Lagos Disburses N1.56b As Grants To 3,673 Businesses

L-R: Commissioner for Economic Planning & Budget and Co-Chairman of Ehingbeti Economic Summit, Mr Samuel Egube; Representative of President and Chairman of LCCI, Mr Gabriel Idahosa; Lagos State Deputy Gov., Dr Obafemi Hamzat; Co-Chairman, Ehingbeti Summit 2022 Mrs Mary Iwelumo and Vice President, LCCI, Prince Abimbola Olahore 

Lagos State Government through the state Employment Trust Fund has supported 3,673 businesses with the sum of N1.56 billion as grants. 

Gov. Babajide Sanwo-Olu of Lagos State made this known at the Lagos Chamber of Commerce and Industry (LCCI)/Lagos Economic Summit Group (LESG) Private-Public Partnership Pre-Ehingbeti Stakeholders Engagement on Tuesday in Lagos. 

The News Agency of Nigeria (NAN) reports that the event had the theme: “Building a Sustainable Future for a Greater Lagos”. 

Sanwo-Olu who was represented by his deputy, Dr Obafemi Hamzat,  added that the state government had also provided mentorship, and business advisory to young people to start and grow their businesses. 

According to him, the state government also supported 1,835 small businesses with N985 million which has led to the creation of 10,500 direct jobs in the state. 


Sanwo-Olu explained that his administration had put N1 billion into Agricultural Value Chain businesses to provide food and create jobs in the state. 

He said: “the Ehingbeti Summit, achieved its purpose through the meticulous and faithful implementation of innovative ideas and suggestions like the establishment of numerous initiatives which included the Lagos State Employment Trust Fund. 

“Also, Lagos State Security Trust Funds among others have enhanced the living standard of Lagos residents and the state’s enviable status as the economic nerve centre of the country. 

“The key infrastructure that dots the landscape of Lagos as well as pioneering initiatives that have profoundly elevated the status of Lagos as a functional mega-city, speak to the quality of resolutions of past summits.” 

The governor stated that LCCI/LESG private-public partnership pre-Ehingbeti stakeholders engagement was organised to sensitise key stakeholders on the 2022  summit. 

“The summit will seek their input on the proposed 30 years Lagos State Development Plan which will be unveiled at the summit for deliberation and final adoption for implementation.” 

Earlier in his remarks, the Commissioner for Economic Planning and Budget, Mr Samuel Egube assured that the government would continue to collaborate with private sectors, not only on the 30  years development plan but on the development of the state in general. 

Egube who is also the Co-Chairman, Ehingbeti Lagos Economic Summit,
explained that the summit had played a vibrant role in the development of the state. 

He said: “Resolutions from past summits have brought developments such as the Ikoyi Link Bridge, BRT Project, and the Red and Blue Rail Project which will commence operation soon. 

“Others are Lagos Free Trade Zone and the Imota Rice Mill among many others.” 

Similarly, the Commissioner for Finance, Dr Rabiu Olowo noted that the Ehingbeti Economic Summit, was about the state’s deliberate agenda for a greater Lagos. 

The commissioner said it had the absolute inclusion of different stakeholders and disclosed that the state government had fulfilled about 90 per cent of the action plans from the last summit. 

“This will be reported during the forthcoming summit holding from Oct. 11 to 12. 

Speaking, the LCCI President, Dr Michael Olawale-Cole represented by the deputy president, Mr Gabriel Idahosa said that the decision of the state government to collaborate with the LCCI on the 30 years Development Plan, reflected government’s appreciation and recognition of the Organised private sector in the realisation of the socio-economic objectives of the state and nation in general. 

He, therefore, assured of the chamber‘s support in ensuring the effective implementation of the state development plan and promised to enlighten the business community about the opportunities and benefits that were in the plan.