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Ecobank Nigeria and the Lagos State Employment Trust Fund (LSETF) have entered into collaboration to reduce unemployment in the state through the promotion of entrepreneurship and capacity development for Lagos based micro, small and medium enterprises (MSMEs).
The development followed the signing of a Memorandum of Understanding (MoU) on a partnership under which Ecobank is expected to make available its various platforms and solutions to LSETF for prequalified MSMEs in Lagos to drive attainment of the objectives as set out by LSETF and the bank.
Executive Director, Commercial Banking, Ecobank Nigeria, Mrs Carol Oyedeji, explained that the collaboration is in line with the bank’s empowerment and entrepreneurship initiatives to reduce unemployment in various parts of the country.
She stated: “We are currently driving the African Union Initiative for MSMEs in Africa which includes a structured training and mentoring scheme including financing for MSMEs under the auspices of the Ecobank AUDA-NEPAD Academy.
“This initiative comprehensively covers the main objectives of the LSETF’s Intervention in the MSME space. Ecobank has been very active in empowering existing and intending entrepreneurs all over the country under the Ecobank agency banking proposition.”
Speaking on the partnership Executive Secretary/CEO, LSETF, Mrs Teju Abisoye, said:“We are pleased to work with a leading Pan-African Bank with operations in 33 countries across Africa. Partnerships like this move us much closer to our goal and I believe that the collaboration of the government and the private sector is one that can defeat the scourge of unemployment, exponentially expand the economy and improve the quality of life of our people.”
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