The Lagos State Government has introduced a N500 billion fund aimed at supporting Micro, Small and Medium Enterprises (MSMEs), with particular attention to women operating in the informal sector.
This was disclosed during the grand finale of the ECOWAS Caravan 2025, which took place in Lagos as the concluding leg of the regional campaign advocating for women engaged in cross-border trade in West Africa.
In a statement on Tuesday, the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, explained that the fund, endorsed by Governor Babajide Sanwo-Olu, would be matched by an additional N500 billion from the Bank of Industry, forming a N1 trillion funding initiative.
“This fund is non-collateralised, includes a six-month moratorium, and offers a zero per cent interest window for cooperative-backed informal businesses,” she stated.
She described the initiative as a deliberate move to empower women traders who are the backbone of informal commerce along the Lagos–West African trade corridor.
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The closing event, held at the Federal Palace Hotel in Victoria Island, marked the end of the ECOWAS Caravan 2025, which began on June 30 and made stops in Abidjan, Lomé, and Cotonou before arriving in Lagos. The campaign spotlighted the barriers women face in cross-border trade, including limited access to finance, information gaps, and harassment at borders.
Commending Lagos for the initiative, ECOWAS Commissioner for Social Affairs and Gender, Professor Fatou Sarr, said, “Lagos is setting the pace. Women are the heart of informal trade, and when states empower them, the entire region benefits. This caravan is about giving women voice, value, and visibility.”
Dr Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry, also applauded the funding effort. She encouraged further investment in local language learning centres and digital tools to ease cross-border trade.
“From Oyingbo to Mile 2 to Balogun, Lagos is full of women entrepreneurs keeping West Africa’s food systems and informal economy alive,” she said. “They deserve simplified trade protocols and access to institutional support.”
