Lagos State Governor, Mr. Akinwunmi Ambode on
Thursday presented cheques worth over N1billion to 705 beneficiaries of the
Lagos State Employment Trust Fund (ETF) pilot scheme, charging them to utilise
the funds responsibly to grow their businesses, create jobs for the unemployed
youths and contribute to the growth of the Lagos economy.
Governor Ambode, who made the presentation at the
LTV Blue Roof, Ikeja, Lagos, said his administration identified unemployment as
a major socio-economic challenge facing Lagos State and Nigeria as a whole in
the course of the electoral campaign, and thus prioritised job creation
.
He said the setting up of the ETF was a direct
response to address the challenge of unemployment as well as provide support to
the youths, entrepreneurs, artisans and other unemployed residents of the
State.
“We have kept our word. We created a dedicated
Ministry of Wealth Creation and Employment, whose mission is to promote and
sustain entrepreneurship and employment,” the Governor said.
Governor Ambode, while commending the Board and
Management of the Fund for embarking on a comprehensive review of the business
environment and developing a strategic framework and operating guidelines to
ensure the sustainable and successful management of these funds, said the successful
disbursement was a product of the painstaking effort.
He said the funds are targeted at small and medium
scale businesses and individuals including carpenters, hairdressers,
electricians, automobile parts repairers, block makers, bakers, fashion designers,
cake makers, food sellers, kerosene retailers, mobile money agents, painters,
plumbers, photographers and light manufacturers of liquid soaps and water among
others.
“These beneficiaries are making history as the
first set of beneficiaries of this Employment Trust Fund, and my charge to you
is simple: You must use these funds responsibly, grow your businesses, create
jobs for our unemployed youths and contribute to the growth of the Lagos State
GDP. The idea is that for every N1million we disburse, we should create a
minimum of five jobs around that business value chain.
“These loans have been provided at a very
affordable rate of 5% per annum, far cheaper than the prevailing bank interest
of 25% per annum. 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,” Governor
Ambode said.
The Governor also enjoined market women and female
artisans to take advantage of the opportunity as his administration was
particularly interested in supporting women in business.
“I also implore the Employment Trust Fund to pay
special attention to the Entertainment Industry and the Tech Hubs in Sabo, Yaba
area. These are new areas with huge potential for growth and job creation,” he
said.
Governor Ambode also expressed optimism that the
target by the Board to empower at least 100,000 micro, small and medium
enterprises in due course was achievable and that the multiplier effect would
be the creation of over 300,000 direct and 600,000 indirect jobs by 2019.
In her opening remarks, Chairman, Board of ETF,
Mrs. Ifueko Omoigui-Okauru said the presentation of cheques to beneficiaries
was in fulfillment of the promise made by Governor Ambode during the
electioneering and a confirmation of many to come.
She recalled that while canvassing for votes, the
need to provide jobs was clearly on the mind of the Governor, and according to
her, he wasted no time in setting up the ETF Board made up of people with
proven track record, as well as transferring N6.25billion for the initiative to
kick off, while the Board ensured that the process was fair and transparent
with no favour as to party, religion, tribe or faith, and covered all the 57
Councils in the State.
“While we were trying to come up with the
necessary procedures, Governor Ambode kept telling us to hurry up to start
disbursing the loans to residents which signified his good intention and he has
also given us the mandate to make the disbursement a monthly affair to make the
fund get to as many residents as possible,” Omoigui-Okauru said.
Responding on behalf of others, one of the
beneficiaries, Ahmed Ojikutu thanked Governor Ambode for the initiative, saying
that it was gratifying to note that the process was very transparent.
He said: “This is indeed a promise kept by the
Governor. When next the Governor tells us anything, we will believe him and I
want to sincerely thank him on behalf of all the
beneficiaries.”
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