About this opportunity
The Lagos State Government has commenced a three-day accelerator training programme to prepare organisations that will support small and medium enterprises (SMEs) in accessing affordable financing under the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) programme. The training, organised by the Ministry of Commerce, Cooperatives, Trade and Investment in collaboration with the Bank of Industry (BoI) and Sterling Bank Plc.
, is aimed at equipping selected accelerator organisations with the knowledge and practical skills required to recruit, screen, prepare and support SMEs seeking access to single-digit loans. Speaking at the opening of the workshop, the Permanent Secretary of the ministry, Babatunde Onigbanjo, said the programme has moved from planning to implementation following the release of the Lagos State Government’s counterpart funding.
Represented by the Director of Administration and Human Resources, Adeniyi Oladipupo, Onigbanjo said participants would be trained on the programme’s objectives, loan
Application steps
, beneficiary recruitment, monitoring and reporting, as well as the cooperative model that underpins LASMECO. He described the workshop as an operational exercise designed to ensure participating organisations are fully prepared to begin recruiting, screening and submitting eligible SMEs for financing.
According to him, all businesses seeking support under the programme must belong to registered cooperative societies, describing the cooperative system as central to LASMECO’s implementation. He disclosed that Lagos State has over 13,000 registered cooperative societies, although only about 1,900 to 2,200 are currently active, noting that reviving dormant cooperatives would expand access to finance for more small businesses.
Onigbanjo also cautioned accelerator organisations against charging applicants unauthorised fees, stressing that there are no application, training or evaluation charges under the programme. Speaking on behalf of the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose-Medebem, Dr.
Adeyinka Adeyemi said LASMECO was established to address the financing challenges confronting SMEs across Lagos State. He noted that SMEs account for about 80 per cent of employment and contribute roughly 75 per cent of the state’s Gross Domestic Product (GDP), yet many remain unable to access formal financing because of high lending rates and stringent collateral requirements.
Adeyemi explained that the programme provides eligible SMEs with loans of up to ₦10 million at a fixed annual interest rate of nine per cent through registered cooperative societies, replacing conventional collateral with a cooperative-backed guarantee system. He added that the ministry is digitising the state’s cooperative registry to improve transparency, beneficiary verification and programme monitoring, while continued participation in the scheme will be measured by loan repayment, business growth, job creation and compliance with reporting requirements.
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Who can apply
- eligible SMEs for financing
Sources and verification
- Official source , Discovered by the opportunity automation module.
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