Lagos State Governor Mr. Babajide Sanwo-Olu on Wednesday launched N4 billion ‘LSETF W-INITIATIVE’ to provide funding for women entrepreneurs in the State to achieve their growth objectives and create jobs for the youths.
The LSETF W-INITIATIVE, is a special intervention fund contributed between the Lagos State Employment Trust Fund and Access bank Plc, to provide access to affordable finance for female-owned businesses in Lagos State.
The scheme, which targets between 5,000 and 10,000 women, was held at LTV Blue Roof as part of activities marking his 100 days in office.
Sanwo-Olu said the initiative was a measure to drive up financial inclusion among women and create financial access for SMEs in state, emphasising that it will also provide support to businesses to stimulate growth and consequently create employment for the teeming young population in the State.
The Governor further expressed the commitment of his administration to tackle unemployment in Lagos, adding that creating opportunities for small businesses and ensuring that women are also in alignment with the THEMES objectives of the administration.
He said: “There is no argument that climes, where young people and women are at the centre of economic planning, have emerged prosperous, progressive and remain the model of development. In Lagos State, the Government’s strategy is to optimise and sustainably grow our local economy, projected to be the fifth-largest economy in Africa, by creating access to funds for our women entrepreneurs. We are confident that it is an intervention that would create wealth for small businesses and consequently put our young and productive youth to work.”
The CEO and Group Managing Director of Access Bank Plc, Herbert Wigwe, while making his remarks noted that “Access Bank is fully committed to bridging the existing gap and provide women with the support they need to successfully implement their business ideas.”
Wigwe added that, “Looking at the number of women present here today, I don’t think the initial N4 billion we set aside to help women will be sufficient and based on that, the initiative fund will be increased to N10billion. Through partnerships with organisations such as LSETF, Access Bank will continue to help women break boundaries, reinvent the status-quo and take advantage of opportunities provided by technology and quality financial systems to make significant impact on the economy of Lagos State and Nigeria as a whole.”