The Lagos State Government has disbursed a total of N1.933 billion in loans and grants to Micro, Small and Medium Enterprises (MSMEs) as part of ongoing efforts to stimulate economic growth, strengthen entrepreneurship and reduce unemployment across the state.
The Commissioner for Wealth Creation and Employment, Akinyemi Bankole Ajigbotafe, disclosed this on Thursday during the 2026 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre in Alausa, Ikeja.
Ajigbotafe explained that the intervention, implemented through the Lagos State Employment Trust Fund, saw the disbursement of N1.91 billion in affordable loans to 4,036 MSMEs, while grants worth N23.628 million were provided to 65 businesses to support operations, expansion and sustainability.
According to the commissioner, the initiative is part of the state government’s broader strategy to empower entrepreneurs, create jobs and deepen economic inclusion in Lagos.
“Affordable loans worth N1.91 billion were disbursed to 4,036 micro, small and medium enterprises in Lagos, driving business growth, resilience and expansion for job creation,” Ajigbotafe said.
He added, “Grants worth N23.628 million were also disbursed to 65 MSMEs in Lagos to cover operating costs of their businesses, strengthening the businesses’ resilience and scalability.”
Ajigbotafe further revealed that more than 8,454 MSMEs benefitted from enterprise development and capacity-building programmes, while 848 entrepreneurs were linked to market opportunities aimed at improving sales and increasing business visibility.
The commissioner noted that the ministry also expanded vocational and technical training programmes through partnerships with international development organisations and private sector stakeholders.
“In partnership with GIZ, King’s Trust International, USADF and Diageo, we trained 3,456 Lagosians in vocational and technical skills across construction, hospitality and tourism, the creative industry, health and beauty, and the green economy,” he said.
“Out of this figure, 2,127 beneficiaries were successfully placed into jobs, thereby increasing the employability of young Lagosians.”
Ajigbotafe also disclosed that the Lagos State Government, in collaboration with the United Nations Development Programme, signed a Memorandum of Understanding to train an additional 2,000 Lagosians in 2026.
Speaking on inclusion and social impact, the commissioner said the ministry partnered with Lafarge Africa Plc, the Lagos State Office for Disability Affairs, the Ministry of Youth and Social Development, and the Lagos State Council of Tradesmen and Artisans to deliver entrepreneurship and vocational training programmes targeted at women and persons with disabilities.
According to him, “The programme supported 50 women in construction and 100 persons with disabilities in vocational skills such as hairdressing, makeup, shoe and bag manufacturing, as well as phone and laptop repair services.”
Highlighting the state’s investment in innovation and technology-driven entrepreneurship, Ajigbotafe disclosed that LSETF incubated 50 early-stage startups through its Idea Hub programme and recently launched the third cohort of the Female Founders and Funders programme involving 30 female founders.
“About 1,000 tech talents were also trained in software development, full-stack development, cybersecurity and AI for software engineering, among others,” he added.
On employment generation, the commissioner said the Lagos State Graduate Internship Placement Programme has continued to bridge the gap between academic learning and workplace requirements.
He revealed that the initiative has impacted more than 6,500 graduates across the five divisions of Lagos State since its inception, with 2,500 graduates successfully placed during the 2024 cycle, which concluded in 2025.
Ajigbotafe explained that participants undergo a three-week employability training before being deployed for a three-month paid internship with a monthly stipend of N60,000.
He further disclosed that the ministry organised job fairs and recruitment engagements connecting job seekers with employers across multiple sectors.
According to the commissioner, one of the recent job fairs attracted 2,005 job seekers, including 17 persons with disabilities, while more than 110 recruiting organisations participated.
“The event exceeded our initial target of 1,500 participants and enabled meaningful employer-candidate interactions, resulting in several participants securing employment opportunities,” he said.
