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, non-collateral financing scheme targeted at cooperative-based micro-, small- and medium-sized 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, the Commissioner for Commerce, Cooperatives, Trade and Investment,  Folashade Ambrose-Medebem, described the selection of the accelerators as rigorous, transparent and merit-driven.

Ms Ambrose-Medebem said that competence, innovation, technical capacity and alignment with the state’s economic development agenda guided the process.

She said that 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 touched by your platforms.

“Ensure every deserving entrepreneur receives the guidance required to build sustainable and competitive businesses,” the commissioner said.

She said that LASMECO was established to bridge financing gaps affecting cooperative-based MSMEs and deepen financial inclusion across all local governments and LCDAs in Lagos.

According to her, LASMECO will strengthen cooperative institutions and unlock the productive capacity of entrepreneurs constrained by limited access to capital.

Ms Ambrose-Medebem said that 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 said that beyond access to finance, the initiative would provide mentorship, business development support, market access opportunities and institutional strengthening for beneficiaries.

The commissioner said that 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 said that accountability, transparency and measurable impact remained central to the implementation of the scheme.

She added that every fund disbursed must translate into business expansion, job creation and improved livelihoods for Lagos residents.

The permanent secretary of MCCTI, Babatunde Onigbanjo, urged stakeholders to remain committed to ensuring the programme delivered measurable economic impact across communities, markets and industries in the state.

Also speaking, the Regional Manager, South-West, BoI, Richard Imonije, and the Project Manager, Sterling Bank Plc, Paul Olatoye, pledged the support of their institutions towards the successful implementation of the initiative.

The Chief Executive Officer of Watershed Capital Ltd., Olumuyiwa Olanrewaju, commended the state government for the opportunity and assured stakeholders of the accelerators’ commitment to ensuring the programme succeeded. 

(NAN)