The Lagos State Government says it is positioning Small and Medium Enterprises (SMEs) to drive an additional $1 billion in annual foreign exchange inflows within five years.
Governor Babajide Sanwo-Olu, represented by his Special Adviser on Works, Dr Adekunle Olayinka, disclosed this on Monday at the graduation of 253 beneficiaries of the Lagos State Export Readiness Training Programme (LASERP). He said 20 of the graduates will showcase “Made in Lagos” products at the 2025 Intra-African Trade Fair in Algiers, Algeria.
Sanwo-Olu noted that Lagos already contributes over 60% of Nigeria’s non-oil exports—valued at $5.3 billion in 2024—and stressed that boosting SME exports was vital to sustaining growth.
“Our future does not rest on oil or large corporations alone,” he said. “It rests on SMEs—the heartbeat of our markets and engines of innovation.”
Minister of Finance, Wale Edun, represented by Dr Ogho Okiti, hailed the programme as a model for unlocking Nigeria’s export potential.
In a related development, the Lagos Industrial Leather Hub in Mushin—commissioned by First Lady Oluremi Tinubu—is expected to generate 10,000 jobs and over $250 million in yearly export earnings when fully operational.
