Adeyinka Adeniji 
In a major push to stimulate enterprise development and economic inclusion, Lagos State Governor, Babajide Sanwo-Olu, on Wednesday launched a N10 billion matched funding scheme in partnership with the Bank of Industry (BOI) to empower Micro, Small and Medium Enterprises (MSMEs) across the state.
The financing initiative, named the LASG/BOI SME Access Finance Scheme (LASMECO), was unveiled at a formal Memorandum of Understanding (MoU) signing ceremony held in Alausa, Ikeja.
Speaking at the launch, Governor Sanwo-Olu described the programme as a landmark intervention and a lifeline for thousands of entrepreneurs who possess skills but lack the capital to expand or sustain their businesses.
“This fund is not just a financing programme; it is the unveiling of dreams, a beacon for thousands of small businesses to rise, grow, and thrive,” he said.
Under the scheme, MSMEs will be able to access up to N10 million in loans at a single-digit interest rate of 9% per annum.
The facility is non-collateralised and strategically targets key sectors such as healthcare, agriculture, creative industries, manufacturing, and the circular economy.
The governor emphasized that the programme was rooted in a tripartite model involving the Lagos State Government, BOI, and Sterling Bank Plc, with additional backing from cooperative societies.
He noted that the scheme reflects the administration’s commitment to inclusive and sustainable growth and aligns with its broader development vision for Lagos.
“We envision Lagos as a global economic hub where prosperity is inclusive and small businesses form the bedrock of economic resilience. Over 90% of our workforce is engaged in MSMEs, and we are determined to empower them,” Sanwo-Olu stated.
Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, hailed the initiative as a “landmark moment” that will reframe Lagos’ economic landscape.
“This is more than access to capital. It is an economic strategy that centers our homegrown enterprises as engines of growth and resilience,” she said.
Managing Director/CEO of the Bank of Industry, Dr. Olasupo Olusi, described the programme as a “bold, strategic” move to dismantle financial barriers that have long limited the potential of MSMEs in Lagos.
“This initiative is expected to create 10,000 jobs, unlock wealth, and reduce poverty through enterprise support,” he added. Olusi noted that the fund is performance-based and scalable as milestones are achieved.
President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye, commended the Sanwo-Olu administration for its unwavering support for local businesses.
“Your government’s investment of over N8.4 billion in support of more than 12,000 MSMEs, including N1.17 billion loans to 4,600 MSMEs and another N558.56 million in 2024 alone, is truly commendable,” he stated.
Governor Sanwo-Olu called on Lagosians to patronize locally made goods, stressing that economic growth must be anchored on domestic consumption and innovation.
He reiterated the government’s belief in public-private collaboration as a vehicle for long-term development.
“With initiatives like LASMECO, we are laying the groundwork for a Lagos that is not only globally competitive but one where prosperity is shared and inclusive,” the governor affirmed.
