In a bold step to transform Lagos’ small business landscape, Governor Babajide Sanwo-Olu has launched a N10 billion matched funding scheme—LASMECO—in partnership with the Bank of Industry and Sterling Bank.
Unveiled in Alausa, Ikeja, the LASG-BOI MSME Access to Finance Scheme offers up to N10 million in non-collateralised loans at a single-digit 9% annual interest rate. The initiative targets MSMEs in strategic sectors including healthcare, agriculture, creative industries, manufacturing, and the circular economy.
Sanwo-Olu said the scheme fulfills the dreams of many skilled entrepreneurs lacking capital, describing it as a “first-of-its-kind public-private financing platform.” He urged Lagosians to patronise local products, noting it’s key to inclusive growth.
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Commerce Commissioner Folashade Ambrose called it a landmark for building a 21st-century economy, while BOI MD Olasupo Olusi hailed the initiative as a game-changer for access and innovation.
Manufacturers Association of Nigeria President Francis Meshioye lauded the government’s consistent support, citing N8.4 billion already invested in over 12,000 MSMEs.
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