The Lagos State Government has onboarded 19 accelerators for the implementation of the N10 billion Lagos State Micro Enterprise Support Initiative (LASMECO).
LASMECO is a single-digit interest, collateral-free financing scheme targeted at cooperative-based Micro, Small and Medium Enterprises (MSMEs).
The signing ceremony, held on Tuesday at the Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI) office in Alausa, Ikeja, marked the formal commencement of the programme’s application and processing phase for eligible cooperative societies across the state.
Speaking at the ceremony, Mrs Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade and Investment, described the selection of the accelerators as rigorous, transparent and merit-driven.
Ambrose-Medebem said competence, innovation, technical capacity and alignment with the state’s economic development agenda guided the selection process.
She said the selected organisations possessed the expertise and institutional strength required to provide enterprise support services, capacity building, monitoring and accountability mechanisms that would ensure the success of the initiative.
“You will provide rigorous enterprise support services, strengthen the capacity of beneficiaries, uphold accountability and transparency in every transaction, and ensure every deserving entrepreneur receives the guidance required to build sustainable and competitive businesses,” the commissioner said.
She said LASMECO was established to bridge financing gaps affecting cooperative-based MSMEs, deepen financial inclusion across all local governments and LCDAs in Lagos, strengthen cooperative institutions, and unlock the productive capacity of entrepreneurs constrained by limited access to capital.
Ambrose-Medebem said the partnership with the Bank of Industry (BoI) reflected the power of strategic collaboration in driving economic growth and building an inclusive, innovation-driven economy.
She added that beyond access to finance, the initiative would provide mentorship, business development support, market access opportunities and institutional strengthening for beneficiaries.
The commissioner said the programme aligned with the economic agenda of Governor Babajide Sanwo-Olu, aimed at stimulating industrial growth, reducing unemployment, empowering women and youth entrepreneurs, and expanding the productive base of local enterprises.
She emphasised that accountability, transparency and measurable impact remained central to the implementation of the scheme, adding that every fund disbursed must translate into business expansion, job creation and improved livelihoods for Lagos residents.
The Permanent Secretary of MCCTI, Mr Babatunde Onigbanjo, urged stakeholders to remain committed to delivering measurable economic impact across communities, markets and industries in the state.
Also speaking, the Regional Manager, South-West, Bank of Industry (BoI), Mr Richard Imonije, and the Project Manager, Sterling Bank Plc, Mr Paul Olatoye, pledged the support of their institutions toward the successful implementation of the initiative.
Dr Olumuyiwa Olanrewaju, Chief Executive Officer of Watershed Capital Ltd., commended the state government for the opportunity and assured stakeholders of the accelerators’ commitment to the programme’s success.
