Sanwo-Olu Signs N1.168trn 2020 Lagos Budget


Lagos State Governor, Mr. Babajide Sanwo-Olu, has signed the N1.168 Trillion 2020 appropriation bill into law.

At the budget-signing event attended by members of the Executive Council and House of Assembly, Sanwo-Olu described the ratified expenditure as a “New Year present” to all residents of the State, saying his administration’s efforts to deliver a ’Greater Lagos’ had gained additional momentum.

He asked the State’s Executive Council to ensure full implementation of the budget to demonstrate their tenacity in achieving the Lagos dream.

“Now is the time for members of the State’s Executive Council who will be implementing this budget to demonstrate their tenacity to the vision of achieving Lagos of our dreams. We must display the conviction that we can do the job given to us by all residents of Lagos.

“With the speedy passage of the budget, the responsibilities cut out for us have gained additional momentum and the effort to achieve our development agenda has just started because this is the first budget this administration will be implementing in full cycle. We are hopeful that we would have improved the quality of life of residents at the end of the budget year.”

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Sanwo-Olu praised members of the Assembly for accelerated passage of the budget, saying the legislators, by their action, aligned themselves with the overall interest of residents.

“The happiness of the speedy passage of the budget is not for all of us in Government, but for all the 22 million Lagosians on whose behalf we act and take the decision to make the State habitable and developed.

“When we fix the road, when we make the drainage flow better, when we turn around the services of our hospitals for good, when we ensure Lagos becomes a choice destination for investments and tourism, when we fully implement the budget, we would have given the people the voice to express their happiness.”

The Speaker, Rt. Hon. Mudashiru Obasa hailed the Governor and his team for timely transmission of the budget to the House for legislative scrutiny.

The Speaker noted that the Assembly was thorough in the process of scrutinising the budget. He added that the House did not substantially cut down the expenses contained in the original document, because “the budget cuts across all sectors of the State’s economy.”

Meanwhile, the Commissioner for Economic Planning and Budget, Mr. Sam Egube, observed that speedy passage of the budget was not without challenges and disagreements, but said the acceleration of the process indicated “cooperation and smooth working relationship” between the executive and the legislature.

Police Honour Sanwo-Olu, Obaseki, Momoh, Others

The Inspector-General of Police, Mohammed Adamu has honoured the Lagos State Governor, Babjide Sanwo-Olu, Edo State Governor Godwin Obaseki, and Chairman and CEO Channels Media Group, Mr. John Momoh for their contributions in the security of the nation and the force as a whole.

Mr. Adamu assured Nigerians that all the lessons learnt at the 2019 retreat for senior officers will be used to enhance internal security.

The police chief was speaking at the end of the three-day deliberation in Victoria Island Lagos.

UNILAG To Get Floating Jetty


Lagos State Governor, Babajide Sanwo-Olu has approved the request by the authorities of the University of Lagos (UNILAG) to float a jetty at the school’s waterfront to complement transportation on the campus.

The Governor asked the school authorities to write a formal letter of request for immediate approval of the jetty, saying the Government would help the university to build capacity in water transportation.

Sanwo-Olu made the disclosure during his keynote speech at the International Week organised by the school.

He said: “I just had a discussion with the Vice-Chancellor who informed me that the school needs a jetty to complement transportation within the campus. I have asked the authorities to formally make a request for immediate approval.

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“We are ready to do all that this required to ease transportation challenges for our people. Just last week, we unveiled a collaboration with Uber with the launch of Uber Boats. We will be adding another one before the end of the year.”

The Governor reiterated his pledge to make the State livable for residents. He said the Government would not rest on its oars in solving the current challenges facing the State.

He said his administration was not folding its arms and watched the residents go through hardship in commuting within the city. The Government, he pointed out, had started to address infrastructural challenges, with the commencement of massive road construction across the State. He pleaded for patience among residents, saying there would be a relief after the projects are completed.

