Beneficiaries under the scheme would enjoy a six-month moratorium and a 36-month repayment period designed to ease financial pressure on small businesses.
Sellers look for customers while selling clothes at the Balogun Market in Lagos on December 18, 2023. (Photo by Benson Ibeabuchi / AFP)
The Lagos State Government has released ₦5 billion to support small businesses under its flagship MSME financing programme, LASMECO, as part of efforts to expand access to funding for entrepreneurs and cooperative-based enterprises across the state.
The Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, disclosed this during the 2026 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja.
According to the commissioner, the Lagos State Government launched the LASG-BOI Access to Finance for MSMEs through Cooperatives programme, popularly known as LASMECO, in May 2025 as a strategic intervention aimed at strengthening small and medium-scale businesses.
Ambrose-Medebem explained that the programme was seeded with ₦10 billion and structured to provide up to ₦10 million non-collateralised loans to qualifying cooperative-based MSMEs at a single-digit interest rate of nine per cent annually.
“The State has released ₦5 billion as part of the matched funding,” Ambrose-Medebem said.
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She added that beneficiaries under the scheme would enjoy a six-month moratorium and a 36-month repayment period designed to ease financial pressure on small businesses.
The commissioner described LASMECO as one of the state government’s major economic empowerment initiatives targeted at boosting entrepreneurship, productivity, and job creation across Lagos.
According to her, accelerator partners for the programme were formally onboarded during a signing ceremony hosted by the ministry on May 12, 2026.
She further disclosed that the programme was being implemented through an integrated cooperative digitalisation Special Purpose Vehicle involving the Ministry of Commerce, Cooperatives, Trade and Investment; Asset Matrix Microfinance Bank; SEKAT; QooP; and Imade Forte.
Ambrose-Medebem noted that LASMECO had already gained national recognition after it was unanimously adopted at the 16th National Council on Industry, Trade and Investment as a model framework for MSME financing reforms across Nigeria.
She said the administration of Governor Babajide Sanwo-Olu remained committed to creating a business-friendly environment through access to finance, industrial reforms, trade expansion, and investment promotion.
The commissioner added that the government would continue the gradual rollout of LASMECO to more eligible cooperative-based MSMEs as part of efforts to deepen financial inclusion and stimulate grassroots economic growth across the state.
