With small businesses contributing nearly 50 per cent to Nigeria’s Gross Domestic Product (GDP) and providing about 80 per cent of employment, the Lagos State Government says it has disbursed about N1.9 billion in loans and grants to Micro, Small and Medium Enterprises (MSMEs) across the state.
According to the Commissioner for Wealth Creation and Employment, Akinyemi Ajigbotafe, it is part of efforts to stimulate economic growth and reduce unemployment.
Speaking at the 2026 Ministerial Press Briefing held at Alausa, Ikeja, the Lagos State Secretariat, he said the intervention was carried out through the Lagos State Employment Trust Fund.
Ajigbotafe said affordable loans worth N1.91 billion were disbursed to 4,036 MSMEs, while grants exceeding N23 million were provided to 65 businesses to support expansion, operations and resilience.
“The state government remains committed to empowering entrepreneurs and supporting businesses to thrive in line with the T.H.E.M.E.S Plus Development Agenda of Gov. Babajide Sanwo-Olu’s administration,” he said.
He noted that the interventions were designed to stimulate economic activities, create jobs and improve livelihoods across Lagos State.
The commissioner also disclosed that the ministry empowered 1,050 Persons With Disabilities (PWDs) through entrepreneurship training and the provision of start-up tools within the last one and a half years.
According to him, residents in underserved communities also benefited from entrepreneurship and innovation programmes targeted at improving economic opportunities.
Ajigbotafe emphasized the ministry trained 200 unemployed youths in Full-Stack Web Development and Data Analysis through a specialised ICT programme and provided laptops to participants.
On employment generation, he noted that the Lagos State Graduate Internship Placement Programme had impacted more than 6,500 graduates across the five divisions of the state since inception.
He said about 2,500 graduates were successfully placed during the 2024 cycle, which concluded in 2025.
The commissioner explained that beneficiaries undergo a three-week employability training before being deployed for a three-month paid internship.
“Each intern is also supported with a monthly stipend of N60,000 to ease transportation and other logistics during the internship period,” he added.
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