Lagos State Government Launches MSME Support Initiative

The Lagos State Government has pledged financial support to Micro, Small, and Medium Enterprises (MSMEs) through grants and export development opportunities. This initiative, announced by Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade and Investment, aims to enhance access to affordable financing for small businesses.

The Lagos State Access to Finance for SMEs through Cooperatives scheme is designed to address funding challenges faced by MSMEs, including inadequate access to finance, inflation, high energy costs, and limited market access. Ambrose-Medebem noted that there are over 16,000 registered cooperative societies in Lagos, which provide a platform for extending financial support to entrepreneurs.

The Permanent Secretary of the ministry, Babatunde Onigbanjo, emphasized the importance of MSMEs as the backbone of the state’s economy and highlighted the program's role in recognizing entrepreneurial excellence and exposing business owners to government policies and investment opportunities. Hauwa Adeeyo-Orekoya, Senior Special Assistant to the Governor, reiterated the vital role of MSMEs in job creation and local production.