By Lukman Olabiyi
The Lagos State Government has onboarded 19 accelerators to drive the implementation of the N10 billion Lagos State Micro Enterprise Support Initiative (LASMECO), a single-digit interest, non-collateral 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) in Alausa, Ikeja, marked the formal commencement of the programme’s application and processing phase for eligible cooperative societies across the state.
The Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose-Medebem, described the selection of the accelerators as rigorous, transparent and merit-driven, noting that competence, innovation, technical capacity and alignment with the state’s economic development agenda guided the process.
According to her, the selected organisations possess 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 touched by your platforms, and ensure every deserving entrepreneur receives the guidance required to build sustainable and competitive businesses,” she said.
Ambrose-Medebem explained that 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.
She noted that the partnership with the Bank of Industry reflects the power of strategic collaboration in driving economic growth and building an inclusive, innovation-driven economy.
The commissioner added that, beyond access to finance, the initiative would provide mentorship, business development support, market access opportunities and institutional strengthening for beneficiaries.
She said the programme aligns 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.
Ambrose-Medebem stressed that accountability, transparency and measurable impact remain 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.
Permanent Secretary of MCCTI, Babatunde Onigbanjo, urged stakeholders to remain committed to ensuring the programme delivers measurable economic impact across communities, markets and industries in the state.
Also speaking, Regional Manager, South-West, Bank of Industry, Richard Imonije, and Project Manager of Sterling Bank Plc, Paul Olatoye, pledged the support of their institutions towards the successful implementation of the initiative.
Chief Executive Officer of Watershed Capital Limited, Dr Olumuyiwa Olanrewaju, commended the state government for the opportunity and assured stakeholders of the accelerators’ commitment to ensuring the programme succeeds.
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