Lagos commits ₦5bn to boost MSME financing

The Lagos State Government has released ₦5 billion in matched funding towards a ₦10 billion financing initiative for micro, small and medium enterprises (MSMEs), alongside grants and export development opportunities to support business growth.

The Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose-Medebem, disclosed this in Lagos during activities marking the International Day of MSMEs, highlighting the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) scheme as a key intervention to improve access to affordable funding.

She said the government’s broader strategy combines financing, cooperative development, industrial infrastructure, capacity building and export promotion to address challenges such as high energy costs, inflation and limited market access.

According to the Commissioner, Lagos has more than 16,000 registered cooperative societies operating through 24 Area Cooperative Offices, providing a platform to extend financial support to entrepreneurs who may struggle to secure conventional bank loans.

The Ministry’s Permanent Secretary, Babatunde Onigbanjo, described MSMEs as the backbone of the state’s economy, noting that the grants and awards programme recognises entrepreneurial excellence while providing financial assistance and practical business knowledge.

He urged beneficiaries to invest the support responsibly, create jobs, adopt sustainable business practices and expand their operations.

The Senior Special Assistant to the Governor on Commerce, Cooperatives, Trade and Investment, Hauwa Adeeyo-Orekoya, also reaffirmed the government’s commitment to improving the business environment through the Lagos State Industrial Policy, Ease of Doing Business agenda and One-Stop-Shop initiative.

She encouraged beneficiaries to maintain proper financial records, embrace digital technology and innovation, and improve product quality to strengthen their competitiveness and create sustainable employment opportunities.

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