The Lagos State Government has officially unveiled 19 accelerators to drive the implementation of its N10 billion Lagos State Micro Enterprise Support Initiative (LASMECO), a major financing scheme designed to empower cooperative-based micro, small and medium enterprises (MSMEs) across the state.
The initiative offers single-digit interest loans without collateral requirements, providing much-needed financial relief for small business owners who often struggle to access traditional funding.
Onboarding Ceremony and Program Launch
The onboarding ceremony, held on Tuesday, May 12, 2026, at the Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI) in Alausa, Ikeja, marked the formal launch of the program's application and processing phase for qualified cooperative societies in Lagos. The move is expected to unlock fresh opportunities for entrepreneurs, particularly women, youths, and small-scale business operators seeking affordable capital to grow their businesses.
Rigorous Selection Process for Accelerators
Speaking at the event, the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose-Medebem, said the selection process for the accelerators was rigorous, transparent, and strictly merit-based. She explained that competence, innovation, technical capacity, and alignment with Lagos State's economic development goals were the key criteria used in selecting the successful organizations.
According to her, the chosen accelerators have the institutional strength and technical expertise needed to provide enterprise support services, monitor implementation, and ensure accountability throughout the disbursement process. She charged them to uphold transparency and ensure that every deserving entrepreneur gets the right support to build sustainable and competitive businesses.
“You will provide rigorous enterprise support services, strengthen the capacity of beneficiaries, uphold accountability and transparency in every transaction touched by your platforms, and ensure every deserving entrepreneur receives the guidance required to build sustainable and competitive businesses,” she stated.
Why LASMECO Matters for Small Businesses
Ambrose-Medebem noted that LASMECO was created to close the financing gap affecting cooperative-based MSMEs, deepen financial inclusion across all local governments and Local Council Development Areas (LCDAs), and strengthen cooperative institutions statewide. According to a report by Daily Sun, she said many entrepreneurs remain trapped by limited access to capital, despite having viable business ideas and strong growth potential.
The commissioner explained that the initiative goes beyond loan disbursement, offering mentorship, business development support, institutional strengthening, and market access opportunities for beneficiaries. This, she said, will help businesses not only survive but scale sustainably in a highly competitive economy.
Sanwo-Olu's Economic Agenda in Focus
The commissioner added that the program aligns with the economic vision of Governor Babajide Sanwo-Olu, which focuses on industrial growth, job creation, and inclusive prosperity. She said the initiative is expected to reduce unemployment, empower women and youth entrepreneurs, and expand the productive base of local enterprises across Lagos.
Ambrose-Medebem stressed that accountability and measurable impact remain central to the success of the scheme, insisting that every naira disbursed must translate into real business expansion, job creation, and improved livelihoods for Lagos residents.
Stakeholders Pledge Strong Support
Permanent Secretary of MCCTI, Babatunde Onigbanjo, urged all stakeholders to remain committed to ensuring that the program delivers measurable economic impact across communities, markets, and industries. Also speaking, the South-West Regional Manager of Bank of Industry, Richard Imonije, and Project Manager of Sterling Bank Plc, Paul Olatoye, pledged their institutions' full support toward the successful implementation of the initiative.
Chief Executive Officer of Watershed Capital Limited, Dr. Olumuyiwa Olanrewaju, also praised the Lagos State Government for the opportunity and assured stakeholders that the selected accelerators would work diligently to ensure the program delivers lasting results for small businesses across the state.
Related Federal Government Initiative
In a related development, the federal government, through the Rural Electrification Agency (REA), has opened applications for Nigerian startups and small businesses to access grants of up to $20,000 under the Global Cleantech Innovation Programme (GCIP) Nigeria Accelerator Fund. The initiative aims to support clean-tech startups and Small and Medium Enterprises (SMEs) with innovative solutions that promote sustainability, renewable energy, and green business development across Nigeria. REA announced the opportunity in a post shared on its official X handle, stating that the program is designed for high-potential enterprises building impactful clean technology solutions for the future.
