The Lagos State Government has announced plans to generate an additional $1 billion in annual export revenue through small and medium enterprises (SMEs). This follows the graduation of 253 businesses from the state's Export Readiness Training Programme (LASERP).
As part of the programme, 20 high-performing enterprises have been selected to represent Lagos at the 2025 Intra-African Trade Fair in Algiers, where they will showcase globally competitive "Made in Lagos" products. Governor Babajide Sanwo-Olu, represented by his special adviser on works, Dr. Adekunle Olayinka, said SMEs are at the heart of Lagos' export strategy.
He noted that Lagos currently contributes over 60 percent of Nigeria's non-oil exports, valued at $5.3 billion in 2024. With the newly trained businesses, the state expects an additional $1 billion in foreign exchange earnings annually within the next five years, driven by the innovation and resilience of SMEs.
The governor emphasized that LASERP was designed to prepare entrepreneurs to scale beyond Nigeria's borders, diversify the economy from oil dependence, and position Lagos as a leading hub for trade in Africa. He described SMEs as the "backbone of the economy and silent engines of innovation" that will drive growth.
Other speakers, including Nigeria's Minister of Finance, Mr. Wale Edun, and Lagos Commissioner for Commerce, Mrs. Folasade Bada Ambrose, praised the programme for producing a new generation of exporters. They noted that with the support of Afreximbank and ImpactHER, Lagos SMEs are now equipped with digital skills, branding knowledge, and international exposure to thrive in global markets.
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