Speaking on “Cities of the future, future of Cities”, the Governor said he was excited because there was a renewed focus by stakeholders at proffering solutions to various developmental challenges, ranging from road congestion, waste management, and renewable energy.

Sanwo-Olu said: “Urban transportation in megacities has become the focus of development experts and investors. Lagos has not been lagging behind in this discussion, because of the challenges we face. We have seen investment coming to waterways and rail, but we need to restore sanity on land transportation by rehabilitating bad roads across the State.

“We are investing so much in waterways and light rail system so that we can move people not only on the road but on water and on the rail. The blue line will be completed soon and we will have a complete integrated urban transportation system.”

Sanwo-Olu said the government would be embarking on improvement exercise around 60 identified junctions prone to high traffic in the state.

He decried the attitude of some road users, who deliberately obstruct the free-flow of traffic, urging members of the public to join the government in the advocacy aimed at restoring sanity on the road.

Sanwo-Olu challenged students and scholars in the school to engage in research that would provide solutions to urban challenges facing the State. He said the government was willing to collaborate with the institution for the growth of the State.

When approved, the Vice-Chancellor (VC), Prof. Oluwatoyin Ogundipe, said the jetty would facilitate ease of movement for members of the university living in Ikorodu and other riverine axes.

The VC told the Governor that the school had a committee of scholars engaging in applied research to proffer sustainable solutions to environmental challenges plaguing the state.

He said the University would welcome collaboration with the Government in any areas that would bring about more development in the State.

Minimum Wage: ‘We Will Pay More Than N30,000’ – Sanwo-Olu

Lagos State Governor, Mr. Babajide Sanwo-Olu (middle); Commissioner for Establishment, Training and Pensions, Mrs. Ajibola Ponnle (left) and Head of Service, Mr. Hakeem Muri-Okunola (right) during the Governor’s meeting with State Leadership of TUC, NLC and Public Service Joint Negotiating Council at Lagos House, Alausa


Lagos State Governor Babajide Sanwo-Olu has said the state is ready to pay more than the N30,000 benchmark National Minimum Wage to its workers.

Sanwo-Olu on Tuesday said the implementation of the new minimum wage payment would take off when the Federal Government and labour unions conclude their negotiations.

According to him, the state is drawing up its finances and creating additional revenue sources that will enable it to sustain the new minimum wage payment.

The Governor made these disclosures during a meeting with Organised Labour Unions held at the State House in Alausa.

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Sanwo-Olu said his Government understood the day-by-day challenges being faced by workers in the State to do their tasks, which informed the decision by his administration to pay more than the N30,000 minimum wage benchmark.

The addition, the Governor pointed out, was to motivate workers and encourage them to cope with challenges that may hinder their productivity.

He said: “As a government, we take the issue of minimum wage very seriously. We know how important and germane it is to the wellbeing of our people. We are technically ready to implement the new minimum wage. I made a commitment during my previous interactions with the labour unions before my assumption of office and I am still keeping to the promise made. However little it is, we will certainly pay more than N30,000 minimum wage.

“We understand the position Lagos occupies and we understand the challenges workers are facing in Lagos. If other states can raise up to that amount, I believe Lagos needs to show a bit more to appreciate workers’ contribution to the growth of our State.”

During interaction with the labour unions’ leaders, Sanwo-Olu listened to various demands of the workers, which included arrears of workers’ medical allowance, introduction of premium insurance for the workforce, timely pension payment for retired workers, mortgage scheme for housing, befitting labour secretariat and representation of workers’ unions in MDA boards’ appointments.

Sanwo-Olu said he had directed the Commissioner for Finance to look into the unpaid arrears of workers’ medical allowance, with a charge to clear the backlog and make payment to the affected workers. The Governor added that the State was planning to absorb its entire workforce in the recently introduced health insurance scheme, observing that the Ministry of Health was harmonising the modality to ensure all workers were covered in the scheme.

