Mon. Oct 19th, 2020


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Lagos Launches ₦5 Billion Recovery Support For Stakeholders In Education Sector

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1. To mitigate the devastating effect of the COVID-19 pandemic on the education industry, The Lagos State Employment Trust Fund in partnership with First Bank has launched the LSETF Edu-Fund Programme, a ₦5bn Post COVID Recovery Support for stakeholders in the education sector. #EducationMeetsFunding

2. The LSETF Edu-Fund Programme is targeted at low-cost privately owned schools and vocational training centres in Lagos State to support economic recovery efforts of stakeholders in the education sector in Lagos State. #EducationMeetsFunding

3. Through this partnership, LSETF & First Banking willingness collaborate to provide matching funds that would be disbursed as a loan programme to support low-cost private schools and vocational training centres in Lagos State. #EducationMeetsFunding

4. This scheme aligns with the Lagos State Government T.H.E.M.E.S Agenda, which seeks to improve Traffic management & transportation; Health & Environment; Education & Technology; Making Lagos a 21st Century Economy; Security and Governance. #EducationMeetsFunding

5. The Nigerian Bureau Of Statistics and NESG report that Education is one of the top 5 sectors that created over 59m jobs in 2017, buttressing Education as a critical growth area for job creation in Nigeria.

6. The loan scheme will be provided to 2 categories of applicants; Micro-Enterprise businesses will receive a sum of not more than ₦500,000 while SMEs will receive a sum of not more than ₦5,000,000.

7. The Fund is available at a fixed interest rate of 9% per annum with an additional business development support to low cost private schools & vocational training centers operating in Lagos State.

8. The qualified institutions are expected to have been in operation for at least one year and have a minimum of 100 students.

9. The objective of the Fund is to improve the quality of education for our youth by providing access to affordable finance to low-cost private schools and vocational training centres.

10. The Loan programme offers participating schools & training centres up to N5 million in facility as well as professional & institutional supports comprising capacity building programmes & business advisory.

11. This intervention is expected to spur significant growth of the schools & the education ecosystem in Lagos State. It will enable job creation opportunities for our teeming young and productive population.

12. The LSETF Edu-Fund Programme is a part of the proactive sustainable solutions by the State Government to curb & limit the socio-economic impact of the COVID-19 pandemic on both individuals & businesses in Lagos State.

13. The N5bn LSETF Edu-Fund Programme for stakeholders in the Education sector in Lagos is a precursor of many more sector-specific support programmes that would be unveiled by the LSETF on behalf of the Government in October 2020.

14. The LSETF Edu-Fund Programme will help tackle the current issues in the educational sector which demands an instant upturn such as the persistent decline in the quality of education & inconsistent investment in the sector over the decades.

15. Edu-Fund will provide loans to Lagos-based low-cost private schools & vocational training centers that have been in operation for at least one (1) year prior to the date of application & have a minimum of 100 students.

16. Presently, low-cost private schools in Lagos State account for over 60% (12,000) of the total number of schools providing education to millions of children from not-so-privileged communities across the state.

17. Before the pandemic, these schools depended on low-cost tuition fees from parents, and double-digit interest loan facilities to fund the provision of the amenities and services needed to aid learning.

18. By providing access to low-cost funding for privately owned schools & vocational training centres in the state, LSETF and First Bank Edu-Fund will help accelerate sustainable & painless return to world-class learning & skills acquisition of our youth

19. The LSETF application process for the Edu-Fund is fair and credible, irrespective of applicant’s affiliation, tribe or gender. This is in line with the ethos of the Lagos State Employment Trust Fund.

20. The LSETF application process is simple and interested applicants can follow the easy steps in the attached image.

21. The LSETF believes that joining forces with First Bankngr is critical to mitigating the adverse economic consequences of the COVID-19 pandemic on the state’s education system.

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