May 9, 2025
Lagos State Governor, Babajide Sanwo-Olu has launched a N10 billion matched funding jointly provided by the State Government and the Bank of Industry (BOI), to empower Micro, Small and Medium Enterprises (MSMEs) and enable them to expand their businesses.
Governor Sanwo-Olu led the State’s Team at the formal signing of the Memorandum of Understanding (MoU) and launch of the programme, LASG – BOI MSME Access to Finance Scheme, (LASMECO) on Thursday.
Speaking at the programme, Sanwo-Olu described the launch as a fulfilment of dreams for many MSMEs who have skills but lack the capital to run or scale their businesses, saying the fund will bring a turnaround in their fortune and expand the State’s economy.
According to the Governor, his administration deeply understands and is committed to building an economy that leaves no one behind – an economy where a great idea in Oshodi can get the same opportunity to flourish as one on Wall Street. Sanwo-Olu further called on Lagosians to patronise locally made goods as it is the sure path to economic growth and prosperity.
Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, described the signing of the MOU and launch as a new chapter and a landmark moment in the administration’s drive to build a 21st-century economy that not only empowers businesses to thrive, but places our home-grown enterprises at the centre of prosperity, innovation, and resilience.
The Commissioner affirmed that the scheme is not just a fund but a system designed to be transparent, inclusive, and results-driven as beneficiaries will not only access capital, but will also be exposed to training, mentoring, and market linkage opportunities, while the loan process has been simplified to remove bottlenecks and ensure that even the smallest business owner with a viable plan can access the support they need.
Managing Director/CEO, Bank of Industry, Olasupo Olusi, described the programme as not just a signing ceremony, but the beginning of a new chapter for MSMEs in Lagos, defined by access, opportunity, and inclusion. He declared it a strategic effort that will unlock the creativity, resilience, and potential of Lagos’ MSMEs by dismantling the structural barriers that have long constrained access to opportunity.
President, Manufacturers Association of Nigeria, Otunba Francis Meshioye, said the launch was a testament to the power of collaboration and the commitment of the Lagos State Government to empowering MSMEs, in whose hands lie the future of every flourishing economy.
According to him, in a high-interest rate environment of over 35 per cent rated as the 6th most expensive country to source credit, the signing of this Memorandum of Understanding (MoU) is a watershed moment for cooperative entrepreneurs and manufacturing MSMEs. Members of MAN are particularly eager to see that this scheme, which promises unprecedented access to finance and capacity-building opportunities succeeds.
Chief Executive Officer, Sterling Bank Plc, Suleiman Abubakar, represented by Executive Director, Commercial and Institutional Banking, Tunde Adeola, highlighted the LASMECO programme as an addition to the many partnerships the bank has executed with the State Government, noting that the bank is committed to doing more to empower MSMEs.
President, Lagos State Cooperative Federation, LASCOFED, Oladipo Sobule, expressed profound appreciation to the State Government for the initiative that came at the most important moment, as this year 2025 has been declared the cooperatives year.
