The Lagos State Government has reaffirmed its commitment to strengthening Micro, Small and Medium Enterprises (MSMEs) through improved access to finance, capacity building, export development and an enabling business environment.
The commitment was reiterated today during the International Day of MSMEs celebration organised by the Ministry of Commerce, Cooperatives, Trade and Investment, with a focus on investment, innovation and sustainable economic growth.
Speaking at the event, the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Bada Ambrose-Medebem, described MSMEs as critical drivers of production, employment generation and wealth creation, stressing the need for government policies that ensure capital reaches businesses capable of converting investment into sustainable economic opportunities.
The Commissioner highlighted the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) scheme, implemented in collaboration with the Bank of Industry, as a major intervention aimed at addressing financing challenges confronting small businesses.
She disclosed that the State Government had released ₦5 billion as matched funding towards the initiative’s ₦10 billion seed commitment. The scheme is designed to enable eligible cooperative-based MSMEs to access loans of up to ₦10 million without collateral, at an interest rate of nine per cent per annum, with a six-month moratorium and a repayment period of up to 36 months.
According to her, the scheme’s digital platform supports the tracking of disbursements while promoting transparency and accountability.
Ambrose-Medebem noted that Lagos State’s cooperative network, comprising more than 16,000 registered societies operating through 24 Area Cooperative Offices, provides an important channel for extending financial support to entrepreneurs who may otherwise struggle to access conventional bank loans.
Acknowledging persistent challenges, including limited access to finance, inflation and high energy costs, she said the State’s interventions were designed to address barriers to business growth.
She urged MSMEs receiving grants and awards to treat the support as seed capital for strengthening their operations, investing in equipment and technology, meeting certification requirements and positioning their businesses to attract further commercial investment.
In his address, the Permanent Secretary of the Ministry, Mr. Babatunde Onigbanjo, described MSMEs as the backbone of Lagos State’s economy, emphasising the importance of innovation and sustainable industrial development in building resilient businesses.
Onigbanjo explained that the programme was designed to recognise entrepreneurial excellence, provide direct financial support and equip business owners with practical knowledge of government policies, investment opportunities and emerging economic prospects.
He said the grants and awards demonstrated the State Government’s commitment to rewarding enterprise, supporting promising businesses and creating conditions for sustainable growth.
The Permanent Secretary urged beneficiaries to deploy the funds responsibly, create employment opportunities, adopt sustainable business practices and use the support as a springboard for further expansion.
He also commended the Commissioner for her leadership, appreciated the Senior Special Assistant to the Governor on Commerce, Cooperatives, Trade and Investment, Mrs. Nana-Hauwa Adeeyo, and acknowledged the contributions of stakeholders and private-sector partners to MSME development in Lagos State.
In her remarks, the Convener and co-speaker at the event, Mrs. Nana-Hauwa Adeeyo, outlined the policy measures being pursued by the State Government to reduce barriers to business growth and expand opportunities for entrepreneurs.
Adeeyo identified access to affordable finance, cooperative development, capacity building, market linkages and an enabling business environment as key pillars of the State’s MSME support strategy.
She reiterated the importance of the LASMECO scheme, noting that it combines financial support with a digital accountability framework while leveraging cooperatives to extend assistance to businesses at the grassroots.
Adeeyo also announced that five outstanding enterprises participating in the Fashion, Leather and Creative Enterprise Spotlight would receive grants of up to ₦250,000 each. She described the initiative as part of the State’s efforts to translate entrepreneurial potential into tangible business growth.
She added that the Ministry was working to strengthen cooperative societies through registration, training and digitalisation. Partnerships with organisations, including the United Nations Development Programme (UNDP), the African Export-Import Bank (Afreximbank) and private-sector stakeholders, are also supporting training in export readiness, digital literacy and financial management.
The Lagos State Government reiterated its commitment to creating an enabling environment for MSMEs to thrive, expand their operations, generate employment and contribute to the State’s sustainable economic development.

