The Lagos State Government has released ₦5 billion in matched funding for its ₦10 billion financing initiative for Micro, Small and Medium Enterprises (MSMEs), alongside grants and export development opportunities, as the Ministry of Commerce, Cooperatives, Trade and Investment marks the International Day of MSMEs.
The intervention aims to improve access to affordable finance, strengthen local businesses, stimulate employment, and expand economic opportunities for entrepreneurs across the state.
The Commissioner for Commerce, Cooperatives, Trade and Investment, Hon. Folashade Bada Ambrose-Medebe, disclosed this on Thursday in Lagos, highlighting the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) scheme as a key strategy for addressing funding challenges confronting small businesses.
The Commissioner also highlighted the State’s broader efforts to strengthen MSMEs through industrial infrastructure, cooperative development, capacity building, and export promotion.
She explained that the State’s interventions were designed to address major constraints affecting small businesses, including inadequate access to finance, inflation, high energy costs, and limited access to wider markets.
According to her, the government is pursuing an integrated strategy that combines affordable financing, cooperative development, industrial infrastructure, export readiness, and regulatory reforms to help businesses expand beyond local markets.
She also noted that Lagos State’s cooperative network of 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.
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 preparing 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 and emphasised the importance of innovation and sustainable industrial development in building resilient businesses.
Speaking at the grants and awards presentation to outstanding MSME operators, Onigbanjo said the programme was designed to recognise entrepreneurial excellence, provide direct financial support and expose business owners to practical knowledge on government policies, investment and economic opportunities.
He explained that the grants and awards represented the State’s commitment to rewarding enterprise, supporting promising businesses, and creating conditions for sustainable growth.
He urged beneficiaries to deploy the funds responsibly, create employment, adopt sustainable business practices, and use the support as a springboard for further expansion.
The Permanent Secretary also commended the Commissioner for her leadership and 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 the development of MSMEs in Lagos State.
Speaking at the event, the Senior Special Assistant to the Lagos State Governor on Commerce, Cooperatives, Trade and Investment, Mrs. Hauwa Adeeyo-Orekoya reaffirmed the state government’s commitment to creating an enabling environment for micro, small, and medium enterprises (MSMEs) to thrive, expand and contribute meaningfully to economic growth.
She noted that MSMEs remain vital to Lagos State’s economy through job creation, local production, innovation, and the sustenance of livelihoods across communities.
She highlighted the Lagos State Industrial Policy, which promotes local production and stronger supply chains, as well as the Ease of Doing Business agenda and One-Stop-Shop initiative aimed at simplifying procedures and improving access to government services.
The Senior Special Assistant urged the beneficiaries to deploy the grants and equipment responsibly, maintain proper financial records, and continually improve the quality of their products and services.
Adeeyo further emphasised the importance of innovation, digital adoption, sustainable production and inclusion, particularly for women and young people, noting that the ultimate objective was to help businesses grow beyond survival, increase productive capacity and create sustainable employment opportunities.
