Lagos State has launched a financial support programme for micro, small and medium enterprises, offering grants and export development opportunities to help entrepreneurs grow their businesses. The Lagos State Access to Finance for SMEs through Cooperatives scheme was announced by Folashade Ambrose-Medebem, the state Commissioner for Commerce, Cooperatives, Trade and Investment, on Friday to mark the International Day of MSMEs.
The initiative is designed to improve access to affordable financing and tackle funding challenges that confront small businesses. Ambrose-Medebem said the programme addresses major constraints affecting MSMEs, including inadequate access to finance, inflation, high energy costs and limited access to wider markets. She noted that the financial support should serve as seed capital for strengthening operations, investing in equipment and technology, meeting certification requirements and preparing to attract further commercial investment.
Lagos State has more than 16,000 registered cooperative societies operating through 24 Area Cooperative Offices, providing a platform to extend financial support to entrepreneurs who might struggle to access conventional bank loans, Ambrose-Medebem said. Babatunde Onigbanjo, Permanent Secretary of the ministry, described MSMEs as the backbone of the state's economy, stressing the importance of innovation and sustainable industrial development in building resilient businesses. The programme includes the presentation of grants and awards to outstanding MSME operators and is designed to recognise entrepreneurial excellence, provide financial support and expose business owners to government policies, investment prospects and economic opportunities.
Hauwa Adeeyo-Orekoya, Senior Special Assistant to the Governor on Commerce, Cooperatives, Trade and Investment, noted that MSMEs remain vital to the state's economy through job creation, local production, innovation and the sustenance of livelihoods across communities. For small business owners and entrepreneurs in Lagos, this scheme provides a new pathway to access seed capital and financing that conventional banks may not offer.