The Lagos State Government has disbursed a total of N1.933 billion in loans and grants to micro, small, and medium enterprises (MSMEs) across the state as part of efforts to stimulate economic growth, reduce unemployment, and strengthen entrepreneurship. The Commissioner for Wealth Creation and Employment, Akinyemi Ajigbotafe, disclosed this on Thursday during the 2026 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja.
Ajigbotafe said 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.
According to the commissioner, 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,” the commissioner said.
READ ALSO: Lagos Says ₦4.444trn ‘Budget Of Shared Prosperity’ Will Deepen Economic Growth, Others 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, beyond financial support, over 8,454 MSMEs benefitted from enterprise development and capacity-building initiatives, while 848 entrepreneurs were connected to market opportunities aimed at boosting sales and expanding visibility for their businesses.
“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.