Economy
LAGOS CREATES 320,000 JOBS, SUPPORTS 20,000 SMEs WITH ₦15BN FUNDING
By Ezinne Blessing
The Lagos State Government has announced that more than ₦15 billion has been disbursed to over 20,000 micro, small and medium-sized enterprises (MSMEs) through the Lagos State Employment Trust Fund (LSETF), contributing to the creation of more than 320,000 direct and indirect jobs across the state over the past decade.
The Executive Secretary of LSETF, Feyisayo Alayande, disclosed this during a media briefing held in Ikeja, where she presented the agency’s 10-year impact report and highlighted its achievements in employment generation, business growth and economic empowerment.
Alayande explained that since its establishment in 2016, the fund has played a pivotal role in addressing unemployment by improving access to finance, skills acquisition, market opportunities and technological support for entrepreneurs and job seekers across Lagos.
According to her, the agency has also helped preserve more than 173,000 jobs that were at risk, while over 82,000 businesses have participated in various capacity-building programmes aimed at improving productivity and long-term sustainability.
She further revealed that more than 30,000 young people have received training and employment support through different initiatives, while the Lagos Innovates programme has assisted over 1,200 technology startups and nurtured more than 3,300 technology talents.
Alayande described the achievements as proof that strategic investments in entrepreneurship and human capital development can significantly impact economic growth.
“Over the past decade, we have disbursed more than ₦15 billion through over 20,000 loans to micro, small and medium enterprises. We have created over 320,000 jobs and saved another 173,000 jobs that could have been lost,” she said.
The Executive Secretary also highlighted the agency’s strong loan repayment culture, noting that beneficiaries have maintained a repayment rate of 94.53 per cent.
“Our repayment rate is not just a financial metric. It demonstrates that when people are given genuine opportunities and treated with dignity, they honour their commitments. Lagos entrepreneurs have consistently shown that they are not a risk but an opportunity,” she stated.
Speaking on the challenges confronting many entrepreneurs, Alayande stressed that access to opportunities remains a major barrier to success.
“The difference between someone who succeeds and someone who does not is often access. Access to capital, access to knowledge, access to markets and access to networks. That is the gap LSETF was created to bridge,” she said.
She also underscored the importance of partnerships in expanding the agency’s impact, citing collaborations with development organisations and private sector stakeholders, including GIZ, UNDP, King’s Trust International, Lafarge and several government ministries.
Alayande shared success stories of beneficiaries whose lives have been transformed through the agency’s interventions, including a woman living with disability who acquired mobile phone repair skills through a programme supported by Lafarge and successfully established a sustainable business.
She also referenced a female entrepreneur who participated in the Lagos Innovates initiative and later showcased her innovation at GITEX, one of the world’s foremost technology exhibitions.
According to her, such achievements demonstrate the far-reaching benefits of providing opportunities to individuals who may otherwise be excluded from economic participation.
Looking ahead, the LSETF boss said the agency intends to expand its support for businesses, increase access to funding, strengthen youth-focused training programmes and deepen investment in technology-driven enterprises.
She announced plans for the Lagos Employment Summit 4.0, scheduled for the fourth quarter of 2026, which will bring together government institutions, private sector operators, development partners and civil society organisations to discuss strategies for sustainable job creation and enterprise development.
While expressing satisfaction with the agency’s accomplishments over the last decade, Alayande maintained that greater efforts are required to extend economic opportunities to more residents.
“We are proud of what has been achieved over the last 10 years, but we are focused on doing even more. The next decade must deliver greater access to finance, more jobs, more training opportunities and stronger support for businesses that are ready to grow,” she said.
Economy
Tantita, Partner Firm Support 20 Widows with ₦20 Million in Bomadi
By Rukevwe Odeh
Tantita Security Services Nigeria Limited has strengthened its community support initiatives by providing financial assistance totaling ₦20 million to 20 widows in Bomadi Local Government Area of Delta State.
The empowerment programme, carried out on Tuesday, was organized by the company through its Community Relations Department in collaboration with Tombraski Security Company. Beneficiaries were selected from the Tuomo and Bomadi communities.
The initiative forms part of Tantita Security Services’ widows’ empowerment programme, which is designed to improve the livelihoods of vulnerable women by providing financial support to help them meet their needs and pursue income-generating activities.
