19 accelerators onboarded for ₦10bn LASMECO MSME fund
By Imisioluwa Afunmiso
The Lagos State Government has onboarded 19 accelerators to commence the application and processing phase for the disbursement of its ₦10 billion Lagos State Micro Enterprise Cooperative (LASMECO) Fund.
The fund is specifically targeted at cooperative-based Micro, Small, and Medium Enterprises (MSMEs).
The initiative, which offers single-digit interest rates and non-collateralized financing, was formally unveiled during a signing ceremony held at the Ministry of Commerce, Cooperatives, Trade, and Investment (MCCTI) in Alausa, Ikeja.
Speaking at the event, Commissioner Folashade Ambrose-Medebem described the selection of the accelerators as transparent and merit-driven, based on technical competence, innovation, and alignment with the state’s economic goals.
She explained that the selected organizations will provide enterprise support services, strengthen beneficiary capacity, and ensure accountability under the ministry’s supervision.
The LASMECO initiative was designed to bridge financing gaps for MSMEs operating through cooperative societies, deepen financial inclusion, and unlock the potential of entrepreneurs constrained by limited capital.
Ambrose-Medebem noted that the partnership between the state government and the Bank of Industry reflects a strategic collaboration aimed at establishing a scalable, people-centered financing model.
She added that the program aligns with Governor Babajide Sanwo-Olu’s economic agenda by promoting business formalization, reducing unemployment, and empowering women and youth entrepreneurs.
Beyond access to finance, the program will provide mentorship, business development support, and market facilitation.
The Commissioner stressed that measurable impact is central to the initiative, noting that every disbursed fund must translate into business expansion and job creation.
Ambrose-Medebem assured that the Ministry, in collaboration with the Bank of Industry, will closely monitor implementation to ensure efficiency and long-term sustainability.
She urged cooperative societies to utilize the opportunity responsibly.
Also speaking, the Ministry’s Permanent Secretary, Babatunde Onigbanjo, called on stakeholders to remain united in ensuring the program delivers measurable economic impact.
Regional Manager of the Bank of Industry, Richard Imonije, and Project Manager of Sterling Bank Plc, Paul Olatoye, also pledged their support for the successful implementation of the initiative.