The Lagos State Employment Trust Fund (LSETF) has launched Project SURGE (Sector-led Urban and Rural Growth Engine), a new initiative aimed at accelerating enterprise growth, expanding access to affordable financing, fostering innovation and creating sustainable jobs across Lagos State.
Project SURGE represents a strategic shift from broad-based lending to a sector-focused financing model targeting key growth sectors, including agriculture, the digital economy and the creative economy.
According to LSETF, the selected sectors were identified for their strong potential to drive inclusive economic growth, stimulate innovation and generate sustainable employment opportunities for thousands of Lagos residents.
Since its establishment, the Fund has disbursed more than ₦15 billion in loans, supported over 20,000 Micro, Small and Medium Enterprises (MSMEs), built the capacity of more than 82,000 businesses and facilitated the creation of over 320,000 jobs. It has also helped preserve more than 173,000 jobs while maintaining a loan repayment rate of 94.53 per cent.
Under Project SURGE, entrepreneurs can access Nano, Micro and SME loans ranging from ₦100,000 to ₦5 million at an annual interest rate of nine per cent, with a five per cent equity contribution requirement.
The launch event brought together government officials, lawmakers, financial institutions, development partners, business associations, innovation hubs, cooperatives and entrepreneurs to strengthen collaboration and expand financing opportunities for businesses operating in Lagos.
LSETF said the initiative is designed to deepen economic inclusion by connecting entrepreneurs with financing, capacity-building opportunities and support systems that will enable them to scale their operations and contribute to the state's economic development.
The Fund encouraged entrepreneurs, agribusiness operators, creative professionals, cooperatives and digital enterprises to take advantage of the programme to grow their businesses and create more employment opportunities.