Lagos State Government, the Bank of Industry (BoI) and Sterling Bank, yesterday, signed a partnership that would ensure that Micro, Small and Medium Enterprises (MSMEs) have access to finance at single digit of nine per cent, as well as training.
The Lagos State–BoI–Sterling Bank MSME Access to Finance Scheme Memorandum of Understanding (MoU) signing ceremony was coordinated by the Lagos State Ministry of Commerce, Industry and Investment.
Lagos State Governor, Babajide Sanwo-Olu, who spoke during the event, said that the MoU is a living example of synergy – public-private collaboration at its finest, aimed at one of the most important goals: empowering our MSMEs.
The Lagos State Access to Finance for SMEs Through Cooperatives (LASMECO) programme is a tripartite initiative jointly unveiled by Lagos State Government, Bank of Industry (BOI) and Sterling Bank with N10 billion seed funding.
The intervention introduced a financing model that will provide single-digit interest rate, non-collateral loans of up to N10 million available for MSMEs through their verified cooperative societies, marking a significant deviation from the conventional loan template, which provides double-digit interest rate loan with strong collateral.
Also, Managing Director/Chief Executive Officer of BoI, Dr Olasupo Olusi, said that the MoU signing ceremony was not just a signing, but also the beginning of a new chapter for MSMEs in Lagos, defined by access, opportunity, and inclusion.
Olusi was optimistic that the partnership would unlock the creativity, resilience, and potential of Lagos’ MSMEs by dismantling the structural barriers that have long constrained access to opportunity.
According to him, the programme will create 10,000 jobs through enterprise development, unlock wealth in Lagos, expand MSME support, and reduce poverty.
He said: “At the Bank of Industry, we believe MSMEs are the engine of economic growth—driving innovation, creating jobs, and expanding opportunities. However, we also know that without access to finance, their potential remains limited.
“This is why the government of President Bola Tinubu is focused on delivering access to finance to the MSME segment of Nigerian enterprises. This programme is designed to change that. It targets key sectors that are central to Lagos State’s development, including healthcare to strengthen systems and spark medical innovation; manufacturing to boost local production and industrial capacity; agribusiness to improve food security and rural livelihoods; creative industries to grow our cultural and artistic economy, and digital economy to unlock youth-led innovation and enterprise.”
