Government will start disbursing angel investment funds for entrepreneurs soon

folarin okunola

November 23, 2016 10:54 PM

Abdul Ahmed Mustapha, Permanent Secretary at the Lagos State Ministry of Wealth Creation and Employment, made this known at the launch of GE's Lagos Garage.

The Lagos State Government is planning to set aside a portion of its N25 billion fund for angel investment and loans that will benefit startups and entrepreneurs in Lagos.

Abdul Ahmed Mustapha, Permanent Secretary at the Lagos State Ministry of Wealth Creation and Employment, made this known at the launch of GE's Lagos Garage on Tuesday, November 22, 2016.

According to Mustapha, the investment will take the form of loans and beneficiaries will be charged an Interest rate of not less than 3% and not more than 5%.

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Mustapha, while expressing the desire of the Lagos State government to work with the private sector and other tech stakeholders, said the government is willing to provide land for investment opportunities.

He also said disbursement of the funds would begin in the coming weeks while adding that the state government is currently working with GE on a public health initiative that will see about 36 primary healthcare centres in the state being handed over to social entrepreneurs.

The Lagos State Government is planning to kickstart a compulsory health insurance scheme for all residents in the state. It will also be partnering with GE on this project.

folarin okunola