adsThe Lagos State Government has released N5 billion as part of its counterpart funding for cooperative-based Micro, Small and Medium Enterprises (MSMEs) operating in the state.
The intervention is being implemented under the Lagos State Government–Bank of Industry (LASG-BOI) Access to Finance for MSMEs scheme, also known as LASMECO, and is aimed at business growth and expansion.
The scheme, launched in May 2025, is a strategic initiative aimed at strengthening small and medium-scale enterprises, particularly cooperative-based businesses.
Folashade Bada Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade and Investment, confirmed the release of the funds at the state’s 2026 Ministerial Press Briefing held in Ikeja on Wednesday.
She explained that the programme was seeded with N10 billion and designed to provide non-collateralised loans of up to N10 million to qualified cooperative-based MSMEs at a single-digit interest rate of nine per cent per annum.adsads
