By ADERONKE OJEDIRAN

Lagos State has inaugurated N10 billion Lagos State Access to Finance for Micro, Small, and Medium Enterprises (MSMEs), to expand access to finance for small businesses.

The Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, disclosed this on Wednesday during the 2026 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja.

According to her, the initiative provides up to N10 million non-collateralised loans to cooperative-based MSMEs at a single-digit interest rate of nine percent per annum through its LASMECO programme.

She added that the state had already released five billion naira as matched funding for the programme.

“LASMECO is not just a financing programme; it is a strategic economic empowerment platform designed to deepen financial inclusion and support enterprise growth.

“The programme has already been adopted nationally as a working model for MSME financing reform at the 16th National Council on Industry, Trade and Investment,” she said.

Ambrose-Medebem also said the state emerged top-performing state in Nigeria in the 2026 Presidential Enabling Business Environment Council (PEBEC) Ease of Doing Business rankings, as it intensifies investment promotion and MSME financing initiatives.

She said the ranking reinforced Lagos’ position as Nigeria’s preferred investment destination and Africa’s emerging business gateway.

She said the state’s strong performance was driven by improvements in infrastructure, digital service delivery, land administration, investor support systems and regulatory efficiency.

“Lagos has continued to demonstrate that a competitive and enabling business environment is achievable through deliberate reforms, institutional coordination and strategic investment.

“Our vision remains to transform Lagos from the commercial capital of Nigeria to the business gateway of Africa,” she said.

Ambrose-Medebem said Lagos had also intensified efforts to attract local and foreign investment through the “Invest in Lagos” initiative.

She said the `Invest in Lagos 3.0 summit’ scheduled for June 8 to June 9 would host over 600 delegates, including investors, policymakers, heads of international finance institutions and industry leaders.

“The summit is designed to close multi-million-dollar deals and position Lagos as the leading subnational gateway for capital flows, trade integration and infrastructure development in Africa,” she said.

The commissioner said the ministry had also unveiled the Lagos State Industrial Policy 2025–2030 to reposition the state as the manufacturing hub of Africa.

She said the policy focused on industrial estate upgrades, innovation support, infrastructure expansion and stronger public-private sector collaboration.

Ambrose-Medebem added that the ministry renovated industrial estates in Matori I, Matori II and Sabo, Ikorodu, to improve productivity and operational efficiency.

On export development, she said the Lagos State Export Readiness Programme (LASERP), organised in partnership with Afreximbank and ImpactHer, trained 253 MSMEs on export procedures and global trade standards.

She said 20 outstanding participants, designated as Lagos Trade Champions, were sponsored to participate in the 2025 Intra-Africa Trade Fair in Algiers.

“They sold out their products at the fair and secured export relationships that have continued under the African Continental Free Trade Area framework,” she said.

The commissioner said the ministry had also strengthened cooperative reforms through digitalisation, with over 3,000 cooperative societies on board the Cooperative Management Information System platform.

“The initiative is improving transparency, monitoring and data-driven policymaking in the cooperative sector.

She disclosed that the Lagos State Consumer Protection Agency recovered more than N450 million on behalf of consumers during the reporting period.

She said the agency received 4,412 complaints, out of which 3,687 cases were resolved through mediation and enforcement.

Ambrose-Medebem said the government remained committed to sustaining economic reforms, strengthening investor confidence and expanding opportunities for businesses across the state.

“The direction is clear, the resolve is strong and the commitment is steady.

“Together with the people of Lagos, we will continue the journey from the commercial capital of Nigeria to the business gateway of Africa,” she said. (NAN)

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