By Lukman Olabiyi
Lagos State Governor Babajide Sanwo-Olu has unveiled the LASG-BOI MSME Access to Finance Scheme (LASMECO), a ₦10 billion matched funding initiative with the Bank of Industry (BOI) to empower Micro, Small, and Medium Enterprises (MSMEs).
At the Memorandum of Understanding signing in Alausa, Ikeja, on Wednesday, Sanwo-Olu described it as “the unveiling of dreams”, offering up to N10 million in non-collateralised loans at 9% interest to support healthcare, agriculture, creative industries, manufacturing, and circular economy sectors.
Sanwo-Olu said, “Today, we proudly unveil a tri-partite partnership called ‘LASMECO,’ a first-of-its-kind public-private financing platform deliberately designed to break the barriers that have long stifled our small businesses.” Guaranteed by Sterling Bank, the state government, and cooperative societies, the scheme aims to create jobs, enhance food security, and promote sustainability. He emphasised, “We envision a future Lagos… as Africa’s model megacity,” urging citizens to patronise local goods.
Commissioner for Commerce, Cooperatives, Trade and Investment Folashade Ambrose called the launch “a landmark moment” for a 21st-century economy, stating, “The financing scheme will empower thousands of MSMEs with structured, low-interest, and accessible credit facilities.” She highlighted its alignment with the T.H.E.M.E.S+ Agenda, noting, “This event is… a declaration that Lagos State believes in the power of small businesses.” The scheme includes training, mentoring, and market linkages, ensuring equitable access for all MSMEs.
BOI Managing Director Olasupo Olusi described the programme as “a new chapter for MSMEs,” targeting 10,000 jobs and poverty reduction. “Firstly, it is fully technology-driven… Secondly, up to 50 percent of the fund is backed by a bank guarantee… Thirdly, access to the funds will be facilitated through certified cooperatives,” he said, adding that an accelerator programme offers mentorship and digital tools. The scalable fund can grow based on performance, fostering continuous empowerment.
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