Key Takeaways
- Gender ratio in Nigeria is almost even.
- Achieving gender parity requires yearly financing of $360 billion.
- LSETF empowers women by breaking barriers to affordable capital and fostering employability and business support skills.
- LSETF has a track-record of supporting women-owned businesses.
Introduction
Globally, the gender ratio of men to women is 101 to 100. This is similar to the Nigerian context, where the ratio is almost even. Despite this demographic parity, women across numerous contexts are exposed to unequal opportunities to thrive economically, socially, and politically due to socio-cultural barriers.
Women in many climes have limited to no access to capital to start or grow their businesses as a result of their inability to own assets, while in other settings, the place of women is confined to the kitchen and other unpaid work at home, denying the larger society their contributions to productivity. These instances, amongst others, have widened the gender gaps across socio-economic indicators. According to the United Nations, not less than $360 billion in financing is required per year to achieve gender parity, and closing the widening gap in employment is expected to enhance GDP per head by 20 percent. This signifies the need to harness our demographic advantage for growth acceleration.
With this reality in mind, the Lagos State Employment Trust Fund (LSETF) has embraced various initiatives to support women in different spheres of life. From employability training skills to access to affordable finance, the Lagos State Employment Trust Fund (LSETF) stands out as a beacon of hope, particularly in its approach to empowering women and accelerating their growth within the Nigerian economy.
The LSETF Approach
LSETF mirrors the agenda of the Lagos State Government in achieving inclusion and accelerated growth for a greater Lagos. Armed with the mandate of enabling job and wealth creation in Lagos State, LSETF has a multi-pronged approach to enhancing women’s access to affordable finance and economic opportunities for growth acceleration.
- Closing the Access to Capital Barrier
Access to capital remains a significant hurdle for many women-owned businesses, particularly in developing countries like Nigeria, where stringent loan terms are obtainable from commercial banks. These conditions crowd out women entrepreneurs and further widen the gender business productivity gap. Recognizing this, the LSETF offers low-interest loans, and grants to women entrepreneurs, enabling them to start, expand, or scale their businesses.
By providing financial resources on favourable terms, the LSETF not only empowers women economically but also fosters a culture of entrepreneurship and innovation among them. Between 2020 and 2023, about 66% of LSETF affordable loan beneficiaries are women. This accounts for almost a billion Naira in monetary value. Similarly, almost six out of every ten grant beneficiaries of LSETF are women from 2021 to date.
- Capacity Building and Skill Development
LSETF goes beyond financial assistance provision; as it also prioritizes capacity building and skill development among women entrepreneurs and girls. Through employability training and apprenticeship programs, women are equipped with the knowledge, tools, and resources they need to succeed in the competitive labour market and business environment. Trainings are done in graphics design, video editing, waste economy management, construction, and data analysis amongst others. Between 2018 and the first quarter of 2024, about 60% of trainees of LSETF are women. This signifies enhanced opportunities for career growth and development for women in Lagos.
- Mentorship, Market Access, and Networking
Recognizing the importance of market access, mentorship, and networking, the LSETF facilitates mentorship programs where experienced entrepreneurs and industry experts provide guidance, advice, and support to women-owned businesses. These mentorship relationships not only help women entrepreneurs overcome challenges and obstacles but also open doors to new opportunities, partnerships, and collaborations. Furthermore, the LSETF organizes networking events and platforms where women entrepreneurs can connect, collaborate, and learn from each other, fostering a supportive ecosystem conducive to growth and success.
Impact on Women’s Empowerment
The impact of the LSETF's initiatives on women's empowerment and growth acceleration in Nigeria cannot be overstated. By providing financial support, capacity building, mentorship, and networking opportunities to women entrepreneurs, the LSETF is not only empowering individual women but also driving economic growth, job creation, and social development in the country. Moreover, by promoting gender equality and inclusion in entrepreneurship, the LSETF is contributing to the overall development and prosperity of Nigeria.
Concluding Thoughts
In conclusion, the Lagos State Employment Trust Fund's approach to women empowerment and growth acceleration in Nigeria through initiatives like affordable finance programmes, employability training, and business support is a shining example of how targeted interventions can drive positive change and transform societies. By addressing the unique needs and challenges faced by women entrepreneurs, the LSETF is not only unlocking their economic potential but also paving the way for a more inclusive, equitable, and prosperous future for all residents of Lagos State. LSETF welcomes partnerships geared towards women empowerment. LSETF’s affordable loan opportunity is currently open and is leverageable by women across different sectors. Ensure to follow the Fund across all social media platforms to stay informed about opportunities for youth and entrepreneurs in Lagos.
