The Lagos State Employment Trust Fund (LSETF) has launched Project SURGE (Sector-led Urban and Rural Growth Engine), a new initiative aimed at expanding access to affordable finance, supporting enterprise growth and creating sustainable employment opportunities across Lagos State.
Eko Hot News reports that Project SURGE introduces a sector-driven financing model that prioritises businesses operating in agriculture, the digital economy and the creative economy. The initiative is expected to strengthen entrepreneurship and boost inclusive economic development across the state.
According to LSETF, the programme marks a strategic transition from broad-based lending to targeted sector financing. The approach is designed to channel resources into industries with strong capacity for innovation, business expansion and job creation.
The Fund noted that agriculture, the digital economy and the creative industry were selected because of their significant contribution to Lagos’ economy and their potential to generate long-term employment opportunities.
Officials explained that the new initiative aligns with the Lagos State Government’s commitment to supporting Micro, Small and Medium Enterprises (MSMEs), which remain a major driver of economic growth and wealth creation.
Project SURGE is expected to improve access to finance for entrepreneurs while encouraging sustainable business development. It also seeks to strengthen the entrepreneurial ecosystem by connecting business owners with relevant support institutions.
Under the initiative, eligible entrepreneurs can access Nano, Micro and SME loans ranging from ₦100,000 to ₦5 million. The facilities attract an annual interest rate of 9 per cent with a 5 per cent equity contribution from beneficiaries.
LSETF said the financing package was designed to make capital more accessible to businesses seeking to expand operations, improve productivity and create additional employment opportunities.
The agency highlighted its achievements since inception, describing them as evidence of its commitment to supporting businesses across Lagos State.
According to the Fund, it has disbursed more than ₦15 billion in loans to entrepreneurs and business owners operating in different sectors of the economy.
The organisation also revealed that over 20,000 Micro, Small and Medium Enterprises have benefited from its financing programmes since its establishment.
Beyond financial support, LSETF said it has provided capacity-building programmes for more than 82,000 businesses, equipping entrepreneurs with the skills required to improve business performance and competitiveness.
The Fund further disclosed that its interventions have contributed to the creation of more than 320,000 jobs across Lagos State.
It added that over 173,000 existing jobs have also been preserved through its various enterprise support initiatives, helping businesses remain resilient despite economic challenges.
LSETF reported a 94.53 per cent loan repayment rate, describing the figure as an indication of the commitment shown by beneficiaries and the effectiveness of its lending framework.
Officials noted that the strong repayment performance has strengthened confidence in the Fund’s financing model and created opportunities to extend support to more entrepreneurs.
The launch of Project SURGE attracted a wide range of stakeholders from both the public and private sectors.
Participants included government officials, lawmakers, financial institutions, development partners, business associations, innovation hubs, cooperative societies and entrepreneurs.
The gathering focused on building a stronger financing and referral ecosystem capable of supporting business growth and encouraging collaboration among key stakeholders.
Industry experts at the event described access to affordable finance as one of the most important factors influencing the success of small businesses and start-ups.
They also emphasised the importance of partnerships between government, financial institutions and the private sector in expanding opportunities for entrepreneurs.
LSETF reaffirmed its commitment to supporting businesses through innovative financing solutions, enterprise development programmes and strategic partnerships that promote sustainable economic growth.
The Fund expressed confidence that Project SURGE will empower more entrepreneurs, stimulate investment in priority sectors and contribute significantly to employment generation across Lagos State.
As the initiative begins implementation, thousands of business owners are expected to benefit from improved access to affordable financing, business support services and stronger institutional partnerships designed to strengthen the state’s entrepreneurial ecosystem.
Project SURGE represents another milestone in Lagos State’s drive to build a resilient economy by supporting innovation, expanding access to capital and empowering businesses to create lasting economic opportunities for residents.