The Government, Sanwo-Olu said, will collaborate with the Organised Labour Unions to float a post-retirement housing scheme that would enable workers of all cadres to apply and acquire permanent homes after leaving the service. Lagos, the Governor promised, would be donating land for the purpose, while the labour unions would source for finance to develop the scheme.

In addition, Sanwo-Olu said his government had approved discounted rent for the workers occupying State-owned apartments. This, he said, is part of the welfare programmes introduced by his Government to improve workers’ productivity.

The Governor said his administration had started to tackle challenges limiting the workers’ productivity, including massive rehabilitation of critical highways across the state to reduce travel time and diffuse road congestion.

The Labour leaders commended the governor, describing him as “a listening leader” who had started to fulfil promises made to the unions in the build-up to the 2019 elections.

Chairman of Lagos Council of Trade Union Congress (TUC), Comrade Gbenga Ekundayo, listed re-introduction of Town Hall meeting with labour unions and appointment of more women into the State’s cabinet as part of the promises fulfilled by the Governor.

Ekundayo informed the Governor that the labour unions had been meeting to develop a framework that would make the Government capture traders in the informal sector in the tax net. He assured that the labour unions’ recommendations would be submitted to the Head of Service (HOS), Mr Hakeem Muri-Okunola, in the coming weeks.

Chairperson of the Lagos chapter of the Nigerian Labour Congress (NLC), Comrade Funmi Sessi, described workers as government’s partners in progress while appreciating Sanwo-Olu for keeping some of his promises with the workers’ unions.

She promised that the Organised Labour would continue to support the Government’s efforts towards improving the wellbeing of the residents and workers in the State.

Sanwo-Olu also met with members of Lagos State Public Service Joint Negotiating Council (JNC) led by Comrade Rasak Falade at the State House.

Top government officials who joined Gov. Sanwo-Olu at both meetings with Organised Labour Unions’ leaders included the Commissioner for Establishment, Training and Pension, Mrs Ajibola Ponnle, and HOS, Mr Muri-Okunola, among others.

Sanwo-Olu Pledges To Manage Lagos Traffic, Okada Riders


The Lagos State Governor, Mr Babajide Sanwo-Olu, has promised Lagosians that the issue of traffic will be a thing of the past soon.

Governor Sanwo-Olu stated this on Tuesday while speaking at The Platform, a programme by the Covenant Christian Centre to mark Nigeria’s 59th Independence Day anniversary.

While decrying the increased traffic situation plaguing the state, Sanwo-Olu lamented that he was even affected while coming to the event.

To the governor, part of the traffic situation is caused by bad roads, portholes and Okada riders.

He, however, suggested the use of data in managing traffic that may be caused by Okada riders, he also stated that BRT buses are working, “we have gotten about 800 buses we are still trying to clear from the ports”.

He said that the aim of his administration in terms of transportation is to get the yellow buses out of the roads.

He appealed to Lagosians to be patient until after the raining season, noting that continuous work


New and fresh ideas are important. They are the only way we can reinvent the future. Governance is a marathon, not a sprint and as a proud Lagosian, I took this job because I believe in our vision of building a greater and more developed Lagos.

You will never know the true finances of a state until you become its Chief Executive. And as governor, my first task has been finding ways to allocate the available resources to the short, medium and long term plan we have for Lagos.

Our state budget hovers around $2 billion and we have a local debt ratio of about 20-25%. Comparing Lagos to major global city-states shows we are not close to where we need to be but as a beacon in Nigeria and indeed Africa, we must build what is required.

As a government, we can do a lot more, most times citizens do not care about the ingredients for the meal but only the finished product. The reality is that there are a lot of things happening in the backroom and Lagosians will definitely see results.

Between the last time I was at an event by the same organisers, we have made strides in a lot of our promises from traffic to health to waste management and other sectors. Our decision to first focus on leadership and structure across the state is already paying dividends.

Our strategy is sector-specific. In education, we are restructuring teacher hiring, training and other requirements. We need about 3,000 to 4,000 teachers before the end of the year but first we are focusing on how to improve the learning outcomes in schools.

