LAGOS PRESENTS GRANTS, WORKING TOOLS TO 100 MSMEs TO BOOST BUSINESS GROWTH (PHOTOS)
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By ‘Sefiu Ajape
The Lagos State Government on Thursday presented grants ranging from ₦100,000 to ₦250,000 to 100 business owners, alongside working tools and productive equipment, to boost the production capacity, service delivery and revenue generation of Micro, Small and Medium Enterprises (MSMEs) across the state.
The Senior Special Assistant to the Governor on Commerce, Cooperatives, Trade and Investment, Mrs. Nana-Hauwa Adeeyo, disclosed this at the maiden grants and awards presentation organised by the ministry at NECA House, Alausa, Ikeja.
Held as part of activities marking the 2026 United Nations World MSME Day, the event featured the distribution of equipment, including deep freezers, grinding machines, industrial sewing machines and heat press machines, to support beneficiaries’ business operations.
Adeeyo said the intervention was designed to translate government policies into practical support for entrepreneurs and create opportunities for business growth.
“A total of 100 beneficiaries will receive grants of ₦100,000 to ₦250,000, alongside work tools and productive equipment to strengthen their businesses, improve service delivery and create economic opportunities,” she said.
She urged beneficiaries to manage the support responsibly and ensure that the grants and equipment contributed to the long-term sustainability of their businesses.
“Government support should serve as a foundation for growth, not a substitute for sound business management,” Adeeyo said.
The senior special assistant also announced grants of up to ₦1 million for five outstanding enterprises participating in the Fashion, Leather and Creative Enterprise Spotlight, a separate category recognising businesses in the featured sectors.
Speaking on other financial support available to entrepreneurs, Adeeyo highlighted the Lagos State Access to Finance for MSMEs through Cooperatives (LASMECO), a ₦10 billion initiative designed to improve access to credit for eligible cooperative-based businesses.
She said the state government had released ₦5 billion in matching funds under the scheme, which offers eligible MSMEs loans of up to ₦10 million without collateral at an annual interest rate of nine per cent.
According to her, beneficiaries are entitled to a six-month moratorium and up to 36 months to repay the loans.
Adeeyo further disclosed that the state’s Export Readiness Programme had trained 253 MSMEs, with 20 top-performing businesses sponsored to participate in the Intra-African Trade Fair in Algiers, where they secured export relationships.
In her keynote address on MSME investment and economic opportunities, the Commissioner for Commerce, Cooperatives, Trade and Investment, Hon. Folashade Bada Ambrose-Medebem, identified access to finance, inflation and high energy costs among the challenges confronting small businesses.
She urged entrepreneurs to use the government’s intervention to improve their operations, invest in productive assets and prepare their businesses for commercial financing.
“This support is Seed Capital, not a Subsidy,” Ambrose-Medebem said, stressing the need for beneficiaries to formalise their businesses, adopt appropriate technology, meet certification standards and build sustainable enterprises.
The commissioner also outlined priority sectors under the Lagos State Industrial Policy 2025–2030, including agro-processing, light manufacturing, healthcare, the creative economy, digital trade and the blue economy.
She added that the 44-unit Light Industrial Park in Imota was approaching completion.
Earlier, the ministry’s Permanent Secretary, Babatunde Onigbanjo, said the programme was aimed at recognising outstanding MSME operators, providing seed capital and creating conditions for businesses to thrive and generate employment.
“Government cannot create jobs; it can only create the conditions for businesses to thrive and generate employment,” Onigbanjo said.
The programme, themed “Empowering MSMEs through Innovation and Sustainable Industrial Development,” also featured sessions with government agencies and institutions on business registration, corporate governance, taxation, regulatory compliance, product standards, consumer protection and access to local and international markets.
Participating institutions included the Corporate Affairs Commission, Lagos State Consumer Protection Agency, Lagos Internal Revenue Service, National Agency for Food and Drug Administration and Control, Standards Organisation of Nigeria, Small and Medium Enterprises Development Agency of Nigeria and Nigerian Export Promotion Council.
The engagement was designed to equip business owners with practical information on formalising their operations, complying with regulatory requirements, improving competitiveness and accessing available government support and export opportunities.
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