Lagos selects 19 accelerators to manage ₦10B MSME fund

The Lagos State Government has enlisted 19 business accelerators to drive the implementation of the ₦10 billion Lagos State Micro Enterprise Support Initiative (LASMECO), a financing programme designed to provide affordable loans to micro, small and medium-sized enterprises (MSMEs).

LASMECO offers single-digit interest loans without collateral to cooperative-based businesses across the state, to expand access to capital and strengthen small enterprises.

The formal onboarding of the accelerators took place on Tuesday at the Ministry of Commerce, Cooperatives, Trade and Investment in Alausa, Ikeja, marking the beginning of the application and processing phase for eligible cooperative societies.

Speaking at the signing ceremony, Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said the selected organisations emerged through a rigorous and transparent process based on competence, innovation and technical capacity.

According to her, the accelerators will provide enterprise support, business training, monitoring and accountability systems to ensure that the fund delivers measurable impact.

She said the programme was created to close financing gaps affecting cooperative-based MSMEs and deepen financial inclusion across all local government areas and local council development areas in Lagos.

Lagos collaborated with other banks.

Ambrose-Medebem added that the initiative, developed in partnership with the Bank of Industry, goes beyond financing by offering mentorship, market access and institutional strengthening to beneficiaries.

She noted that LASMECO aligns with the economic agenda of Babajide Sanwo-Olu and is expected to stimulate industrial growth, reduce unemployment and empower women and youth entrepreneurs.

The commissioner stressed that every naira disbursed must translate into business expansion, job creation and improved livelihoods for Lagos residents.

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Officials from the Sterling Bank Plc and the Bank of Industry pledged their support for the successful execution of the initiative.

Chief Executive Officer of Watershed Capital Ltd., Olumuyiwa Olanrewaju, commended the state government and assured stakeholders that the accelerators would work to ensure the programme achieves its objectives.

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