Lagos Employment Trust Fund Marks a Decade of Transforming Opportunity

The Lagos State Employment Trust Fund (LSETF) celebrated its 10th anniversary last week with a review of significant achievements and ambitious plans for the future. Established in 2016, LSETF has become a benchmark for state-level employment institutions in Nigeria.

Key Highlights from a Decade of Progress:

• Job Creation: Over 320,000 direct and indirect jobs created across Lagos State
• Job Preservation: More than 173,000 jobs saved that would have otherwise been lost
• Financial Support: Disbursed over ₦15 billion through more than 20,000 loans to SMEs
• Capacity Building: Reached over 82,000 small businesses with training and support
• Tech Innovation: Supported over 1,200 startups and developed 3,300 tech talents through Lagos Innovates
• Loan Repayment Rate: Maintained a consistent 94.53% repayment rate across all loans

Addressing the Root of Opportunity Gaps:

Executive Secretary Feyisayo Alayande emphasized that LSETF’s philosophy centers on addressing access barriers rather than talent deficits. “The difference between a Lagos resident who builds something and one who cannot is rarely talent; it is almost always access,” she stated.

This perspective informs all of LSETF’s programs, from microloan initiatives to tech incubator support, aiming to level the playing field for aspiring entrepreneurs and workers across the state. Stories of beneficiaries—including a woman with disabilities building a phone repair business after skills training, and female innovators showcasing their solutions at international events—demonstrate the impact of removing these systemic barriers.

Lessons Learned and Future Directions:

As LSETF looks ahead to its next decade, four key lessons will guide its approach:

1. Access is often more critical than inherent talent in determining outcomes
2. Trust must be earned slowly and protected diligently
3. Partnerships amplify impact far beyond what can be achieved alone
4. Visibility about available resources is as important as the programs themselves

The fund plans to expand access to finance for high-growth businesses, deepen skills development initiatives, and strengthen support for startups—all while maintaining its commitment to data-driven results and beneficiary success.