The Lagos State Government, through the Ministry of Commerce, Cooperatives, Trade and Investment, is set to sign a Memorandum of Understanding (MoU) with the Bank of Industry (BoI) and Sterling Bank to enhance access to finance for small and medium-scale enterprises (SMEs) across the state.
The MoU signing will take place tomorrow at Adeyemi Bero Hall, The Secretariat, Alausa, Ikeja, as part of the official launch of a new financing initiative — the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) programme.
Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, described LASMECO as a first-of-its-kind public-private financing platform designed to provide low-interest, risk-mitigated loans to SMEs operating in key sectors such as healthcare, agriculture, manufacturing, creative industries, and the circular economy.
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She noted that the initiative will serve as a catalyst for SME growth by offering loans of up to ₦10 million at a competitive interest rate of 9% over a period of two to three years. The loans will be non-collateralised and backed by a 50% risk guarantee from Sterling Bank.
Governor Babajide Sanwo-Olu is expected to officially launch the LASMECO programme, which will be witnessed by prominent stakeholders from the public and private sectors. These include the Managing Director of BoI, Olasupo Olusi; Managing Director of Sterling Bank Plc, Abubakar Suleiman; President of the Manufacturers Association of Nigeria (MAN), Dr. Francis Meshioye; and President of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa.
During the ceremony, the Commissioner will sign the MoU on behalf of the state government, while the BoI MD will represent the bank.
The launch of LASMECO is seen as a major milestone in the implementation of the Sanwo-Olu administration's THEMES+ agenda, aimed at driving inclusive economic growth and industrial development in Lagos State.
