Lagos partners with 19 accelerators for N10 billion MSME financing scheme

The Lagos State Government formally engaged 19 business accelerators on Tuesday to implement the N10 billion Lagos State Micro Enterprise Support Initiative.

The programme provides low‑interest, non‑collateral loans to cooperative‑based micro, small and medium enterprises throughout the state.

The signing ceremony took place at the Ministry of Commerce, Cooperatives, Trade and Investment in Alausa, Ikeja, marking the start of the application and processing phase for eligible cooperative societies.

Commissioner for Commerce, Cooperatives, Trade and Investment Folashade Ambrose-Medebem said the selection of the accelerators was “rigorous, transparent and merit‑driven,” adding that competence, innovation and technical expertise were the key criteria.

She noted that the chosen accelerators will be responsible for ensuring beneficiaries not only obtain financing but also receive the institutional and technical support needed to develop viable businesses.

“You will provide rigorous enterprise support services, strengthen the capacity of beneficiaries, uphold accountability and transparency in every transaction touched by your platforms, and ensure every deserving entrepreneur receives the guidance required to build sustainable and competitive businesses,” she said.

Ambrose-Medebem explained that the initiative was created to tackle persistent financing constraints faced by cooperative‑based enterprises, especially small firms that struggle to secure conventional credit.

She said the programme also aims to deepen financial inclusion across Lagos’s 57 local governments and local council development areas, while bolstering the cooperative movement as a driver of grassroots economic growth.

“LASMECO was established to unlock the productive potential of entrepreneurs who have remained constrained by limited access to capital.

“This initiative is about more than disbursing loans. It is about creating a sustainable ecosystem where small businesses can grow, compete and contribute meaningfully to the economy,” she said.

The commissioner highlighted the partnership with the Bank of Industry as evidence of the importance of collaboration between public institutions and the private sector in promoting inclusive economic development.

Beyond financing, beneficiaries will receive mentorship, business advisory services, market‑access support and institutional strengthening to improve operational sustainability.

She added that the initiative aligns with Governor Babajide Sanwo‑Olu’s economic agenda, particularly efforts to stimulate industrial growth, reduce unemployment and expand opportunities for women and young entrepreneurs.

“Accountability, transparency and measurable impact remain at the heart of this programme.

“Every fund disbursed under this initiative must translate into business expansion, job creation and improved livelihoods for residents of Lagos State,” Ambrose-Medebem said.

Permanent Secretary of the ministry Babatunde Onigbanjo urged all stakeholders to stay focused on delivering measurable economic outcomes across communities and industries in the state.

South West Regional Manager of the Bank of Industry Richard Imonije pledged the institution’s support to ensure smooth implementation of the scheme.

Project Manager at Sterling Bank Plc Paul Olatoye affirmed the bank’s commitment to backing the initiative.

Chief Executive Officer of Watershed Capital Limited Dr Olumuyiwa Olanrewaju praised the state government’s intervention as a strategic move to strengthen small businesses and broaden economic opportunities.

“We understand the responsibility placed on us as accelerators.

“Our collective goal is to ensure that this initiative delivers meaningful impact and creates stronger, more resilient enterprises across Lagos,” he said.