SANWO-OLU LAUNCHES N10 BILLION ACCESS FINANCE FOR MSME TO CATALYSE DOMESTIC PRODUCTION
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Lagos State Governor, Babajide Sanwo-Olu, has unveiled a N10 billion matched funding initiative in collaboration with the Bank of Industry (BOI) to support and grow Micro, Small, and Medium Enterprises (MSMEs) in the state.
The programme, named the LASG-BOI MSME Access to Finance Scheme (LASMECO), was officially launched during a Memorandum of Understanding (MoU) signing ceremony held at Alausa, Ikeja. Governor Sanwo-Olu emphasized that the initiative would help skilled entrepreneurs with limited capital turn their ideas into thriving businesses, driving economic expansion across Lagos.
Sanwo-Olu reiterated his administration’s dedication to building an inclusive economy, where businesses in all corners of the state, regardless of location, are given equal opportunities to succeed. He also urged Lagosians to support locally made products to spur growth and prosperity.
Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, described the launch as a pivotal moment in the effort to create a 21st-century economy that empowers home-grown businesses. She noted that LASMECO offers not just financial support but also training, mentoring, and market access, with a simplified loan process designed to be accessible to even the smallest business owners.
BOI Managing Director/CEO, Olasupo Olusi, praised the scheme as a transformative step for MSMEs in Lagos, offering access and inclusion by removing traditional barriers to business financing.
President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye, called the programme a landmark move, particularly in a tough credit environment. He highlighted its potential to boost productivity, create jobs, and foster sustainable economic development.
Sterling Bank, represented by Executive Director Tunde Adeola, affirmed its commitment to empowering MSMEs through continued partnership with the state. Similarly, LASCOFED President Oladipo Sobule expressed gratitude for the timely initiative, especially as 2025 has been declared the year of cooperatives.
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