Lagos Govt, Bank of Industry introduce N10 billion support fund for small businesses in Lagos
The Lagos State Government, in collaboration with the Bank of Industry (BOI), has launched a N10 billion Access to Finance Scheme aimed at empowering Micro, Small, and Medium Enterprises (MSMEs) across the state.
The initiative is designed to provide critical capital to help MSMEs scale their operations and contribute to the state’s economic development.
Governor Babajide Sanwo-Olu introduced the scheme during the formal signing of the Memorandum of Understanding (MoU) for the program, named LASMECO (Lagos State – Bank of Industry MSME Access to Finance Scheme), held in Alausa, Ikeja.
The announcement was shared in a statement on the Lagos State Government’s official Facebook page on Thursday.
“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) at Alausa, Ikeja, today,” the statement read in part.
Governor Babajide Sanwo-Olu expressed that the LASMECO initiative would be a game-changer for local businesses, especially those with growth potential but limited financial access.
He emphasized that the scheme would foster job creation, boost opportunities, and strengthen the state’s economic resilience, with the potential to create 10,000 jobs.
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The Managing Director/CEO of the Bank of Industry, Olasupo Olusi, praised the LASMECO scheme as a pivotal moment for MSMEs, breaking down structural barriers and unlocking new growth and inclusion opportunities across Lagos.
In her remarks, Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose, emphasized that LASMECO offers more than just financial support.
- She revealed that the program is designed to be inclusive, transparent, and results-oriented, providing capital, training, mentoring, and market linkages. The streamlined loan process will ensure that even the smallest businesses with viable plans can access the support they need.
- The President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye, lauded the collaboration, underscoring LASMECO’s importance amid high interest rates.
- He noted that the scheme will play a crucial role in boosting productivity, job creation, and MSME growth, particularly in the manufacturing and cooperative sectors.
Representing the CEO of Sterling Bank Plc, Suleiman Abubakar, Tunde Adeola, Executive Director for Commercial and Institutional Banking, reaffirmed the bank’s commitment to MSME empowerment, highlighting its ongoing partnership with the Lagos State Government.
