The Lagos State Government is banking on its Small and Medium Enterprises (SMEs) to generate an additional $1 billion in annual export earnings, following the graduation of 253 businesses from the Lagos State Export Readiness Training Programme (LASERP).
Of the graduating cohort, 20 outstanding SMEs have been selected to represent Lagos and showcase locally made products at the upcoming 2025 Intra-African Trade Fair in Algiers this September.
Speaking at the ceremony, Governor Babajide Sanwo-Olu, represented by his Special Adviser on Works, Dr. Adekunle Olayinka, said SMEs remain the backbone of Lagos' economy. He highlighted that Lagos already accounts for over 60% of Nigeria's non-oil exports, valued at $5.3 billion in 2024, and projected that the newly trained SMEs could deliver $1 billion in additional foreign exchange inflows annually over the next five years.
"From inception, our administration recognised that the future of Lagos cannot rest on oil or large corporations alone. The strength of our economy lies in our MSMEs – the innovators, the job creators, the silent engines of growth," Sanwo-Olu said.
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The LASERP initiative, designed to prepare Lagos entrepreneurs for global trade, equips SMEs with digital marketing strategies, brand transformation skills, international trade certifications, and access to low-interest financing. Afreximbank and ImpactHER, partners on the programme, supported participants with website development, trade loans, and export certifications, enabling some businesses to ship out multiple containers of goods and access new international markets.
Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folasade Bada Ambrose, described the programme as a movement turning local SMEs into global players. Afreximbank officials and ImpactHER's CEO, Mrs. Efe Ukala, also reaffirmed that Lagos SMEs are now positioned to compete across Africa and beyond.
With Lagos ranked as the 5th largest economy in Africa, the state is positioning its SMEs as the next wave of export champions, carrying the "Made in Lagos" brand into global markets.
