A leading bank in Nigeria, Polaris Bank has partnered with the Lagos State Employment Trust Fund (LSETF) to empower Lagos artisans with the sum of N1 billion to reduce unemployment and increase government revenue in the informal sector of Lagos State.
“We are happy to partner with Polaris Bank in ensuring that this mandate is achieved, and we know that through this fund, thousands of artisan businesses across the state can become sustainable.
At LSETF, we are open to more strategic partnerships to reduce unemployment by building the capacity and improving the productivity of Lagos residents” she added.
This figure (5.5m in Lagos alone) represents over 80 percent of the population working in the informal sector, according to the International Monetary Fund (IMF). Despite its evident potential, the informal economy is often faced with difficulties, one of which is the lack of access to finance.