LAGOS STATE GOVERNMENT HAS RELEASED N1.933 billion in loans and grants to micro, small and medium enterprises (MSMEs) across the state, part of a wider drive to spur economic growth, create jobs and deepen entrepreneurship. The disbursement was announced by Commissioner for Wealth Creation and Employment Akinyemi Ajigbotafe during the 2026 Ministerial Press Briefing at the Bagauda Kaltho Press Centre in Alausa, Ikeja.
Through the Lagos State Employment Trust Fund (LSETF), the government provided N1.91 billion in affordable loans to 4,036 MSMEs, complemented by grants worth N23.628 million to 65 businesses for operational costs, expansion and resilience. The financial aid is a cornerstone of Lagos’ strategy to empower entrepreneurs, reduce unemployment and broaden economic inclusion.
Beyond direct financing, the ministry reported that 8,454 MSMEs have benefited from enterprise development and capacity‑building programmes, while 848 entrepreneurs were linked to market opportunities designed to boost sales and visibility. Strategic partnerships with international development agencies and private sector players have also expanded vocational and technical training. In collaboration with GIZ, King’s Trust International, USADF and Diageo, 3,456 Lagos residents received training in construction, hospitality, tourism, creative industries, health and beauty, and the green economy. Of those, 2,127 have secured employment, enhancing the city’s skilled labour pool.
The state has also entered a new memorandum of understanding with the United Nations Development Programme (UNDP) to train an additional 2,000 Lagosians in 2026. Inclusion features prominently in the ministry’s agenda; partnerships with Lafarge Africa, the Lagos State Office for Disability Affairs, the Ministry of Youth and Social Development and the Lagos State Council of Tradesmen and Artisans have delivered entrepreneurship and vocational programmes for women and persons with disabilities. The initiative supported 50 women in construction and 100 individuals with disabilities in trades such as hairdressing, makeup, shoe and bag manufacturing, and electronic device repair.
Innovation and technology‑driven entrepreneurship are receiving heightened attention. LSETF’s Idea Hub incubated 50 early‑stage startups and launched the third cohort of the Female Founders and Funders programme, which now supports 30 female founders. Meanwhile, about 1,000 tech talents have been trained in software development, full‑stack engineering, cybersecurity and artificial intelligence, positioning Lagos as a regional tech hub.
On the graduate front, the Lagos State Graduate Internship Placement Programme (LSGIPP) continues to bridge the gap between academic training and workplace demands. Since its inception, the programme has impacted more than 6,500 graduates across Lagos’s five administrative divisions, with 2,500 graduates successfully placed during the 2024 cycle that concluded in 2025. Participants undergo three weeks of employability training before embarking on a three‑month paid internship with a monthly stipend of N60,000.
Recent job‑fair activities further illustrate the government’s employment drive. One event attracted 2,005 job seekers, including 17 persons with disabilities, and saw participation from over 110 recruiting organisations, surpassing its target of 1,500 attendees and facilitating numerous employment matches.
The cumulative effect of these interventions underscores Lagos State’s commitment to fostering a resilient, inclusive and tech‑savvy economy. With substantial financial support, targeted skills training and robust market linkages, the state aims to sustain momentum in job creation and entrepreneurial growth, positioning itself as a leading example of sub‑Saharan economic development.