MONDAY March 10, 2025 |TheNewsDESK
Lagos State government is solidifying its position as a leading hub for innovation, to attract startups and small businesses finding fertile ground to commercialise their breakthroughs, TheNATION reports.
Executive Secretary , Lagos State Employment Trust Fund (LSETF), Feyisayo Alayande who spoke at the just concluded Impact Investors Foundation (IIF) supported Enterprise Support Organisation (ESO) in Nigeria event in Lagos, highlighted the strategic advantage of state ‘s location and supportive environment.
Represented by the Head of Strategy and Product Development LSETF, Gbemisola Ladipo, the Executive Secretary emphasised that the success of startups hinges on the government-supported infrastructure and assistance framework.
She highlighted the importance of providing “affordable plug-and-play spaces” along with a “comprehensive suite of support,” which includes access to venture capitalists and skilled talent.
Furthermore, she noted that the support offered extends beyond mere physical locations, indicating ongoing efforts to assist startups and plans for further expansion.
According to her, LSETF has allocated substantial funding to support numerous innovative projects and foster collaborations among startups.
She also pointed out that Micro, Small, and Medium Enterprises (MSMEs) are essential to the economy, which drives LSETF’s commitment to improving their operational efficiency, lowering costs, and facilitating easier access to capital.
She asserted that access to financial resources constitutes a significant obstacle to entrepreneurial growth in Nigeria.
Acknowledging the importance of increased female participation in business for both economic recovery and societal progress, she emphasised that the Lagos State Employment Trust Fund (LSETF) is leading efforts to close the financing gap for women entrepreneurs in Lagos through its Women Entrepreneur Fund (W-initiative) loan program, in collaboration with Access Bank Plc.
She highlighted that the initiative aims to provide essential financial assistance to female business owners in the region, thereby promoting business development in Lagos.
Furthermore, she pointed out that the funding of technology startups within the LSETF framework has allowed the Lagos State Government to engage actively in the local ICT sector.
She emphasised that by concentrating on startups, LSETF has served as a conduit for fostering and expediting business growth within the sector, while also enhancing employment prospects.
In her presentation, the General Manager, Ibom Leadership and Entrepreneurial Development Centre (Ibom-LED) Uyo, Akwa Ibom State, Mrs Ekaette Umoh indicated that the state government was working towards making the place a vibrant innovation scene.
Her words: “These include recent signing of a N4b matching fund – Bank of Industry and Akwa Ibom State government.
The set up of Ibom-LED to train MSMEs in Akwa Ibom in world class business tools to enable engage efficiently and profitably. 1,200 have been so trained and the government has given them grants between 500- 750k each.
From what I see, Akwa Ibom is uniquely positioned as Nigeria’s next frontier for industrialisation, trade and entrepreneurship.”
She pointed out that being an entrepreneur requires a diverse set of skills, predominantly focused on dedication, resilience, and self-discipline, as entrepreneurs are regularly confronted with various challenges that may hinder business operations.
According to her, transitioning to a solution-oriented mindset is essential for effectively addressing business challenges in general.
In terms of future plans, she indicated that Akwa Ibom aims to bolster its innovation ecosystem by prioritising the development of deep tech talent, creating a conducive environment for startups, and facilitating their international growth.
There were presentations during a panel session facilitated by Founder/Principal Partner, Nextier, Patrick Okigbo. The panelists included, Executive Director. EnovateLab, Ahmed Idris; Country Representative, Innovision Consulting Limited, Iffat Mahmud, and Chief Executive Officer ,Strateco Sustainability ,Yewande Ososanya. Others include Chief Executive /Founder, 8th Gear Hub & Ventures Studio, Damilola Obadairo; Chief Executive, Cuano Consultants Limited, Nonye Umahi; Chief Executive, MSME Africa, Seye Olurotimi and Chief Eecutive, PABL Consults Evans Edebor.
