By Victoria Tokolo
The Lagos State Government has reaffirmed its commitment to supporting Micro, Small and Medium Enterprises (MSMEs) through improved access to finance, capacity building, market expansion and policies aimed at creating a business-friendly environment
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The commitment was reiterated on October 22, 2026, at a grant and award presentation organised by the Ministry of Commerce, Cooperatives, Trade and Investment to recognise outstanding MSME operators as part of its 2026 MSME Day celebration.
The event, themed “Empowering MSMEs through Innovation and Sustainable Industrial Development,” brought together government officials and entrepreneurs to discuss strategies for strengthening businesses and promoting sustainable economic growth.
Speaking at the event, the Permanent Secretary of the ministry, Mr. Babatunde Onigbanjo, described MSMEs as the backbone of Lagos State’s economy, citing their contributions to employment generation, grassroots innovation and economic resilience.
He said the celebration was designed not only to recognise entrepreneurial excellence but also to provide practical support to businesses with the potential to expand and contribute to industrial development.
Onigbanjo urged grant beneficiaries to use the funds judiciously, create employment opportunities and adopt sustainable business practices.
Similarly, the Senior Special Assistant to the Governor on Commerce, Cooperatives, Trade and Investment, Mrs. Nana-Hauwa Adeeyo, said MSMEs accounted for approximately 96 per cent of businesses and nearly 84 per cent of employment in Nigeria, underscoring their importance to economic development.
She identified access to affordable finance, cooperative development, capacity building, market access and an enabling business environment as key pillars of the state’s MSME development strategy.
Adeeyo disclosed that the Lagos State Access to Finance for MSMEs through Cooperatives (LASMECO) scheme operates under a N10 billion financing framework developed in partnership with the Bank of Industry and Sterling Bank.
According to her, the state government has released N5 billion as matched funding, enabling eligible cooperative-based businesses to access loans of up to N10 million without collateral, at an interest rate of nine per cent annually. The scheme also provides a six-month moratorium and repayment periods of up to 36 months.
She added that LASMECO uses a digital platform to monitor disbursements and ensure transparency, noting that the National Council on Industry, Trade and Investment had adopted it as a model for MSME financing.
On market expansion, Adeeyo said the Lagos State Export Readiness Programme had trained 253 businesses, while 20 outstanding participants received sponsorship to attend the Intra-African Trade Fair in Algiers, where they secured export relationships.
She also announced plans to provide grants of up to N1 million to five outstanding enterprises participating in the Fashion, Leather and Creative Enterprise Spotlight.
Adeeyo said the Lagos State Industrial Policy 2025–2030 prioritised agro-processing, light manufacturing, healthcare, the creative economy, digital trade and the blue economy. She added that plans included establishing a 44-unit light industrial park in Imota to provide affordable production facilities for manufacturers.
The Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, said the government was working to ensure that businesses with the capacity to expand production and create jobs could access the resources they needed.
She identified limited financing, inflation and high energy costs as persistent challenges facing MSMEs, but noted that the government was implementing initiatives to improve competitiveness.
Ambrose-Medebem urged grant beneficiaries to treat the funds as seed capital, investing in equipment, technology, product certification and formal business structures to strengthen their enterprises and attract further investment.
She also highlighted the state’s Ease of Doing Business agenda and One-Stop-Shop initiative as measures to simplify administrative procedures and improve access to government services.
Representatives of regulatory agencies, including the Lagos State Internal Revenue Service, the National Agency for Food and Drug Administration and Control, and the Lagos State Consumer Protection Agency, advised entrepreneurs on tax compliance, product registration, quality standards and consumer protection.
They emphasised that regulatory compliance, product safety, transparent pricing and effective customer service were essential to building trust, improving market access and sustaining business growth.
The event underscored the importance of collaboration among government institutions, financial partners, regulatory agencies and entrepreneurs in strengthening Lagos State’s MSME ecosystem.
The state government reiterated its call on businesses to embrace innovation, adopt digital solutions, improve production standards and explore new markets to expand local production, create jobs and drive sustainable industrial development.
