Agege Local Government Area has launched a new loan programme offering up to N1 million to residents, in a move aimed at strengthening small businesses and tackling poverty at the grassroots.
The initiative, unveiled on Thursday by the Chairman of Agege LGA, Abdulganiyu Obasa, is being implemented in collaboration with the Lagos State Employment Trust Fund.
Obasa said the scheme provides access to loans of up to N1m at a nine per cent annual interest rate, targeting both startups and existing small businesses within the council area.
He disclosed that the rollout has already begun, with 10 beneficiaries receiving N500,000 each, while about 25 additional applications are currently under review. According to him, more than 130 people applied for the programme, but roughly 52 applications were declined due to poor credit history.
“We are here for the launch of a programme between Agege Local Government and the Lagos State Employment Trust Fund. It is designed to give loans and support small businesses within our community, lift people out of poverty and help startups grow,” Obasa said.
He clarified that the loan approval process is handled entirely by LSETF, distancing the council from direct involvement in beneficiary selection.
“There is a process handled by LSETF. We are not directly involved in the loan approval. Some applicants were declined because of bad credit, but that is something they can improve over time,” he added.
On repayment and monitoring, the chairman noted that LSETF would provide continuous support to beneficiaries to ensure proper utilisation of funds and timely repayment.
“The Lagos State Employment Trust Fund does the hand-holding throughout the process, ensuring that beneficiaries use the funds for their businesses and begin repayment as scheduled,” he said.
Obasa further stated that the loan scheme will be implemented in phases, with additional beneficiaries expected as the programme expands.
Beyond financing, the council has also invested in vocational development. The chairman revealed that several skill acquisition centres across Agege have been upgraded, covering areas such as fashion, beauty, leather works, technology, photography, phone and gadget repairs, as well as drone operations.
He stressed the importance of equipping young people with practical skills, noting that traditional white-collar jobs can no longer absorb the rapidly growing population.
Also speaking at the event, the Commissioner for Youth and Social Development, Mobolaji Ogunlende, described the programme as a scalable model for other councils.
“This is a template that can be replicated across all 57 local governments and LCDAs. It will help the government, the people and the youth, as more individuals will have productive engagements,” Ogunlende said.
He noted that youths make up about 60 per cent of Lagos State’s population and emphasised the need for structured engagement through skills and enterprise initiatives.
“This programme provides an opportunity for youths to be engaged and learn skills. Instead of staying idle, they should utilise these centres and say no to drugs,” he added.
In her remarks, the Executive Secretary of LSETF, Feyisayo Alayande, said the partnership goes beyond financial support by focusing on long-term business sustainability.
She explained that about 200 small businesses were enrolled in a four-week training programme covering financial literacy, business structuring and digital marketing, with 130 participants completing the programme.
“The chairman was very intentional about creating opportunities for businesses to learn, grow and scale. This collaboration is about building capacity and ensuring sustainability for nano, micro and small businesses,” Alayande said.
Beneficiaries who spoke at the launch commended the initiative and expressed readiness to apply the knowledge gained, alongside the loans received, to grow their businesses.
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