Vice President Yemi Osinbajo has commended the Lagos State Government for establishing the Employment Trust Fund through which loans are granted to small-scale businesses and people with business ideas.
According to a statement by Governor Akinwunmi Ambode’s Chief Press Secretary, Habib Aruna, the ETF is an initiative of the state government through which a total of N25bn is earmarked to be disbursed within four years to empower business owners with capital to revive moribund ventures, boost trade and help to start new ventures.
Osinbajo, while delivering a keynote address at the Special Parliamentary Session to mark the third anniversary of the 8th Assembly of the Lagos State House of Assembly, described the ETF as an excellent example of how state governments could intervene in creating opportunities for small businesses.
“They are the ones who sell the single sachets of soap, sugar, spices and so on for the largest numbers of our people but they are forgotten and ignored in the economic plans and budget and they are considered too unhealthy or too risky for micro credit loans,” the Vice President said.
While alluding to Nigeria’s high poverty index, Osinbajo said the neglect of the smallest traders had contributed to the figures, but that the Federal Government was set to take care of people in such a category by expanding the micro credit scheme to them.