In a major boost to economic development, the Lagos State Government in partnership with the Bank of Industry (BOI) has introduced a N10 billion Access to Finance Scheme aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) across the state.
Governor Babajide Sanwo-Olu unveiled the initiative, named LASMECO (Lagos State–BOI MSME Access to Finance Scheme), on Thursday during the official signing of a Memorandum of Understanding (MoU) held at the State House in Alausa, Ikeja.
The governor described the fund as a transformative step to empower small businesses, noting it is expected to help scale operations, create over 10,000 jobs, and enhance Lagos’ economic resilience. “This matched funding from the state government and BOI will provide critical support to businesses that have the potential to grow but lack access to capital,” Sanwo-Olu stated.
The LASMECO scheme will not only provide affordable funding but also include training, mentoring, and access to markets for qualifying MSMEs. The goal is to simplify access to finance and remove structural barriers limiting growth.
BOI’s Managing Director, Olasupo Olusi, praised the initiative, calling it a “pivotal moment” for the state’s economy. He highlighted that the scheme would deepen financial inclusion and stimulate industrial development across Lagos.
Lagos Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose, emphasized the program’s inclusive nature, ensuring even the smallest viable enterprises can access support. “This isn’t just about capital; we are building a support system around our entrepreneurs,” she said.
Otunba Francis Meshioye, President of the Manufacturers Association of Nigeria (MAN), lauded the scheme’s timing, particularly as MSMEs face rising interest rates. He said it would stimulate productivity and aid in reviving the manufacturing and cooperative sectors.
Tunde Adeola, representing Sterling Bank CEO Suleiman Abubakar, reaffirmed the bank’s commitment to working with the state to unlock economic opportunities through MSME financing.
The LASMECO initiative is expected to begin disbursement in phases, with a focus on transparency and measurable impact across various sectors of the Lagos economy.