We have a metropolitan fibre initiative that we have launched that is taking fibre to our schools, hospitals and public buildings. It is a tech and education enabling platform for us as we continue to position Lagos.

On health, we are making progress. We are attracting funding to our health sector like never before in Lagos. Within these first 100 plus days, we have completed and opened primary and secondary health facilities in Eti Osa and Alimosho LGAs.

Our focus on improving health for women and children remains deliberate. Our plan for health insurance remains on course and we have been deliberate about the healthcare members of the cabinet in our state.

In healthcare, we need more specialised workers, we need more biomedical technicians. We recognise the issues with getting qualified personnel and we are working with our educational institutions to solve this.


Shun Violence, Build A Better Nigeria – Sanwo-Olu


Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu has called on Nigerians to shun violence and continue to live in peace and harmony in order to build a better Nigeria.

The Governor made this call today at a Special Jumat Service organized to commemorate the 59th Independence Day Celebrations at the Lagos State Secretariat Community Central Mosque, Alausa, Ikeja.

Sanwo-Olu who was represented at the event by his deputy, Dr. Kadri Obafemi Hamzat stressed that the nation cannot develop if there is violence, killing and fighting amongst its citizens. He, therefore, urged everyone with a violent disposition to have a rethink, as it is ungodly to kill anybody in Islam.

According to him, “It is clear in Islam that if you kill a soul, you have killed a nation. Whatever the grievances are, let us all sit down and resolve it, to have a nation where we will live in peace and harmony, where we will be able to fulfill Allah destiny”.

He disclosed that his dream for Nigeria is for all Nigerians to live in peace and utilize their God giving talents for a better nation which cannot be achieved when there is fighting, no peace and violence.

Speaking further, the Governor stated that Nigeria is a good country and it will be better if all citizens are upright, do what is right always and care for one another.

“If we care for our neighbours, our nation will be great, whatever action we take we must understand that it affects others, as such whatever the occupation you practice, know that your action will affect others”.

The Governor also enjoined parents to always create time to take care of their children and ensure that they fulfill all their obligations as parents thereby ensuring that the children are responsible to themselves, their neighbours and the country at large.

“We must fulfill all obligations to them, we have to train them, give them not only education or religious training but also give moral training.

Earlier in his message, the residence Imam of the Lagos State Secretariat Community Central Mosque, Alausa, Sheikh AbdulHakeem AbdulGafar stated that the celebration calls for reflection and called on leaders and citizens alike to be contented.

He added that diligent and united front was necessary to aggregate the people’s collective strength to survive the trying and challenging times in the country stressing the need for peaceful coexistence among citizens. The cleric, therefore, charged all Nigerians to always pray for the good of the country and spiritual guidance for its leaders.

Also speaking, the Commissioner for Home Affairs, Mrs. Uzamat Akinbule-Yusuf called on Nigerians to be patriotic in their actions and love one another irrespective of tribe, religion or group.

9,000 Megawatts Energy Required To Transform Lagos, Says Sanwo-Olu

Babajide Sanwo-Olu


Governor Babajide Sanwo-Olu has said that 9,000 megawatts is the amount of energy required to transform Lagos State economy.

The governor in a statement by his Chief Press Secretary, Gboyega, said that Lagos the most populous city-state, and the fifth largest economy in Africa would be self-sufficient in electricity supply that would adequately power its industrial sector, Small and Medium Enterprises (SMEs) and residential buildings.

He revealed this when he addressed a Forum at the Corporate Council on Africa, a side event at the ongoing 74th Session of the United Nations General Assembly (UNGA) in New York, United States.

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Governor Sanwo-Olu wooed investors at the forum, assuring them that his administration would be open to tapping private investment in clean energy to enable Lagos to attain its aspiration of transforming to a 21st-century economy driven by technology and innovation.

Adequate electricity supply, the Governor asserted, would also help the State to fully unlock the potential of its tourism sector and waterway transportation.

