The managing director of the Bank of Industry (BOI), Dr. Olasupo Olusi, on Wednesday said the partnership between the Lagos State government, BOI, and Sterling Bank will not only help to provide N10 billion for Micro, Small, and Medium Enterprises (MSMEs) in Lagos State but also foster continuous growth and empowerment.
In his address at the official signing of the Memorandum of Understanding and launch of the LASG-BOI MSME Access to Finance Scheme (LASMECO) at Alausa, Ikeja, Lagos, Olusi said the groundbreaking partnership brings together the public and private sectors in a shared mission to empower entrepreneurs.
“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 His Excellency, President Bola Ahmed Tinubu, is focused on delivering access to finance to the MSME segment of Nigerian enterprises.
This programme is designed to change that.’’
“lt targets key sectors that are central to Lagos State’s development including Healthcare—to strengthen systems and spark medical innovation: Manufacturing boosts focal 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.’’
“And at the heart of it all is accessibility. Under this scheme, MSMEs can access up to N10 million at a single-digit interest rate of nine per cent per annum, without collateral.
This removes one of small businesses’ biggest obstacles and brings inclusive finance within real reach.
“The programme aims to create 10,000 jobs through enterprise development, unlock wealth in Lagos, expand MSME support, and reduce poverty. The N10 billion fund is the first part of a scalable, performance-based agreement.
As goals are met, the fund can grow, fostering continuous growth and empowerment.’’
Speaking at the programme, Sanwo-Olu described the launch as a fulfilment of dreams for many MSMES who have skills but lack the capital to run or scale their businesses, saying the fund will bring a turnaround in their fortunes and expand the State’s economy.
His words: “The launch of the joint initiative between the Lagos State Government, Bank of Industry, and Sterling Bank MSME Fund, is not just a formal unveiling of a financing programme, it is the unveiling of dreams, the lighting of thousands of small candles that together illuminates the path to a more prosperous and inclusive Lagos.’’
In her welcome address, the commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, described the signing of the MOU and launch as a new chapter and a landmark moment in the administration’s drive to build a 21st-century economy that not only empowers businesses to thrive, but places our home-grown enterprises at the centre of prosperity, innovation, and resilience.’’
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