Business Hilights
Tracking Nigeria's Headline Business News Online

150 SMEs got facility from ETF out of 281 micro-enterprises in Lagos

Indications have emerged that about150 small and medium enterprises (SMEs) have received offer letters under the pilot scheme of its Employment Trust Fund (ETF) while 281 micro-enterprises have gotten approval and are waiting for access to the fund before the end of last year.

Mr. Akintunde Oyebode, the Executive Secretary of the ETF, made the remark recently at the presentation of offer letters to some of the beneficiaries, saying the pilot scheme of the ETF seeks to support 1,000 Micro, Small and Medium Enterprises (MSMEs).

He noted that the distribution of the offer letters was in pursuit of government’s overall goal to support 100,000 MSMEs and create 300,000 and 600,000 indirect jobs by 2019.

Oyebode disclosed that under the pilot scheme, beneficiaries would be given five per cent interest loans between N300, 000 and N500, 000 and are expected to repay within 12 months.

He said “Subsequently, we will roll out the SME loan programme of up to N5 million for three years,” noting that a lot of organisations were engaged in the selection, verification and disbursement of loans to the beneficiaries, and also provided applicants through their membership.

A recipient, Mr. Charles Obi, on behalf of other beneficiaries, thanked Gov. Akinwumi Ambode for keeping to his promise and truly making the fund accessible.

Business Hilights recalls that Governor Ambode had in January signed the N25bn Employment Trust Fund Bill into law, to address unemployment and promote wealth creation through entrepreneurial development.

The meaning of the fund release is that about N6.25billion will be injected into the fund by the state government for four years.