Lagos, May 12, 2026 The Lagos State Government has engaged 19 business accelerators to support the rollout of the ₦10 billion Lagos State Micro Enterprise Support Initiative (LASMECO), aimed at improving access to funding for cooperative-based small businesses.
LASMECO is designed as a low-interest, non-collateral financing programme targeting Micro, Small and Medium Enterprises (MSMEs) operating through cooperative societies.
The agreement with the selected accelerators was formalised during a signing ceremony held at the Ministry of Commerce, Cooperatives, Trade and Investment office in Alausa, Ikeja, marking the beginning of the application and processing stage for eligible cooperatives across the state.
Speaking at the event, Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, said the selection process for the accelerators was thorough, transparent and based on merit.
According to her, factors such as innovation, technical expertise, institutional capacity and alignment with the state’s economic goals guided the evaluation process.
She explained that the chosen organisations were expected to provide enterprise support, business development services, training, monitoring and accountability systems to ensure the programme achieves its objectives.
Ambrose-Medebem urged the accelerators to maintain transparency and ensure that entrepreneurs who qualify for the scheme receive the support needed to build sustainable businesses.
She noted that the initiative was created to address financing challenges faced by cooperative-based MSMEs while expanding financial inclusion across all local governments and Local Council Development Areas in Lagos State.
The commissioner added that the programme would help strengthen cooperative societies and unlock the economic potential of entrepreneurs with limited access to capital.
She also highlighted the collaboration with the Bank of Industry as an example of strategic partnership aimed at boosting economic growth and promoting a more inclusive economy.
Beyond financial support, beneficiaries are expected to receive mentorship, business advisory services, market access opportunities and institutional support to improve long-term sustainability.
Ambrose-Medebem said the programme aligns with the economic development agenda of Governor Babajide Sanwo-Olu, particularly in areas such as industrial growth, job creation and empowerment of women and youth entrepreneurs.
She stressed that transparency, accountability and measurable economic impact would remain central to the implementation process, adding that the funds must contribute to business expansion, employment generation and improved livelihoods.
Permanent Secretary of the ministry, Mr Babatunde Onigbanjo, called on stakeholders to remain committed to ensuring the initiative delivers meaningful economic benefits across communities and industries in the state.
Representatives of the Bank of Industry and Sterling Bank also pledged support for the successful execution of the programme.
In his remarks, Dr Olumuyiwa Olanrewaju, Chief Executive Officer of Watershed Capital Ltd., commended the state government for the initiative and assured stakeholders of the accelerators’ readiness to help ensure its success.