“This bill will address the challenge of unemployment and promote wealth creation through entrepreneurial development. As I sign this Bill today, an annual contribution of N6.25billion will be injected into the Fund by the State Government for 4years totaling N25billion,”.
Governor Ambode also said that a Board of Trustees made up of core professionals would be announced in due course to manage the Fund, adding that more information on the operations of the Fund would be unveiled in due course.
According to him, a board of trustees will be announced in due course to manage the fund.
He said that members of the board would be outside the purview of government.
Ambode, in November 2015, sent the ETF bill to the State House of Assembly for approval.
The fund is aimed at transforming employment creation in the state over the next four years.
It will be administered as soft loans to bona fide residents of the state who desire facilities between N100,000 and N1 million or more.
The fund will be administered through an independent Trust backed by an efficient structure that will disburse the funds.
The Ministry of Wealth Creation and Employment, created in June by the governor, will oversee the affairs of the scheme, while the funds will be channelled through the state’s micro-finance institutions.
Source: Lagos State Facebook
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