Osinbajo Lauds New 12,500 Jobs Created through Lagos Employment Trust Fund
Vice President, Prof. Yemi Osinbajo SAN has commended the Lagos State Government for establishing the Employment Trust Fund (ETF) through which loans are granted to small scale businesses and people with business ideas, saying that it was laudable that over 12,500 new jobs were created within the first six months of the scheme.
The ETF is an initiative of the State Government established by the administration of Governor Akinwunmi Ambode through which a total of N25billion is earmarked to be disbursed within four years to empower business owners with capital to revive moribund ventures, boost trade and as well help to start new ventures.
While delivering a keynote address at the Special Parliamentary Session to mark the third anniversary of the 8th Assembly of the Lagos State House of Assembly, Osinbajo said the ETF, which was created in 2016, was an excellent example of how State Governments could intervene in creating opportunities for small businesses.
“At this point, I want to mention that the Lagos State Employment Trust Fund which was established in 2016 is an excellent example of State intervention in creating opportunities for small businesses. some capital to multiply their
“As of May 2018, 7000 loans thoughts and trade,” Osinbajo totaling about N5billion have said. already been given out and He said as part of measures 12,500 jobs were created even to address poverty in the counwithin the first six months of its try, the federal government was operation. already working on a scheme
“This is a very important inirelating to the ETF through tiative of the State Government which loans would be given to and we think that it is important small traders, adding that the because it understands and adinitiative would commence in dresses theJuly.concernofanimportant segment of our society – the “In the area of job creation, young bright minds that require our party - the All Progressives Congress (APC) realised that we simply have to adopt a bottom-up economic model one where government directly intervenes by massive social investment programme in matters of poverty and this sort of programme addresses youth, especially graduate employment and credit to small businesses but especially credit to the smallest businesses like the one-table trader, the bread or plantain seller and so on.