LAGOS, BOI TO SIGN MoU TO BOOST SME ACCESS TO FINANCE

The Lagos State Government, through the Ministry of Commerce, Cooperatives, Trade and Investment, is set to officially sign a Memorandum of Understanding with the Bank of Industry (BOI) and Sterling Bank as part of efforts to boost access to finance for small and medium-scale entrepreneurs across the state.

The signing ceremony, which is part of activities for the launch of a new initiative tagged Lagos State Access to Finance for SMEs through Co-operatives (LASMECO) programme, is billed to hold on Wednesday, May 7, 2025, at Adeyemi Bero Hall, The Secretariat, Alausa, Ikeja, Lagos.

According to the Honourable Commissioner of Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, LASMECO is a first-of-its-kind public-private financing platform that aims to deliver low-interest, risk-mitigated loans to SMEs across strategic sectors, including healthcare, agriculture, creative industries, manufacturing, and circular economy clusters.

Ambrose explained that the initiative is a game changer that will accelerate access to finance for SME business owners in the state by providing a loan of up to Ten Million Naira at a 9% interest rate for two to three years. She added that the loans are non-collateralised and will be 50% guaranteed by Sterling Bank.

She disclosed that the Access to Finance for SMEs initiative, which is to be launched by Governor Babajide Sanwo-Olu at the event, would be witnessed by key stakeholders in both public and private sectors, including Managing Director, Bank of Industry (BOI), Olasupo Olusi, Managing Director, Sterling Bank Plc, Abubakar Suleiman, President, Manufacturers Association of Nigeria (MAN), Dr. Francis Meshioye and President, Lagos Chambers of Commerce and Industry (LCCI), Gabriel Idahosa.

During the launch, the Honourable Commissioner will sign the MoU on behalf of the state government, while the Managing Director of the Bank of Industry will do same for the bank.

The programme’s launch marks a significant milestone in Governor Babajide Sanwo-Olu’s THEMES+ economic transformation agenda and pathway to industrial inclusiveness in Lagos State.

-ENDS-

Signed

Mrs. Folashade Kaosarat Ambrose

Honourable Commissioner

Lagos State Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI)

About Lagos State Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI)

The Ministry of Commerce, Cooperatives, Trade & Investment (MCCTI) is one of the strong pillars of Lagos State economic development drive. Its mandate is to initiate, formulate and evaluate policies and implement programmes and projects relating to Commerce, Cooperatives, Trade & Investment such as facilitating commerce and trade, promoting MSMEs, enabling industrial growth, strengthening the cooperatives societies, and attracting foreign and domestic direct investment in the State.

Grouped under the fourth Pillar of the T.H.E.M.E.S+ Development Agenda, which is Making Lagos a 21st Century Economy, the Ministry is guiding Lagos to become Africa’s model megacity by stimulating economic prosperity. It’s focus is promoting economic growth by attracting investors, fostering trade and strengthening the private sector through tailored services and refined polices.

About Bank of Industry (BOI)

The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest, and most successful development financing institution (DFI). It facilitates the transformation of Nigeria’s industrial sector by providing financial and advisory support for establishing large, medium, and small projects/ enterprises and expanding, diversifying, rehabilitating, and modernising existing enterprises.