ABUJA, Nigeria (VOICE OF NAIJA)-The Lagos State Government has engaged 19 accelerators for the implementation of the N10 billion Lagos State Micro Enterprise Support Initiative (LASMECO).
LASMECO is a single-digit interest, non-collateral financing scheme designed for cooperative-based Micro, Small and Medium Enterprises (MSMEs).
The signing ceremony, held on Tuesday at the Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI) office in Alausa, Ikeja, signalled the official commencement of the programme’s application and processing stage for qualified cooperative societies across the state.
Speaking during the ceremony, Mrs Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade and Investment, described the selection process for the accelerators as rigorous, transparent and merit-based.
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Ambrose-Medebem said competence, innovation, technical expertise and alignment with the state’s economic development objectives informed the selection process.
She noted that the selected organisations possessed the institutional capacity and expertise needed to deliver enterprise support services, capacity development, monitoring and accountability structures necessary for the success of the initiative.
“You will provide rigorous enterprise support services, strengthen the capacity of beneficiaries, uphold accountability and transparency in every transaction touched by your platforms.
“Ensure every deserving entrepreneur receives the guidance required to build sustainable and competitive businesses,” the commissioner said.
She explained that LASMECO was created to address financing challenges facing cooperative-based MSMEs and promote financial inclusion across all local governments and LCDAs in Lagos State.
According to her, the initiative will strengthen cooperative institutions and unlock the productivity of entrepreneurs limited by inadequate access to capital.
Ambrose-Medebem said the collaboration with the Bank of Industry (BoI) demonstrated the importance of strategic partnerships in advancing economic growth and fostering an inclusive, innovation-driven economy.
She added that beyond funding access, the initiative would offer mentorship, business support services, market access opportunities and institutional development for beneficiaries.
The commissioner stated that the programme aligned with the economic vision of Gov.
Babajide Sanwo-Olu to boost industrial growth, reduce unemployment, empower women and youth entrepreneurs, and expand the productive capacity of local businesses.
She stressed that accountability, transparency and measurable impact would remain key to the implementation process, adding that every fund disbursed should lead to business growth, job creation and improved living standards for residents.
The Permanent Secretary of MCCTI, Mr Babatunde Onigbanjo, urged stakeholders to stay committed to ensuring the programme achieved measurable economic benefits across communities, markets and industries in the state.
Also speaking, the Regional Manager, South-West, BoI, Mr Richard Imonije, and the Project Manager, Sterling Bank Plc, Mr Paul Olatoye, assured stakeholders of their institutions’ support for the successful execution of the initiative.
Dr Olumuyiwa Olanrewaju, the Chief Executive Officer of Watershed Capital Ltd., commended the state government for the opportunity and pledged the commitment of the accelerators to the success of the programme.
(NAN)