The Lagos State Government has officially onboarded 19 accelerators for the implementation of the N10 billion Lagos State Micro Enterprise Support Initiative (LASMECO), aimed at expanding access to affordable financing for small businesses.
LASMECO is designed as a single-digit interest, non-collateral funding scheme targeting cooperative-based Micro, Small and Medium Enterprises (MSMEs) across the state.
The signing ceremony, held on Tuesday at the Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI) in Alausa, Ikeja, marked the formal commencement of the programme’s application and processing stage for eligible cooperative societies.
Speaking at the event, Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, said the selection of the 19 accelerators was conducted through a rigorous, transparent and merit-based process.
She explained that competence, innovation, technical capacity and alignment with Lagos’ economic development priorities guided the selection process.
According to her, the chosen organisations possess the institutional strength and expertise required to deliver enterprise support services, capacity building, monitoring and accountability structures essential for the programme’s success.
“You will provide rigorous enterprise support services, strengthen the capacity of beneficiaries, uphold accountability and transparency in every transaction touched by your platforms.
“Ensure every deserving entrepreneur receives the guidance required to build sustainable and competitive businesses,” she said.
Ambrose-Medebem said LASMECO was created to address financing gaps faced by cooperative-based MSMEs, while also strengthening financial inclusion across all local government areas and LCDAs in Lagos State.
She added that the initiative would help unlock the productive potential of entrepreneurs who have been constrained by limited access to capital and credit.
The commissioner noted that the partnership with the Bank of Industry (BoI) demonstrated the importance of collaboration in driving inclusive economic growth and building an innovation-led economy.
Beyond funding, she said the scheme would also provide mentorship, business development services, market access opportunities and institutional support for beneficiaries.
Ambrose-Medebem further stated that the programme aligns with Governor Babajide Sanwo-Olu’s economic agenda, which focuses on industrial growth, job creation, women and youth empowerment, and expansion of the local productive base.
She stressed that accountability and measurable impact would remain central to implementation, adding that funds disbursed must translate into business growth, employment generation and improved livelihoods.
The Permanent Secretary of MCCTI, Mr Babatunde Onigbanjo, urged stakeholders to remain committed to ensuring that the initiative delivers tangible economic benefits across communities, markets and industries.
Also speaking, the Regional Manager, South-West, Bank of Industry (BoI), Mr Richard Imonije, and Project Manager, Sterling Bank Plc, Mr Paul Olatoye, pledged institutional support for the successful execution of the programme.
Dr Olumuyiwa Olanrewaju, Chief Executive Officer of Watershed Capital Ltd., commended the state government and assured that the accelerators would work to ensure effective delivery of the initiative.
