Lagos State Government, through the Ministry of Commerce, Cooperatives, Trade and Investment, is set to officially sign a Memorandum of Understanding (MoU) with the Bank of Industry (BoI) and Sterling Bank as part of efforts to boost access to finance for small and medium-scale entrepreneurs 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 tomorrow, May 7, 2025, at Adeyemi Bero Hall, Secretariat, 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 said that the initiative is a game-changer that would accelerate access to finance for SME 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, adding that the loans are non-collateralised and will be 50 per cent guaranteed by Sterling Bank.

She also 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, including Managing Director of the BoI, Olasupo Olusi; Managing Director, Sterling Bank Plc., Abubakar Suleiman; President, Manufacturers Association of Nigeria (MAN), Dr Francis Meshioye, and President, Lagos Chambers of Commerce and Industry (LCCI), Gabriel Idahosa.

During the launch, Ambrose will sign the MoU on behalf of the state government, while Olusi will do the same for the bank.

However, the programme’s launch marks a significant milestone in the governor’s THEMES+ economic transformation agenda and pathway to industrial inclusiveness in Lagos State.