The Lagos State Government, through the Ministry of Commerce, Cooperatives, Trade and Investment, is set to officially sign a Memorandum of Understanding with the Bank of Industry (BOI) and Sterling Bank as part of efforts to boost access to finance for small and medium-scale enterprises (SMEs) across the state.

The signing ceremony, which is part of activities for the launch of a new initiative tagged Lagos State Access to Finance for SMEs through Co-operatives (LASMECO) programme, is billed to hold on Wednesday, May 7, 2025, at Alausa, Ikeja, Lagos.

According to the Commissioner of Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, LASMECO is a first-of-its-kind public-private financing platform that aims to deliver low-interest, risk-mitigated loans to SMEs across strategic sectors, including healthcare, agriculture, creative industries, manufacturing, and circular economy clusters.

Ambrose explained that the initiative is a game changer that will accelerate access to finance for SMEs and business owners in the state by providing a loan of up to N10 million at a nine per cent interest rate for two to three years.

She added that the loans are non-collateralised and will be 50 per cent guaranteed by Sterling Bank.

Ambrose disclosed that the Access to Finance for SMEs initiative, which is to be launched by Governor Babajide Sanwo-Olu at the event, would be witnessed by key stakeholders in both public and private sectors.

Ambrose also mentioned that the Manufacturers Association of Nigeria (MAN) and the Lagos Chambers of Commerce and Industry (LCCI) will be in attendance.