The Lagos government is targeting an additional $1 billion in annual income through small and medium enterprises, following the graduation of 253 beneficiaries of the Lagos State Export Readiness Training Programme.

Twenty of the graduates have been selected to represent Lagos and showcase ‘Made in Lagos’ products at the 2025 Intra-African Trade Fair in Algiers, Algeria, in September, said a statement by Folasade Bada-Ambrose, commissioner for commerce, cooperatives, trade, and investment, on Monday.

Governor Babajide Sanwo-Olu stated at the graduation on Friday that Lagos currently accounts for more than 60 percent of Nigeria’s non-oil exports, valued at $5.3 billion in 2024.

Mr Sanwo-Olu, represented by his special adviser on works, Adekunle Olayinka, said the graduation of the SMEs was expected to drive an additional $1 billion in foreign exchange inflows annually within the next five years.

“From the very beginning of this administration, we understood that the destiny of Lagos could not and would not be built on oil alone, nor solely on large corporations.

“Our economic future rests on the vibrancy of our micro, small, and medium enterprises, the true backbone of our economy, the heartbeat of our markets, and the silent engines of innovation,” he said.

Mr Sanwo-Olu said the programme was designed to build a new generation of exporters who would take Lagos brands beyond the country’s borders.

“When LASERP was conceived, our vision was clear: to prepare Lagos entrepreneurs to compete beyond our shores, to diversify our economy away from oil, and to position Lagos as the gateway of trade for Nigeria and Africa.

“Today, as we witness the graduation of these exceptional SMEs, we see that vision become reality. You are now positioned to scale, innovate, and stand tall in regional and global markets,” the governor said.

Minister of Finance, Wale Edun, represented by his special adviser on communications, media, and publicity, Ogho Okiti, commended the partnership of Afreximbank and ImpactHER.

He said that it demonstrated the role of strategic collaborations in unlocking Nigeria’s export potential and long-term economic growth.

“The programme had produced exporters, innovators, and pioneers who would carry the Lagos spirit across Africa. Under the visionary leadership of Mr Governor and Mr Deputy Governor, Lagos has declared boldly: we will not be local champions; we will be global competitors.

“That is why LASERP was born to move our SMEs from the streets of Lagos to the shelves of the world,” he said.

Regional chief operating officer of Afreximbank, Allain Mbongue, said the programme had set off a new generation of export-ready champions who would shape Africa’s economic story.

Founder of ImpactHER, Efe Ukala, said the training focused on digital and brand transformation to help entrepreneurs stand out in the global export market.

Director of SME Development at Afreximbank, Ody Akhanoba, said the programme provided participants with websites, customised digital marketing strategies, and access to single-digit interest loans.

“Two loans are already being processed. Participants also shipped more than a dozen 20-foot containers of goods in the past six weeks. Also, 10 businesses secured international trade certification, opening long-term access to new markets,” he added.

(NAN)