Lagos Disburses N1.933bn Loans, Grants To Boost Small Businesses

As part of efforts to stimulate economic growth, reduce unemployment and strengthen entrepreneurship, the Lagos State government disbursed N1.933 billion in loans and grants to micro, small and medium enterprises (MSMEs) across the state.

The state’s commissioner for Wealth Creation and Employment, Hon. Akinyemi Bankole Ajigbotafe, revealed this during the 2026 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja, Lagos.

According to him, the financial intervention, implemented through the Lagos State Employment Trust Fund (LSETF), included N1.91 billion in affordable loans disbursed to 4,036 MSMEs, alongside grants worth N23.628 million provided to 65 businesses to support operations, expansion and resilience.

AjigBotafe added that the interventions form part of the state government’s broader strategy to empower entrepreneurs, create jobs and deepen economic inclusion across Lagos.

“Affordable loans worth N1.91 billion were disbursed to 4,036 micro, small and medium enterprises in Lagos, driving business growth, resilience and expansion for job creation,” Ajigbotafe said.

He added: “Grants worth N23.628 million were also disbursed to 65 MSMEs in Lagos to cover operating costs of their businesses, strengthening the businesses’ resilience and scalability.”

The commissioner revealed that, in addition to financial support, over 8,454 MSMEs benefited from enterprise development and capacity-building initiatives. At the same time, 848 entrepreneurs were connected to market opportunities to boost sales and expand their businesses’ visibility.

Ajigbotafe explained that the ministry, through strategic partnerships with international development organisations and private sector stakeholders, also intensified vocational and technical training programmes for Lagos residents.

“In partnership with GIZ, King’s Trust International, USADF and Diageo, we trained 3,456 Lagosians in vocational and technical skills across construction, hospitality and tourism, the creative industry, health and beauty, and the green economy,” he said.

“Out of this figure, 2,127 beneficiaries were successfully placed into jobs, thereby increasing the employability of young Lagosians.”

The commissioner further disclosed that the state government, in collaboration with the United Nations Development Programme (UNDP), signed a Memorandum of Understanding to train an additional 2,000 Lagosians in 2026.

Ajigbotafe also highlighted the state’s growing investment in innovation and technology-driven entrepreneurship.

He disclosed that LSETF incubated 50 early-stage startups through its Idea Hub programme and recently launched the third cohort of the Female Founders and Funders programme involving 30 female founders.

“About 1,000 tech talents were also trained in software development, full-stack development, cybersecurity and AI for software engineering, among others,” he added.