The Lagos State Government has released five billion naira to support small businesses under its flagship Micro, Small and Medium Enterprises, MSMEs financing programme, LASMECO, as part of efforts to expand access to funding for entrepreneurs and cooperative-based enterprises across the state.
Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada-Ambrose stated 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 the Cooperatives programme, popularly known as LASMECO, in May 2025 as a strategic intervention aimed at strengthening small and medium-scale businesses.
She also said the state government planned to attract two point five billion dollars in local and foreign investment, and over six hundred high profile delegates at the upcoming Invest Lagos 3.0 summit structured to convene major global business leaders to boost the state economy.
The Commissioner the programme was seeded with ten billion naira and structured to provide up to ten million naira non-collateralised loans to qualifying cooperative-based MSMEs at a single-digit interest rate of nine per cent annually.
“The State has released five billion naira as part of the matched funding,” Bada-Ambrose said.She said beneficiaries under the scheme would enjoy a six-month moratorium and a thirty six-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 onboard during a signing ceremony hosted by the ministry on May 12, 2026.
She further said 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 among others.
Bada-Ambrose noted that LASMECO had already Lagos Supports MSMEs With five billion naira Intervention Fund 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 stated that the Lagos State Consumer Protection Agency, LASCOPA, had been proactive saying 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 stated 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.
Also speaking, General Manager LASCOPA , Afolabi Solebo, restated the agency commitment to protecting the rights while safeguarding the health and well-being of Lagosians through sustained market surveillance as well as enforcement operations.