The Governor said his government had been reviewing the State’s Public-Private Partnership (PPP) policy, with the objectives to boost investors’ confidence on returns on their investment and to drive more investments in critical areas to the State’s economy.

He said: “Lagos is a peculiar city among megacities in the world. It is the smallest state in Nigeria in terms of land size, yet it is the most populous in terms of demography.

One-third of Lagos land is covered by water, while the large population of humans is left to occupy about 4,000 square metres of dry land size.

“Lagos, as the fifth largest economy in Africa, it accounts for the 60 per cent of Nigeria’s GDP, in which the manufacturing sector accounts for about 30 per cent. Despite this potential, we have energy deficiency of about 9,000 megawatts, which is required to give the economy the needed support for more growth. We are open to investment in independent power generation to address energy deficit, which would help to fully unlock opportunities in the tourism sector, infrastructure and technology business.”

The Governor used the occasion to present his administration’s six pillars of development, known as Project T.H.E.M.E.S, before the international audience to maximise investment drive and opportunities in each area of the manifesto.

Sanwo-Olu spoke about how technology and innovation had been changing the face of land transportation in Lagos, especially with the introduction of flexible services in commercial motorcycle operations and cab business to support the rapid movement of people. The Governor said the State Government would be introducing policies to guide the innovation in its transport sector, with the aim to ensure the safety of the users and protect the investment of the investors.

He said: “We are bringing a solution that will give residents a new experience in an integrated mass transit system. We are scaling up infrastructure on the BRT corridors on our roads, finishing the light-rail project and strengthening the capacity of waterways transportation to boost services in these areas. We are coming up with a solution that would allow residents to use a single ticket to access the services of these three methods of transportation.”

He also said his government would be expanding the services of the Lagos State Health Insurance Scheme to increase the affordability of quality healthcare for the most vulnerable among residents of the State. To achieve this, Sanwo-Olu said the State would be seeking private investment in the provision of funds that would enable the public-owned Health Maintenance Organisation (HMO) to efficiently manage the scheme.

Speaking on environmental programmes of his administration, Sanwo-Olu said Lagos had keyed into the United Nation’s agenda of reducing the carbon footprint from the environment. He said the introduction of Blue Box Programme by his government was aimed at addressing observed challenges in municipal waste management, as well as building the foundation for a retail business in recycling and waste sorting.

He said the initiative would enable the State to not only create jobs, but also wealth from recyclable waste materials.

Among the audience at the forum included Governor Godwin Obaseki of Edo State, President of the Corporate Council on Africa, Florizelle Liser, Founder and Chairman of Zenith Bank of Nigeria, Mr Jim Ovia, as well as Chairman of Flour Mills of Nigeria, Mr John Coumantaros.

Court Dismisses Petitions Challenging Sanwo-Olu’s Victory

Babajide Sanwo-Olu


The Lagos State Election Petition Tribunal Sitting in the Ikeja area has dismissed the Petitions filed by the Labour Party (LP), and the Alliance for Democracy (AD) challenging the return of Mr Babajide Sanwo-Olu as the Governor of Lagos in the March 9 polls.

The tribunal dismissed both petitions for lack of merit.

Labour Party & its Governorship Candidate, Ifagbemi Awamaridi as well the Alliance for Democracy & its Candidate, Owolabi Salis had in two separate petitions challenged the outcome of the Governorship polls.

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Apart from the Lagos State Government, other respondents to the petition were; the Independent National Electoral Commission (INEC), the All Progressive Congress (APC), the Resident Electoral Commissioner, The Returning Officer, Lagos State Governorship Election, The Commissioner of Police, Lagos State and the Nigerian Army.

In the petitions, the petitioners asked the tribunal to grant the will of Lagosians by cancelling what they termed the “fraudulent election of Gov. Sanwo-Olu”.

But the three man tribunal led by Justice Terhemen Asua described the Petitions as a “futile and wasteful exercise”, noting that the Petitioners could not prove the allegations of electoral malpractices and mental incompetence made against Gov. Sanwo-Olu.

