Lagos supports MSMEs with N1.9bn in loans and grants
The Lagos State Government has provided significant financial support to Micro, Small, and Medium Enterprises (MSMEs) to encourage business growth. Akinyemi Ajigbotafe, Commissioner for Wealth Creation and Employment, announced the disbursement of about N1.9 billion in loans and grants. The initiative aims to boost entrepreneurship, reduce unemployment, and improve livelihoods across the state. The government also prioritised inclusivity and skills development for various groups.
What we know
- Akinyemi Ajigbotafe stated that N1.91 billion in affordable loans was given to 4,036 MSMEs, and grants over N23 million were provided to 65 businesses.
- The interventions were carried out through the Lagos State Employment Trust Fund to stimulate economic activities and job creation.
- 1,050 Persons With Disabilities received entrepreneurship training and start-up tools within the last one and a half years.
- 200 unemployed youths were trained in Full-Stack Web Development and Data Analysis and received laptops.
- The Lagos State Graduate Internship Placement Programme placed about 2,500 graduates during the 2024 cycle, which concluded in 2025, with each intern receiving a monthly stipend of N60,000.
