Lagos State awarded N1.56 billion to 3,673 enterprises and mentored young entrepreneurs

Lagos State awarded N1.56 billion to 3,673 enterprises and mentored young entrepreneurs

Through the State Employment Trust Fund, the Lagos State Government has given grants of N1.56 billion to 3,673 firms and mentored and advised young people on how to establish and expand their businesses.

The Governor made this announcement today at the Commerce House, Victoria Island, Lagos, Lagos Economic Summit Group (LESG) Private-Public Partnership Pre-Ehingbeti Stakeholders Engagement, with the theme: “Building a Sustainable Future for a Greater Lagos.”

In addition, the State Government supported 1,835 small businesses with N985 million, which resulted in the creation of 10,500 direct jobs in the state, according to the Governor, who was represented by Deputy Governor Dr. Kadri Obafemi Hamzat. The Government also invested N1 billion into agricultural value chain businesses to provide food and create jobs in the State.

The establishment of numerous initiatives, such as the Lagos State Employment Trust Fund and Lagos State Security Trust Funds, among others, that have raised the living standards of Lagosians and given the State the enviable status of being the economic nerve center of the nation, according to him, is just one example of how the Ehingbeti Summit has continued to achieve its purpose.

“Let me boldly assert here that much of the critical infrastructure that dots the landscape of Lagos as well as trailblazing efforts that have significantly boosted Lagos’ standing as a functioning mega-city, testifies to the quality of resolutions of earlier Ehingbeti Summits,” the governor remarked.

Sanwo-Olu continued by stating that the Lagos Chamber of Commerce and Industry (LCCI)/Lagos Economic Summit Group (LESG) Private-Public Partnership Pre-Ehingbeti Stakeholders Engagement was organized to inform important stakeholders about the year 2022 summit and to solicit their input on the proposed 30 years Lagos State Development Plan that will be unveiled at the Summit for discussion and final adoption for implementation.

In his earlier remarks, Mr. Samuel Egube, Commissioner for Economic Planning and Budget and Co-Chairman of the Ehingbeti Lagos Economic Summit, gave the assurance that the government would keep working with the private sector on the state’s 30-year development plan and other projects related to general development.

The Ikoyi Link Bridge, the BRT Project, the Red and Blue Rail Project, which will soon begin operating, the Lagos Free Trade Zone, and the Imota Rice Mill, among many other developments, were all brought about by resolutions from previous Ehingbeti Summits, he continued, adding that the Ehingbeti Economic Summit had played a vital role in the development of the State.

The Commissioner for Finance, Dr. Rabiu Olowo, stated in a similar manner that the Ehingbeti Economic Summit is about the State’s deliberate agenda for a Greater Lagos and has the absolute inclusion of the various stakeholders. He added that the State Government has fulfilled about 90% of the action plans from the previous summit, which will be reported during the upcoming Ehingbeti Summit taking place from October 11 to October 12, 2022.

In his opening remarks, the President of the Lagos Chamber of Commerce and Industry, Dr. Michael Olawale-Cole, was represented by the Deputy President, Mr. Gabriel Idahosa.

He said that the decision of the Lagos State Government to work with the Chamber on the 30-year Development Plan demonstrates the government’s appreciation and recognition of the Organized Private Sector in the realization of the socio-economic goals of the State and the Nation in general.

He promised to inform the business community about the opportunities and benefits built into the plan and why they should be a part of it. He also assured the State Government of the support of the Lagos Chambers of Commerce and Industry in ensuring the effective implementation of the State Development Plan.

»Lagos State awarded N1.56 billion to 3,673 enterprises and mentored young entrepreneurs«

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