Korede Abdullah in Lagos
The Lagos State Government has unveiled a groundbreaking initiative to support Micro, Small, and Medium Enterprises (MSMEs) by partnering with the Bank of Industry and Sterling Bank.
This collaboration, formalized through a Memorandum of Understanding, aims to provide MSMEs with access to affordable financing, offering loans at a remarkably low interest rate of nine percent.
Named the Lagos State–BOI–Sterling Bank MSME Access to Finance Scheme, this initiative was launched at a ceremony organized by the Lagos State Ministry of Commerce, Industry, and Investment, marking a significant step towards fostering growth and job creation in the region.
During the launch, Lagos State Governor Babajide Sanwo-Olu highlighted the vital role of public-private partnerships in stimulating economic growth.
He referred to the collaboration as “a living example of synergy,” emphasizing that the initiative would serve as a critical platform for MSMEs to obtain affordable credit and necessary training.
Introducing the program as “LASMECO,” Sanwo-Olu stated, “This programme is the first of its kind in our state, and it is designed to address the challenges faced by MSMEs,” ensuring that thousands of entrepreneurs in Lagos can access loans of up to N10 million without collateral.
Managing Director and CEO of the Bank of Industry, Dr. Olasupo Olusi echoed the sentiment of the Governor, noting that the signing of the MoU marks the beginning of a transformative era for MSMEs in Lagos.
He stated, “In a country like ours, where MSMEs are the backbone of the economy, access to finance is crucial.” The program aims to create 10,000 jobs and enhance wealth creation by providing essential resources and support to small businesses.
With a fully technology-driven approach ensuring transparency and accountability, this initiative not only offers financial assistance but also provides mentorship and training, equipping MSMEs with the tools needed to thrive in the competitive market.