The Tribunal, therefore, declared that Babajide Sanwo-Olu was validly & properly elected Governor of Lagos State.

We’ll Proffer Solutions To Slow Delivery Of Justice, Says Sanwo-Olu


Lagos State Governor, Mr. Babajide Sanwo-Olu, has assured the judiciary of his administration’s commitment to the implementation of reforms that will accelerate the administration of justice.

The Governor said the judicial arm of the government played critical roles in ensuring law and order through the protection of rights of the citizenry irrespective of status and background.

Sanwo-Olu who was represented by Deputy Governor, Dr. Obafemi Hamzat at a Special Service held at the Central Mosque, Lagos Island, by the State Judiciary to mark the 2019/2020 Legal Year, said his administration was committed to proffer solutions to challenges slowing down efficient justice delivery in the State.

He listed one of the obstacles against justice delivery to include lack of adequate courtrooms, disclosing that the current administration had approved the completion of the combined High and Magistrate Court complex in Ajah.

He said: “The judicial arm of government is an important institution that plays critical roles in ensuring law and order in the society. This is done through the protection of rights of the citizens, irrespective of status, political affiliation or background.

“As the leader of the government, we are committed to the ideal of justice for all parties and independence of the judiciary. We will support the judicial arm to overcome challenges that may be obstacles to effectiveness, efficiency and speedy delivery of justice.”

In his remarks, the Chief Judge, Hon. Justice Kazeem Alogba expressed gratitude to the executive arm of government for its support and cooperation, reiterating that the judiciary under his watch would continue to dispense justice without bias and favour.

The Chief Judge added that his aim was to create an independent judiciary by ensuring fair and responsive system of justice, with focus on excellence.

Speaking on the theme: “Concept of Justice in Islam”, the Guest Speakers, Dr. Marufudeen Shittu and Imam Babatunde Alfa-Nla, stressed the need for judicial officers to be fair and just in the dispensation of justice.

The clerics opined that Allah is the greatest judge, urging the members of the judicial arm to be fair to all parties in adjudication before giving verdicts.


Sanwo-Olu Commissions 125 Patrol Vehicles To Improve Lagos Security


Governor of Lagos State, Mr. Babajide Sanwo-Olu has re-stated his administration’s commitment towards ensuring that Lagos is crime-free.

He made this known at the commissioning of 125 patrol vehicles and 35 patrol motorcycles for the use of security operatives in the state.

Speaking at the event, Governor Sanwo-Olu noted that the model thought-out 13 years ago, with the support of the Lagos State House of Assembly to create the Lagos State Security Trust Fund (LSSTF) has paid off so-good that the Federal government wants to replicate.

READ ALSO: PHOTOS: Sanwo-Olu Commissions 125 Patrol Vehicles To Improve Lagos Security

According to him, the idea of creating a security trust fund has worked well for the State, noting that donation of the vehicles and motorcycles can only help rejuvenate his administration’s plan at ensuring maximum security for the people of Lagos.

The Governor said: “This young administration is just 99 days old; security and good governance happens to be the sixth pillar of our ‘THEMES’ policy agenda and we have attempted modestly to ensure that we engage each and every of those pillars

“What we are doing today is a demonstration of our commitment to good governance by ensuring that the dividends of democracy are not just felt but are also things that people can feel, see and we can act on”

Promising that security of lives and property is core to his government, the Governor stated his administration’s resolve to support all outfits responsible for safety.

The Governor, while reacting to the recent reprisal attack against xenophobia in Lagos, warned residents to shun criminality and lawlessness, saying “that no one should be found on the other side of the law”.

Governor Sanwo-Olu stated that Federal Government was already handling the xenophobic matter diplomatically. He urged Lagosians to remain peaceful and orderly at all times.

“Security of lives and property is not only critical to us it is something that we will not turn deaf ears to.

“Lagos will continue to remain safe, Lagos will continue to be a place security will not be taken for granted and based on the incidents that have happened in the last two days, the government will certainly not condone any incident where we have break down of law,” he said.

