The Lagos State Government on Tuesday formally onboarded 19 business accelerators to facilitate the rollout of the N10bn Lagos State Micro Enterprise Support Initiative.
- +Lagos engages 19 accelerators for N10bn MSME financing scheme
The initiative is a financing scheme designed to provide low-interest, non-collateral loans to cooperative-based Micro, Small and Medium Enterprises across the state.
The initiative is a financing scheme designed to provide low-interest, non-collateral loans to cooperative-based Micro, Small and Medium Enterprises across the state.
The signing ceremony, held at the Ministry of Commerce, Cooperatives, Trade and Investment in Alausa, Ikeja, signalled the commencement of the programme’s application and processing phase for eligible cooperative societies.
Speaking at the event, the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, described the selection process for the accelerators as “rigorous, transparent and merit-driven,” saying the state prioritised competence, innovation and technical expertise in choosing the organisations.
According to her, the selected accelerators would play a central role in ensuring that beneficiaries not only gain access to finance but also receive the institutional and technical support required to build 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 conceived to address longstanding financing constraints facing cooperative-based enterprises, particularly small businesses unable to access conventional credit facilities.
She said the programme was also designed to deepen financial inclusion across the state’s 57 local governments and local council development areas, while strengthening the cooperative movement as a vehicle for 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 noted that the partnership with the Bank of Industry underscored the importance of collaboration between public institutions and the private sector in driving inclusive economic development.
Beyond financing, she said, beneficiaries would receive mentorship, business advisory services, market access support and institutional strengthening aimed at improving operational sustainability.
She added that the initiative aligned with the economic agenda of Governor Babajide Sanwo-Olu, particularly efforts targeted at stimulating industrial growth, reducing unemployment and expanding 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, Mr Babatunde Onigbanjo, urged stakeholders involved in the implementation process to remain focused on delivering measurable economic outcomes across communities and industries in the state.
Also speaking, the South West Regional Manager of the Bank of Industry, Mr Richard Imonije, pledged the institution’s support towards ensuring the smooth implementation of the scheme.
Project Manager at Sterling Bank Plc, Mr Paul Olatoye, assured participants of the bank’s commitment to supporting the initiative.
Chief Executive Officer of Watershed Capital Limited, Dr Olumuyiwa Olanrewaju, commended the state government for what he described as a strategic intervention aimed at strengthening small businesses and expanding 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.
