Sanwo-Olu Launches ₦10 Billion LASMECO Scheme to Boost Lagos MSMEs
Governor Babajide Sanwo-Olu
Governor Babajide Sanwo-Olu of Lagos State has launched a ₦10 billion Access to Finance scheme under the Lagos State Market/SME Capital Options (LASMECO) initiative. The programme is a partnership between the Lagos State Government and the Bank of Industry (BOI), aimed at improving access to affordable credit for Micro, Small, and Medium Enterprises (MSMEs).
This intervention is designed to remove financial barriers for small business owners and entrepreneurs across key sectors including agriculture, healthcare, manufacturing, the creative industry, and circular economy businesses.
What Beneficiaries Will Enjoy
The LASMECO scheme offers several attractive benefits for qualified MSMEs:
Loan amounts up to ₦10 million
Single-digit interest rate of 9% per annum
No collateral required
Repayment period of up to 36 months
Access to business training, mentorship, and market linkages
Governor Sanwo-Olu highlighted that the scheme is a first-of-its-kind platform to directly support Lagos businesses, stating that the initiative is expected to generate over 10,000 jobs and foster innovation across the state.
“Today, we proudly unveil a tri-partite partnership called LASMECO, a first-of-its-kind public-private financing platform deliberately designed to break the barriers that have long stifled our small businesses,” — Governor Babajide Sanwo-Olu.
How to Apply
Interested entrepreneurs can apply through the official Lagos State employment trust and MSME platforms. The process has been simplified to reduce bureaucracy and ensure faster disbursement of funds to eligible businesses.
A Step Toward Economic Growth
The LASMECO scheme is part of the Sanwo-Olu administration’s broader goal to promote inclusive economic growth, reduce unemployment, and drive Lagos into a self-sustaining economy. By making finance accessible, the government hopes to boost local production and service delivery, while also encouraging innovation in underrepresented sectors.
Governor Sanwo-Olu’s ₦10 billion LASMECO scheme is a timely move to uplift small businesses, tackle joblessness, and spark a new wave of entrepreneurship in Lagos. With favorable loan terms and no collateral demands, this initiative gives real hope to thousands of business owners seeking capital to grow and thrive.
