Small business owners and aspiring entrepreneurs in Lagos are set to benefit from a new financing initiative launched through a partnership between Agege Local Government and the Lagos State Employment Trust Fund.
The programme, introduced by Abdulganiyu Obasa, is designed to improve access to capital for startups and small-scale enterprises within the Agege community. Under the scheme, qualified applicants can access loans of up to ₦1 million at an annual interest rate of nine percent.
According to Obasa, the initiative is part of a broader effort to stimulate local enterprise, reduce poverty, and strengthen economic participation among residents. The first phase has already seen 10 beneficiaries receive ₦500,000 each, while additional applications remain under evaluation.
Interest in the programme has been significant, with over 130 applications submitted. However, not all candidates qualified, as several applications were declined due to weak credit records. Obasa explained that loan approvals are managed independently by the trust fund, ensuring an objective review process. He also noted that unsuccessful applicants can work on improving their financial credibility before reapplying in future phases.
To promote accountability and business success, beneficiaries will receive monitoring and advisory support throughout the loan cycle. This includes guidance on proper fund utilization and structured repayment planning.
Beyond financing, the local government is also investing in practical skills development to address youth unemployment and economic dependency. Multiple vocational centres in the area have been upgraded to train residents in industries such as fashion, beauty, leather production, technology services, photography, device repairs, and drone operations.
Speaking on the initiative, Mobolaji Ogunlende, Commissioner for Youth and Social Development, described the programme as a strong model for grassroots economic empowerment. He emphasized that with young people accounting for a large share of Lagos’ population, entrepreneurship and vocational training are becoming increasingly essential alternatives to traditional employment paths.
The programme is expected to expand gradually, with more business owners and startups likely to benefit as subsequent phases are rolled out.
