The Lagos State Employment Trust Fund (LSETF) government in collaboration with Access Bank has launched LSETF W Initiative to empower women in the state.
The initiative, which has a total loan portfolio of N10 billion, will be available for businesses that a woman holds at least 50% ownership share and have been in operation for one to five years.
Delivering his keynote address, Babajide Sanwo-Olu, the Lagos state governor, said: “The LSETF W Initiative has come at a very critical time for our economy, as we believe that women have a great role to play towards achieving the developmental results that we seek in our state.
“It is important to leverage on the accumulation of resources built through relationships, trust, goodwill, and influence between the State and other private sector stakeholders to make things happen quickly.
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“We are very proud of Access Bank as they continue to make available their financial and business expertise as well as their funds towards ensuring that our women are given adequate access to resources that will aid their successes.”
At the event, Herbert Wigwe, Access Bank group managing director, said the bank is committed to giving women the support they need to successfully implement their business ideas.
“Looking at the number of women present here today, I don’t think the initial N4billion 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 a significant impact on the economy of Lagos State and Nigeria as a whole.”