Lagos State Governor, Babajide Sanwo-Olu, has launched a N10 billion matched funding scheme in partnership with the Bank of Industry (BOI) to support Micro, Small and Medium Enterprises (MSMEs) across the state.
He made the formal signing of the Memorandum of Understanding (MoU) and the launch of the Lagos State–BOI MSME Access to Finance Scheme (LASMECO) at Alausa, Ikeja.
Governor Sanwo-Olu described the initiative as the realisation of a long-awaited dream for many entrepreneurs who possess skills but lack the capital to grow or sustain their businesses.
“The launch of this joint initiative between the Lagos State Government, Bank of Industry, and Sterling Bank is not just a formal unveiling of a financing programme—it is the lighting of thousands of small candles that will together illuminate a more prosperous and inclusive Lagos,” Sanwo-Olu said.
He added that LASMECO is a first-of-its-kind public-private financing platform designed to remove long-standing barriers hindering the growth of small businesses.
The scheme offers non-collateralised loans of up to N10 million at a single-digit interest rate of 9% per annum.
It is backed by guarantees from Sterling Bank, the State Government, and cooperative societies.
Sanwo-Olu explained that the scheme targets strategic sectors including healthcare, agriculture, manufacturing, creative industries, and the circular economy—areas that align with the state’s development priorities.
“By empowering these sectors, we are addressing multiple goals simultaneously—job creation, innovation, food security, improved healthcare, and environmental sustainability,” he said.
He also urged Lagosians to support locally made goods as a way to drive inclusive economic growth.Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, hailed the launch as a landmark step towards building a 21st-century economy.
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She said the scheme was tailored to meet the realities of doing business in Lagos and would provide accessible, structured, and affordable credit to thousands of MSMEs.
“This is more than a finance scheme—it is a declaration that Lagos State believes in the power of small businesses to transform our economy. Access to finance should be a right and a support system for every bold dreamer and hardworking entrepreneur,” she stated.
Managing Director and CEO of the Bank of Industry, Olasupo Olusi, described the initiative as a strategic move to dismantle structural barriers to opportunity and unlock the potential of Lagos’ MSME sector.
He said the fund aims to create 10,000 jobs, reduce poverty, and drive enterprise development across the state.
“This N10 billion fund is just the beginning of a scalable, performance-based programme. As targets are met, the fund will grow, fostering continued expansion and empowerment for MSMEs,” he added.
