of N5 million (approximately US$ 14,000) for small-scale enterprises, which is hardly enough to finance equipment for industrial manufacturing, it can only realistically finance the sorts of small-scale producers listed above. Nonetheless, the Bank of Industry exists to finance larger-scale manufacturing (presumably with low interest loans). Kudos to Lagos.
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Good
This is a classic sponsored video. Not a true reflection.
highbury10 you act as if they were hiding the fact that it’s a sponsored video. They have to get out the word somehow, but if you have different experiences why don’t you put up your own video…
highbury10 battabox don collect small money……Lol
You look really pretty in this video nice tits
It also goes to show how generous we yoruba are. In the sense we are inclusive of outsiders worldwide. If only fellow nigerians practiced the same thing.