Lagos To Launch Labour Market Information System

The Lagos State Government has said it would be launching the Labour Market Information System to provide up-to-date information to individuals and institutions seeking data about employment in the state.

The Acting Executive Secretary of Lagos State Employment Trust Fund (LSETF), Feyisayo Alayande, disclosed this on Monday while briefing journalists in Ikeja on the forthcoming Lagos Employment Summit slated for July 3.

She said the labour management information system, which would be unveiled at the summit, would be a connecting platform for job-seekers and employers.

Alayande: “The labour management information system will ensure that anyone that needs data on employment and labour has a place to go to, as a job-seeker and as an employer.”

LSETF was established by the Lagos State Government in 2016 to provide financial support to residents of the state, for job, wealth creation and to tackle unemployment.

Alayande informed that since inception the agency has disbursed over N10bn in business grants to support new and existing enterprises, with 86 percent of beneficiaries meeting their loan repayment obligations.

The LSETF boss also revealed that at least 500,000 private business enterprises operating in the state have been successfully supported and stabilised through a tenure-bound credit programme and seed capital by the agency.

She said: “Since inception of our operations, we have provided good support to businesses in terms of funding. We have done about N10 billion disbursement till date in terms of creating access to seed capital and business financing for enterprises across sectors. We have done about 220,000 entrepreneurial trainings for Lagosians, while supporting about 500,000 businesses.

“As of two months ago, we had over 83 per cent collection rate, which means that the majority of our loan beneficiaries have paid back their facilities. As I speak, we have moved the collection rate up to 86 per cent. This means that we have been performing better.

“Our beneficiaries are constantly reminded about their obligations to repay the loan given to them to scale up their businesses. Our goal is to achieve total repayment. Any beneficiary who defaults the loan repayment is automatically denying someone else the opportunity to benefit from the scheme.”