The pact with the 19 business accelerators was signed on Tuesday at the Ministry of Commerce, Cooperatives, Trade and Investment in Alausa, Ikeja, Lagos.
Lagos State Commissioner for Commerce, Cooperative, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, disclosed that the initiative is a financing scheme designed to provide low-interest, non-collateral loans to cooperative-based Micro, Small and Medium Enterprises across the state.
She declared that the signing of agreement signalled the commencement of the programme’s application and processing phase for eligible cooperative societies.
The commissioner said, “The selection process for the accelerators was rigorous, transparent and merit-driven, The Lagos State Government prioritised competence, innovation and technical expertise in choosing the organisations.”
“The selected accelerators will play a central role in ensuring that beneficiaries not only gain access to finance but also receive the institutional and technical support required to build viable businesses.
“You will provide rigorous enterprise support services, strengthen the capacity of beneficiaries, uphold accountability and transparency in every transaction touched by your platforms, and ensure every deserving entrepreneur receives the guidance required to build sustainable and competitive businesses,” she added .
Ambrose-Medebem explained that the initiative was conceived to address longstanding financing constraints facing cooperative-based enterprises, particularly small businesses unable to access conventional credit facilities.
She said the programme was also designed to deepen financial inclusion across the state’s 57 local governments and local council development areas, while strengthening the cooperative movement as a vehicle for grassroots economic growth.
“LASMECO was established to unlock the productive potential of entrepreneurs who have remained constrained by limited access to capital.
“This initiative is about more than disbursing loans. It is about creating a sustainable ecosystem where small businesses can grow, compete and contribute meaningfully to the economy,” she said.
The commissioner noted that the partnership with the Bank of Industry underscored the importance of collaboration between public institutions and the private sector in driving inclusive economic development.
The Founder of Nidacity and former Minister of Finance, Mrs. Kemi Adeosun, commended the Lagos State Government for the Micro Enterprise Support Initiative.
She noted that the enterprise support scheme would reduce unemployment, provide opportunities for women and young entrepreneurs as well as galvanise economic and industrial growth in the state.
Adeosun said, “We at Nidacity are delighted to have been selected as one of the accelerators for this laudable project. Working with Lagos State’s SMEs to access this low-cost funding will deliver growth and jobs. With our tools and resources, we are very confident of being a major value addition to this laudable initiative.”
She explained that Nidacity was dedicated to helping founders, business owners, and ambitious professionals build, grow, and scale successful businesses.
The Chief Executive Officer of Watershed Capital Limited, Dr Olumuyiwa Olanrewaju, commended the state government for what he described as a strategic intervention aimed at strengthening small businesses and expanding economic opportunities.
“We understand the responsibility placed on us as accelerators. Our collective goal is to ensure that this initiative delivers meaningful impact and creates stronger, more resilient enterprises across Lagos,” he said.
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