Lagos lifts 4,000 MSMEs with N1.933bn loans, grants to boost growth

A total of N1.933 billion has been disbursed as loans and grants to 4, 101 Micro, Small and Medium Enterprises (MSMEs) by the Lagos State Government in the last one year, aimed at stimulating economic growth.

A breakdown of the financial interventions done through the Lagos State Employment Trust Fund (LSETF), shows that N1.91 billion was provided as loans to 4,036 MSMEs, while N23.628 was released as grants to 65 businesses to support their expansion.

According to Akinyemi Ajigbotafe, Commissioner for Wealth Creation and Employment, who took his turn at the 2026 ministerial briefing on Thursday, the intervention was part of the state government’s efforts to empower entrepreneurs, create jobs and deepen economic inclusion across Lagos.

“Affordable loans worth N1.91 billion were disbursed to 4,036 micro, small and medium enterprises in Lagos, driving business growth, resilience and expansion for job creation.
“Grants worth N23.628 million were also disbursed to 65 MSMEs in Lagos to cover operating costs of their businesses, strengthening the businesses’ resilience and scalability,” he noted.

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Ajigbotafe said beyond the financial support, over 8,454 MSMEs benefitted from enterprise development and capacity-building initiatives, while 848 entrepreneurs were connected to market opportunities aimed at boosting sales and expanding visibility for their businesses.

He explained that the ministry, through strategic partnerships with international development organisations and private sector stakeholders, also intensified vocational and technical training programmes for Lagos residents.

“In partnership with GIZ, King’s Trust International, USADF and Diageo, we trained 3,456 Lagosians in vocational and technical skills across construction, hospitality and tourism, the creative industry, health and beauty, and the green economy,” he said.

“Out of this figure, 2,127 beneficiaries were successfully placed into jobs, thereby increasing the employability of young Lagosians.”

He added that the state government, in collaboration with the United Nations Development Programme (UNDP), signed a Memorandum of Understanding to train an additional 2,000 Lagosians in 2026.

On inclusion and social impact, the commissioner said the ministry partnered with Lafarge Africa Plc, the Lagos State Office for Disability Affairs (LASODA), the Ministry of Youth and Social Development and the Lagos State Council of Tradesmen and Artisans to deliver entrepreneurship and vocational training programmes for women and persons with disabilities.

“The programme supported 50 women in construction and 100 persons with disabilities in vocational skills such as hairdressing, makeup, shoe and bag manufacturing, as well as phone and laptop repair services.”

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He disclosed that LSETF incubated 50 early-stage startups through its Idea Hub programme and recently launched the third cohort of the Female Founders and Funders programme involving 30 female founders.

“About 1,000 tech talents were also trained in software development, full-stack development, cybersecurity and AI for software engineering, among others,” he added.

On employment generation, the commissioner said the Lagos State Graduate Internship Placement Programme (LSGIPP) has continued to bridge the gap between academic learning and workplace requirements.

He stated that since its inception, the programme has impacted over 6,500 graduates across the five divisions of Lagos State, with 2,500 graduates successfully placed during the 2024 cycle concluded in 2025.

Ajigbotafe explained that beneficiaries undergo a three-week employability training before being deployed for a three-month paid internship with a monthly stipend of N60,000.