In 2016, the Lagos State Government took a bold step to tackle youth unemployment, provide financial support, and create wealth for residents, which led to the establishment of the Lagos State Employment Trust Fund (LSETF) under the Ministry of Wealth, Creation, and Employment.
Ten years on, the fund continues to provide much-needed support to innovators and businesses in Nigeria’s centre of excellence through five key interventions: access to finance, access to skills development, access to capacity building, access to the market, and access to the technology ecosystem
The fund marked its tenth anniversary on June 15th, 2026, in Lagos, gathering members of the press and other key stakeholders as it reeled off the numerous laudable achievements it had achieved in a decade of operation.
In his opening remarks, Head of Human Resources and Administration, Simeon Alamu, said LSETF remains central to the Lagos State government’s vision of building a prosperous, inclusive, and economically empowered Lagos.
“We were created with a singular purpose to ensure that every Lagos resident who has the ambition to build a business, develop a skill, or create employment, particularly our youth, women, and persons with disabilities, have access to the tools, to funding, and support to make it possible,” he notes.
Executive Secretary, Feyisayo Alayande, emphasised those whose lives changed because they gained access to something they had always deserved but never had. She recalls the story of a woman living with a disability, whose life and livelihood improved after enrolling in one of LSETF’s partnership programs with Lafarge. She maintains that stories like this keep her and her team awake at night.
“Before that programme, she was surviving,” Alayande notes. “And after it, she was building. She learnt a skill in phone repairs, and she found her footing.That was access; she got access to training and a new skill to be able to start a business or to work for somebody else.”
Beyond the numbers – LSETF exists to give people opportunity
LSETF usually partners with top organisations to offer Lagosians hands-on training and a chance to earn a decent living because when barriers that stand between ambition and opportunities are removed, the result is often amazing—ordinary people can learn, grow, and become great innovators.
Alayande recalls connecting a beneficiary to the GITEX programme, one of the world’s most prestigious technology exhibitions. She maintains that numerous well-meaning, ambitious Lagos residents want to put in the work but lack the opportunity, and that’s what LSETF has done over the last 10 years: to provide that opportunity.
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Alayande notes that in the last decade, LSETF has created over 320,000 direct and indirect jobs across Lagos state, and saved over 170,000 jobs that would otherwise have been lost.
The fund has also disbursed over 15 billion naira in loans to more than 20,000 micro, small, and medium enterprises, and supported over 82,000 small businesses through capacity-building programmes, training over 30,000 young people, and connecting them to employment opportunities.
About 1,200 tech startups have also received funding, and over 3,000 talents have been developed through the Lagos Innovative Initiatives.
Lagos entrepreneurs are not a risk
Last year, of the 15 billion naira disbursed, LSETF recorded a repayment rate of 94%; its 6% default rate is in line with the CBN’s 5% benchmark.
“Lagos entrepreneurs are not a risk, they are an opportunity,” Alayande notes. “The Lagos entrepreneur is credible, and we can bank on them, and we’ll continue to support them.”
According to her, the repayment is proof that when people are treated with dignity, they will honour commitments because the knowledge gap is closed, and they get real opportunities.
She credits the hardwork of those who’ve led the scheme before her, and commends the research and programme teams for a fantastic job, something they aim to sustain. Alayande maintains that no institution can achieve great feats alone, thanking LSETF’s partners and multiple impact donors.
Next steps for LSETF
Alayande said LSETF is looking to reach more communities, expand loan product offerings, access to market programmes, and offer opportunities through Lagos Innovate, ensuring that inner communities know what LSETF offers. She believes that support from the chairman and members of the local government agencies will help achieve these ambitions.
The fund also has an employment summit in Q4, which brings together government, the private sector, development partners, and civil society to set the agenda for employment and enterprise development in Lagos over the next 10 years.
