The Lagos State Government (LASG), via the Ministry of Commerce, Cooperatives, Trade and Investment, is set to sign a Memorandum of Understanding with the Bank of Industry (BoI) and Sterling Bank.
This is part of the state’s efforts to boost access to finance for small and medium-scale entrepreneurs across Lagos.
Ahead of the launch of a new initiative tagged “Lagos State Access To Finance For SMEs Through Co-operatives (LASMECO) Programme,” the ceremony is set to hold on the 7th of May, 2025, at Adeyemi Bero Hall, The Secretariat, Alausa, Ikeja, Lagos.
According to the Commissioner of Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, LASMECO will be a one-of-a-kind public-private financing platform that will focus on providing low-interest, risk-mitigated loans to SMEs across strategic sectors, including healthcare, agriculture, creative industries, and manufacturing.
Folashade revealed that the initiative will go a long way towards accelerating access to finance for SME business owners in the state by guaranteeing a loan of up to N10 million at a 9% interest rate for 2 to 3 years. She also confirmed that the loans are non-collateralised and will be 50% guaranteed by Sterling Bank.
The commissioner stated that the programme is set to be launched by Lagos State Governor, Babajide Sanwo-Olu, at tomorrow’s event, and key stakeholders in both public and private sectors would be present at the gathering, including Managing Director, BoI, Olasupo Olusi, Managing Director, Sterling Bank Plc, Abubakar Suleiman, President, Manufacturers Association of Nigeria (MAN), Dr. Francis Meshioye and President, Lagos Chambers of Commerce and Industry (LCCI), Gabriel Idahosa.
Folashade disclosed that she’ll be signing the MoU on behalf of the state government, while the Managing Director of the Bank of Industry will do the same for the financial institution.
The launch of the LASMECO programme represents a major milestone in Babajide Sanwo-Olu’s THEMES+ economic transformation agenda, and it further bridges the gap to industrial inclusiveness in Lagos State.