“We will be passing 120 pickup vehicles and about 35 motorcycles to our various security formations and we will determine who gets what but this is just the beginning. We know that security is everybody’s concern and that is why we as government have seen the need for this today.

He however advised parents to ensure their wards are not used by people with criminal intention as necessary organs of government are adequately equipped to handle all issues at hand.

Speaking earlier, in his speech, Chairman Board of Trustee, LSSTF, Oye Hassan-Odukale, noted that Lagos was the safest place in Nigeria saying everybody was a stakeholder in security.

He thanked all individuals and corporate organisations that have continued to contribute to the fund, noting that the support has been coming without recourse for LSSTF to appeal or send reminders to them for donations.

Sanwo-Olu Launches N4bn LSETF-W Initiative For Job Creation


Lagos State Governor Mr. Babajide Sanwo-Olu on Wednesday launched ‘LSETF W-INITIATIVE’ to provide funding for women entrepreneurs in the State to achieve their growth objectives and create jobs for the youths.

The LSETF W-INITIATIVE, is a special intervention fund contributed between the Lagos State Employment Trust Fund and Access bank Plc, to provide access to affordable finance for female-owned businesses in Lagos State.

The scheme, which targets between 5,000 and 10,000 women, was launched by Governor Sanwo-Olu at LTV Blue Roof as part of activities marking his 100 days in office.

The event was attended by various women groups and entrepreneurs led by the president (Iyaloja-General) of Market Women Association, Chief Folashade Tinubu-Ojo.

The Governor said the initiative was a measure to drive up financial inclusion among women and create financial access for SMEs in state, emphasising that it will also provide support to businesses to stimulate growth and consequently create employment for the teeming young population in the State.

The Governor further expressed the commitment of his administration to tackle unemployment in Lagos, adding that creating opportunities for small businesses and ensuring that women are also in alignment with the THEMES objectives of the administration.

He said: “There is no argument that climes, where young people and women are at the centre of economic planning, have emerged prosperous, progressive and remain the model of development. In Lagos State, the Government’s strategy is to optimise and sustainably grow our local economy, projected to be the fifth-largest economy in Africa, by creating access to funds for our women entrepreneurs. We are confident that it is an intervention that would create wealth for small businesses and consequently put our young and productive youth to work.”

In his remarks, the CEO and Group Managing Director of Access Bank Plc, Herbert Wigwe said, “Access Bank is fully committed to bridging the existing gap and provide women with 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 significant impact on the economy of Lagos State and Nigeria as a whole,” Wigwe added.

Wigwe said Access Bank has a long history of supporting female empowerment, offering over 8,000 personal loans valued at over N10.6billion since 2018, with over 330 loans given to women in business valued at over N16.6billion.

Also commenting, the LSETF Board of Trustees Chairman, Mrs Ifueko Omoigui-Okauru, said “The LSETF W Initiative aligns with the Fund’s strategic efforts to actualise the commitment of the State Government of ensuring that at least 50% of the beneficiaries of LSETF programmes are women.”

The BoT Chairman revealed that the Fund is incrementally achieving this objective through its three core programmes. Women represent a total of 5,263 or 50% of the total number of loan beneficiaries and account for 43.54% of the Fund’s total loan portfolio with (approximately N3.07billion) so far.

Also, over 74% of the beneficiaries in our Micro-Enterprise Start-Up Programme are women. Furthermore, 49% of the total 4,909 people trained through our Employability Programme are women.

“That is not all. We have supported 16 female-led start-ups with workspace vouchers as part of the Fund’s Lagos Innovates programme which seeks to make Lagos State the tech-hub of Africa”, she added.

In addition to the unveiling of the LSETF W Initiative at the event, 600 beneficiaries of the LSETF’s flagship Loan Programme were presented with cheques in a symbolic ceremony led by the Lagos State Governor. The new beneficiaries join 10,753 other entrepreneurs who have successfully been credited with N7.5 billion in the last 4 years.