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Lagos State launches N5 billion post-COVID-19 economic recovery support for MSMEs

The Lagos State government through the Lagos State Employment Trust Fund (LSETF) launched a N5 billion economic recovery support for MSMEs in the state, tagged “Lagos Economic Acceleration Programme (LEAP).”

This is in a bid to help businesses in Lagos recover from the effect of the COVID-19 pandemic. See more details below.

This was disclosed in a tweet on the Lagos State Government official Twitter handle.

The tweet reads “In a bid to help businesses in Lagos recover as well as save and create more jobs in the wake of the COVID-19 pandemic, the Lagos State Government, on Wednesday, unveiled N5 Billion Lagos Economic Acceleration Programme (LSETF-LEAP).

At the unveiling, the Executive Secretary/CEO, Lagos State Employment Trust Fund, Mrs. Tejumade Abisoye, described the LSETF-LEAP as a sector-specific intervention programme aimed at supporting MSMEs businesses and driving growth across targeted sectors that have been severely affected by the pandemic.

She explained further, that the programme will provide access to affordable finance at a single-digit interest rate, enhance capacity building, foster market linkages and leverage business expansion opportunities for its beneficiaries.

According to her, some of the identified high-impact sectors with substantial employment creation opportunities include Education, Technology, Transport and Logistics, Healthcare, Renewable Energy and Agriculture.

She noted, however, that the Hospitality, Tourism, Creative and Entertainment Sectors have suffered a downturn that requires intervention that seeks to protect employment. She, therefore implored all interested Micro, Small, and Medium Enterprises applicants to visit the LSETF website to apply.

 

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