Council partners Lagos govt on SME loan scheme

In a significant move to empower local entrepreneurs and combat poverty, the Chairman of Agege Local Government Area, Abdulganiyu Obasa, has partnered with the Lagos State Employment Trust Fund (LSETF) to launch a vital loan scheme. This initiative directly addresses the pressing need for financial support for small businesses within the community, offering a lifeline for startups and existing enterprises.

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We are here for the launch of a programme between Agege Local Government and the Lagos State Employment Trust Fund. It is designed to give loans and support small businesses within our community, lift people out of poverty and help startups grow.

The scheme provides loans of up to N1 million at a competitive 9% annual interest rate, a move that demonstrates a clear commitment to fostering economic growth at the grassroots level. The fact that 10 applicants have already received N500,000 each, with many more under review, underscores the tangible impact of this program. This is not just about providing capital; it's about creating opportunities for sustainable livelihoods and lifting families out of poverty.

Beyond financial aid, the Agege Local Government has proactively invested in the future by upgrading several skill acquisition centers. These centers, covering diverse sectors from fashion and beauty to technology and drone operations, are crucial for equipping the youth with vocational skills. In a landscape where white-collar jobs are increasingly scarce, these centers offer a practical pathway to self-sufficiency and productive engagement, directly countering idleness and its associated social ills.

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This is a template that can be replicated across all 57 local governments and LCDAs. It will help the government, the people and the youth, as more individuals will have productive engagements.

This program serves as a commendable model for other local governments across Lagos State. The Commissioner for Youth and Social Development, Mobolaji Ogunlende, rightly pointed out that replicating such initiatives can significantly boost youth engagement and enterprise development, a critical need given that youths constitute a substantial portion of Lagos's population. The Agege Local Government's proactive approach, spearheaded by Chairman Obasa, showcases a dedication to grassroots development and a pragmatic response to the economic challenges faced by its constituents.

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This programme provides an opportunity for youths to be engaged and learn skills. Instead of staying idle, they should utilise these centres and say no to drugs.