In a strategic approach aimed at fostering economic growth and providing support to Micro, Small, and Medium Enterprises (MSMEs), kakalistiq.com reports that the Ibeju Lekki Local Government, under the dynamic leadership of Council Chairman Hon Abdullahi Sesan Olowa, has signed a 30 million Naira-worth Memorandum of Understanding (MoU) with the Lagos State Employment Trust Fund (LSETF).
The signing ceremony, held at the council secretariat on Tuesday, March 26, 2024, was attended by key officials, including the Secretary to the Local Government, Hon. Adewale Adebanjo, and members of the Executive Council, Mr. Segun Ayodele, Mr. Ibrahim, along with the LSETF team led by Executive Secretary Mrs. Feyisayo Alayande, marked a pivotal moment for business owners in the Council Area.
During the ceremony, Hon. Abdullahi Sesan Olowa expressed his appreciation to the LSETF team and emphasized his administration’s commitment to fostering economic sustainability and growth within the Council Area. He highlighted the creation of an MSME loan program in partnership with LSETF, with 300 beneficiaries set to kick start the initiative. The loan repayment tenor is set at 6 months, with LSETF handling administration and risk management.
When asked about the significance and projected impact of the program on the youth in an interview, Chairman Olowa stated, “This partnership with LSETF is a game-changer for our youth and aspiring entrepreneurs. It provides them with access to finance and business support, empowering them to grow and contribute significantly to our local economy.”
In her remarks, Mrs. Feyisayo Alayande, the Executive Secretary of LSETF, commended the proactive approach of the Ibeju Lekki Local Government under Chairman Olowa’s leadership. She assured seamless loan application processes for citizens, emphasizing LSETF’s focus on access to finance, employability, business support, and technology.
To be eligible for the loan application, individuals must have a valid means of identification, a Bank Verification Number (BVN), a National Identity Number (NIN), a phone number linked to their account, and an email address.
With this partnership and initiative, it is anticipated that businesses in Ibeju Lekki will experience growth and expansion, paving the way for a thriving local economy.
