Lagos State governor, Babajide Sanwo-Olu
Lagos State government has presented grants ranging from N100,000 to N250,000 and business equipment to micro, small and medium enterprises (MSMEs) to strengthen entrepreneurship, improve access to finance and promote sustainable business development across the state.
The grants and equipment, which included sewing machines, freezers and grinding machines, were presented at the state’s 2026 World MSME Day celebration organised by the Ministry of Commerce, Cooperatives, Trade and Investment, themed ‘Empowering MSMEs through Innovation and Sustainable Development.’
In her keynote address, the Senior Special Assistant to Lagos Governor on Commerce, Cooperatives, Trade and Investment, Mrs. Nana-Hauwa Adeeyo, highlighted the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO), a N10 billion financing initiative established in partnership with the Bank of Industry and Sterling Bank.
Adeeyo said the state government had released N5 billion as matched funding for the scheme, which provides eligible cooperative-based MSMEs with access to loans of up to N10 million at an annual interest rate of nine per cent. She explained that the loans come with a six-month moratorium and a repayment period of up to 36 months without collateral requirements.
According to her, the initiative was designed to address the challenge of access to affordable finance, which remains a major constraint for small businesses. She added that the scheme operates through an integrated digital platform to monitor disbursements and beneficiaries, promoting transparency and accountability.
Earlier, the Permanent Secretary of the ministry, Mr. Babatunde Onigbanjo, said the celebration demonstrated the government’s commitment to recognising outstanding entrepreneurs and providing support to help businesses expand.
In his welcome address, Onigbanjo described MSMEs as key drivers of employment, grassroots innovation and economic resilience, stressing the importance of creating an environment in which businesses could become more competitive and sustainable.
He said the programme was designed to recognise outstanding operators, provide direct support to
deserving beneficiaries and share knowledge on government policies, investment and economic opportunities.
Onigbanjo urged beneficiaries to use the grants and equipment to grow their businesses, create jobs and adopt sustainable practices, adding that their success would contribute to the state’s economic development.
Similarly, the Nigerian Export Promotion Council (NEPC), represented by Benedict Itegbe, discussed export development and opportunities for businesses seeking access to international markets.
The Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose-Medebem, listed a number of activities being carried out the state government to
boost MSMEs activities in the state, maintaining that Lagos has moved beyond rhetoric on MSME financing.
She, nonetheless, said access to finance remains constrained by the bankability gap: many MSMEs lack the Documentation and Governance structures that lenders require.
