Governor Babajide Sanwo-olu: “We officially launched the Lagos State Access to Finance for SMEs Through Cooperatives (LASMECO), a pioneering public-private initiative designed to unlock capital for Micro, Small, and Medium Enterprises operating at the grassroots.

“In partnership with Bank of Industry, Nigeria and Sterling Bank, we’ve created a N10 billion fund offering up to ₦10 million in non-collateral loans at 9% annual interest, with a 6-month moratorium. These loans will be accessed through verified cooperative societies, a model that balances scale with accountability and community impact.

“This isn’t just about funding, it’s about removing systemic barriers that have kept too many entrepreneurs from reaching their potential. From a tailor in Yaba to a food processor in Ikorodu, LASMECO offers them a fair chance to grow based on their ideas, not their assets.

“We’re targeting sectors that drive sustainable growth: healthcare, agriculture, the creative economy, manufacturing, and the circular economy. With this approach, we’re not only supporting small businesses, we’re building stronger communities.

“I’m deeply proud of the collaboration that brought this to life. Together, we are proving that inclusive prosperity is possible when we empower from the bottom up.”