The Lagos State Government has assured Micro, Small, and Medium Enterprises of financial support through grants and export development opportunities to boost their business growth.
The state Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, disclosed this in a statement on Friday to mark the celebration of the International Day of MSMEs.
She said the initiative, known as the Lagos State Access to Finance for SMEs through Cooperatives scheme, was designed to improve access to affordable financing and address funding challenges confronting small businesses.
“Our interventions are designed to address the major constraints affecting MSMEs, including inadequate access to finance, inflation, high energy costs and limited access to wider markets,” Ambrose-Medebem said.
She added that Lagos had more than 16,000 registered cooperative societies operating through 24 Area Cooperative Offices, providing a platform to extend financial support to entrepreneurs who might struggle to access conventional bank loans.
“The support should serve as seed capital for strengthening your operations, investing in equipment and technology, meeting certification requirements and preparing to attract further commercial investment,” Ambrose-Medebem added.
The Permanent Secretary of the ministry, Babatunde Onigbanjo, described MSMEs as the backbone of the state’s economy, stressing the importance of innovation and sustainable industrial development in building resilient businesses.
Speaking at the presentation of grants and awards to outstanding MSME operators, Onigbanjo said the programme was designed to recognise entrepreneurial excellence, provide financial support and expose business owners to government policies, investment prospects and economic opportunities.
“MSMEs are the backbone of Lagos State’s economy, and supporting their growth is essential to building resilient businesses and promoting sustainable industrial development,” he said.
Also speaking, the Senior Special Assistant to the Governor on Commerce, Cooperatives, Trade and Investment, Hauwa Adeeyo-Orekoya, noted that MSMEs remain vital to the state’s economy through job creation, local production, innovation and the sustenance of livelihoods across communities.