Lagos Eyes $1bn Revenue From SMEs, Produces 253 Trade Ambassadors

Lagos State government is targeting an additional $1 billion annual revenue from Small and Medium Enterprises (SMEs) following the graduation of 253 small business enterprises from the Lagos State Export Readiness Training Programme (LASERP).

Out of the 253 graduates, 20 have been selected to represent Lagos and showcase the best of Made in Lagos products at the 2025 Intra-African Trade Fair in Algiers in September.

In his address at the graduation ceremony of the SMEs held on Friday, Lagos State Governor, Mr Babajide Sanwo-Olu who was represented by his Special Adviser on Works, Dr. Adekunle Olayinka, said that Lagos contributes more than 60% of Nigeria’s non-oil exports, which stood at US$5.3 billion in 2024, noting that ‘with the graduation of over 250 SMEs, the state is projecting an additional $1 billion in foreign exchange inflows annually within the next five years.

“From the very beginning of this administration, we understood that the destiny of Lagos could not and would not be built on oil alone. Nor would it be built solely on the shoulders of large corporations. Our economic future rests on the vibrancy of our micro, small, and medium enterprises, the true backbone of our economy, the heartbeat of our markets, and the silent engines of innovation,” the governor said

Sanwo-Olu explained that the programme was organised to commission a new generation of exporters who would carry Lagos’ banner into Africa and the world.

Nigeria’s Minister of Finance, Mr. Wale Edun, represented by his Special Adviser on Communications, Media, and Publicity, Dr. Ogho Okiti, acknowledged the partnership of Afreximbank and ImpactHer, stressing that the collaboration demonstrates the power of strategic alliances in unlocking Nigeria’s economic potential and export diversification that is critical to Nigeria’s long-term economic growth.

In her remark, Mrs Folasade Bada Ambrose, Commissioner for Commerce, Cooperatives, Trade and Investment, said the programme has produced a ‘movement of exporters, innovators, and pioneers who will carry the Lagos spirit across Africa and into the world.

“Under the visionary leadership of Mr. Governor and Mr. Deputy Governor, Lagos has avowed: we will not be local champions; we will be global competitors. That is why LASERP was born. To move our SMEs from the streets of Lagos to the world’s shelves. To transform potential into performance. To prepare you not just to meet standards, but to set them. Today is not just another day on our calendar. Today is history in motion. Today, my vision is becoming reality. Today is Lagos telling the world: we are ready, we are rising, we will lead,” she said.