The Lagos State Employment Trust Fund (LSETF) has officially launched Project SURGE, a sector-led urban and rural growth engine, set to deepen access to affordable financing, enterprise development, and accelerate sustainable job creation across Lagos State.
According to Lagos State officials, the launch will usher in a new era of sector-led enterprise development through the disbursement of loans through a diversified sector-focused lending portfolio while reducing the concentration of generic trading within the Fund’s portfolio to below 45 percent.
The lending approach will shift from broad-based financing to a targeted, sector-led model focused on agriculture, the digital economy, and the creative economy, three sectors identified as having the greatest potential for inclusive economic growth and sustainable job creation.
The specialised products will be available across Nano, Micro, and SME categories, with loan amounts ranging from N100,000 to N5 million at a 9 percent annual interest rate and a 5 percent equity contribution.
The launch and stakeholders’ Forum, held recently at NECA House, Alausa, Ikeja, convened senior government officials, members of the Lagos State House of Assembly, development partners, financial institutions, business associations, innovation hubs, cooperatives, entrepreneurs, and young people from across the state.
