Lagos State Launches N10bn MSME Financing Initiative

The Lagos State Government officially onboarded 19 business accelerators to roll out a N10 billion Micro Enterprise Support Initiative designed to provide low-interest, non-collateral loans to cooperative-based micro, small, and medium enterprises (MSMEs) across the state. The signing ceremony took place at the Ministry of Commerce, Cooperatives, and Trade in Alausa, Ikeja.

Folashad Ambros Medebem, the Commissioner for Commerce, Cooperatives, and Trade, described the selection process for the accelerators as rigorous, transparent, and merit-driven. The initiative aims to address long-standing financial constraints faced by cooperative-based enterprises, particularly small businesses that struggle to access conventional credit facilities.

The program is designed to deepen financial inclusion across Lagos State's 57 local government areas and strengthen the cooperative movement as a vehicle for grassroots economic growth. The initiative aligns with Governor Babajide Sanwo-Olu's economic agenda, targeting industrial growth, reducing unemployment, and expanding opportunities for women and young entrepreneurs.