Company representatives said the programme reflects the firm’s ongoing commitment to community development and social welfare, particularly among disadvantaged groups in its host communities.Tantita, Tombraski Empower 20 Widows with ₦20m in Bomadi
The financial support was presented on Tuesday as part of the company’s widows’ empowerment initiative, aimed at improving the welfare of vulnerable women and promoting economic self-reliance in the benefiting communities.
The programme underscores Tantita’s continued commitment to community development and social investment across its host communities.
Economy
AfDB Raises Alarm Over Nigeria’s Growing Sanitation Challenge Amid Population Boom
By Divine Perezide
The African Development Bank (AfDB) has warned that Nigeria’s rapidly increasing population could deepen the country’s sanitation challenges unless urgent investments are made to improve urban sanitation infrastructure.
The warning was issued during the unveiling of Nigeria’s Urban Sanitation Diagnostic Report under the African Urban Sanitation Investment Initiative (AUSII) in Abuja. Participants at the event noted that only about 20 per cent of Nigerians currently have access to safely managed sanitation services, despite the country’s fast-growing population.
Experts projected that Nigeria’s population could surpass 400 million by 2050 and approach 500 million before the end of the century, a development expected to place greater pressure on cities, public health systems, the environment and economic growth if sanitation services are not significantly improved.
Speaking at the event, AfDB’s Division Manager for Water and Sanitation, Jeanne-Astrid Ngako, described Nigeria’s population expansion as one of the continent’s biggest urban development concerns. She stressed that the country’s priority should be ensuring residents have access to safe sanitation facilities as cities continue to expand.
Ngako urged governments at all levels, development partners, civil society organisations and the private sector to work together, describing urban sanitation as a critical national development issue rather than a sector-specific concern.
She acknowledged progress made by the Federal Ministry of Water Resources and Sanitation but said the report identified major shortcomings, especially in sanitation systems serving densely populated urban areas. According to her, relying solely on conventional sewer networks would not adequately solve Nigeria’s sanitation problems because such projects require huge investments and long implementation periods.
Instead, she recommended expanding the use of affordable on-site sanitation systems capable of serving rapidly growing urban and peri-urban communities more efficiently.
Also speaking, Director of Water Quality Control and Sanitation at the Federal Ministry of Water Resources and Sanitation, Jamilu Dan Habu, disclosed that while roughly 60 per cent of Nigerians have access to basic sanitation, only one in five enjoys safely managed sanitation services.
He added that hygiene service coverage stands at about 25 per cent nationwide. Sanitation facilities are available in only 44 per cent of schools, 15 per cent of healthcare centres and approximately 20 per cent of public spaces.
Habu explained that rapid urbanisation continues to outpace infrastructure development, leaving many cities with widening sanitation gaps. He noted that most households depend on on-site sanitation because sewer systems remain limited across the country.
According to him, the Federal Government has introduced several reforms, including the National Action Plan for the Revitalisation of the Water, Sanitation and Hygiene (WASH) Sector, while work is ongoing to review the National Policy on Water Supply and Sanitation to strengthen governance and improve inclusive sanitation services across Nigerian cities.
Economy
Dangote Refinery Explains Fuel Pricing, Cuts Petrol Cost by ₦50
By Rukevwe Odeh
Dangote Petroleum Refinery has defended its fuel pricing strategy following criticism over recent fluctuations in petrol prices, while announcing a fresh reduction of ₦50 per litre in its ex-depot price.
The company said the latest adjustment reflects changes in international crude oil prices and demonstrates its commitment to ensuring Nigerians benefit whenever market conditions improve.
According to the refinery, fuel prices are influenced by several factors, including the cost of crude oil, foreign exchange rates, logistics, and other operational expenses. It explained that price reviews are carried out in response to prevailing market realities rather than arbitrary decisions.
With the latest review, the refinery’s ex-depot price has been reduced by ₦50 per litre, a move expected to lower the cost of petrol at filling stations once marketers adjust their retail prices.
The company noted that all outstanding product orders that had not been loaded before the implementation of the new price would be recalculated using the revised rate, allowing customers to benefit from the reduction.
Dangote Refinery also stressed that it remains focused on maintaining a stable supply of petroleum products while promoting greater affordability for consumers across the country.
Industry observers believe the latest price cut could trigger further reductions in pump prices nationwide, although the final retail price will still depend on transportation costs, marketers’ margins, and other distribution-related expenses. The reduction follows a decline in global crude oil prices after easing geopolitical tensions in the Middle East, which have helped moderate energy costs internationally.
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