Gov. Akinwunmi Ambode of Lagos State on Thursday urged beneficiaries of the state’s Employment Trust Fund (ETF) to judiciously utilise the funds to grow and enhance their businesses.
Ambode gave the charge in Lagos during the disbursement of cheques to 705 beneficiaries under the Fund’s pilot scheme.
The News Agency of Nigeria (NAN) reports that beneficiaries received various amounts of money ranging from N50,000 to N5 million totaling almost N1 billion, to grow and enhance their businesses.
NAN reports that N6.25 billion will be injected into the fund by the state government for four years, totaling N25 billion.
“These beneficiaries are making history as the first set of this Employment Trust Fund, and my charge to you is simple: you must use these funds responsibly.
“You must use it grow your businesses, create jobs, and contribute to the state’s Gross Domestic Product.
“The idea is that for every N1 million we disburse, we should create a minimum of five jobs around that business value chain,’’ Ambode said.
He said the government was funding businesses and individuals including carpenters, hairdressers, electricians, automobile parts repairers, block makers, among other businesses.
According to him, the Fund has provided loans to some Small and Medium Enterprises (SMEs) in hospitality, Information Communication and Technology (ICT), education, food and beverages, and agriculture.
He said the loans were provided at a very affordable rate of five per cent per annum; far cheaper than the prevailing bank interest rates.
“This is our modest way of reflating the Lagos economy, creating jobs and getting our youths gainfully occupied.
“Those of you here today, the first beneficiaries of this initiative, will be the agents through which our country can overcome its current economic challenges,’’ Ambode said.
He said that the government would keep its promise of supporting at least 100,000 businesses and creating 300,000 direct and 600,000 indirect jobs by 2019.
“We are particularly interested in supporting women and I enjoin our market women, female artisans and SMEs owners to take advantage of this opportunity.
“This pilot scheme has selected beneficiaries from the 20 Local Governments and 37 Local Council Development Areas.
“This has provided another opportunity for the fund to test its processes ahead of a full roll out next month.
“I urge all Lagos residents, irrespective of your tribe, religion or gender to apply for this scheme. It is for everybody,’’ the governor said.
Ambode implored the Employment Trust Fund to pay special attention to the entertainment industry and the technology hubs in Sabo, Yaba area of the state.
According to him, these are new areas with huge potential for growth and job creation.
Earlier in her welcome address, Mrs Ifueko Omogui-Okauro, the ETF Board Chairman, said the board was set to deliver on its promises to ensure fairness and even spread across the state.
Some of the beneficiaries urged other residents to take advantage of the fund, saying it was a transparent process. (NAN)
