The Lagos State Government has recognized six precedence sectors for funding and enterprise improvement as a part of efforts to deal with Nigeria’s job creation disaster, increase enterprise alternatives and assist the expansion of micro, small and medium enterprises (MSMEs).
The sectors are agro-processing, gentle manufacturing, healthcare, the artistic economic system, digital commerce and the blue economic system, based on the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose-Medebem.
She disclosed this through the state’s celebration of International MSME Day in Lagos, the place she highlighted the Lagos State Industrial Policy 2025–2030 as a framework for selling industrial development and creating alternatives for companies to increase manufacturing, drive innovation and generate employment.
The initiative comes amid issues over Nigeria’s job creation challenges, pushed by speedy inhabitants development, a big casual sector and weak private-sector growth.
Ambrose-Medebem stated the coverage was designed to place MSMEs to take part in sectors with vital potential for manufacturing, innovation and employment.
As a part of the state’s industrial improvement technique, she disclosed that the 44-unit Imota Light Industrial Park was nearing completion.
She stated the power was anticipated to offer manufacturing area for companies and assist the growth of producing actions within the state.
The commissioner additionally urged companies to look past the home market and make the most of alternatives underneath the African Continental Free Trade Area (AfCFTA), which she described as a market value roughly $3.4 trillion.
On export improvement, Ambrose-Medebem stated the Lagos State Export Readiness Programme had skilled 253 companies to enhance their preparedness for worldwide commerce.
She added that 20 top-performing enterprises have been sponsored to attend the Intra-African Trade Fair in Algiers, the place they secured export relationships.
Despite these initiatives, she acknowledged that insufficient enterprise documentation, weak governance buildings, inflation and excessive vitality prices continued to constrain MSME development and entry to industrial financing.
To enhance their prospects, Ambrose-Medebem urged entrepreneurs to formalise their companies, spend money on tools and expertise, meet related certification necessities and keep correct monetary information.
She stated these measures would strengthen companies’ means to entry finance and compete in export markets.
The commissioner additionally disclosed that the state was leveraging greater than 16,000 registered cooperative societies working by means of 24 Area Cooperative Offices to increase monetary companies to entrepreneurs who would possibly in any other case wrestle to fulfill standard banks’ lending necessities.
She described cooperatives as an essential channel for delivering capital, coaching and market entry to small companies.
According to her, their community-based buildings may enhance accountability and assist entrepreneurs construct the capability wanted to draw additional funding.
Also talking on the occasion, the Senior Special Assistant to Governor Babajide Sanwo-Olu on Commerce, Cooperatives, Trade and Investment, Nana-Hauwa Adeeyo, introduced grants of as much as N1 million every for 5 excellent enterprises taking part within the Fashion, Leather and Creative Enterprise Spotlight.
Adeeyo stated the grants have been a part of the federal government’s efforts to translate enterprise potential into measurable financial impression by supporting innovation, enterprise growth and employment era.
She additionally highlighted Lagos State’s emergence because the top-performing state within the 2026 Presidential Enabling Business Environment Council’s ease-of-doing-business rankings.
She attributed the achievement to reforms in infrastructure, digital service supply, land administration and regulatory effectivity.
Adeeyo stated authorities insurance policies ought to be measured by their means to take away limitations, scale back working prices and increase alternatives for enterprise homeowners.
She inspired MSMEs to affix cooperatives, entry obtainable financing and coaching programmes, and supply suggestions to the ministry on challenges affecting their operations.
The Permanent Secretary of the ministry, Babatunde Onigbanjo, stated the grants and awards introduced to excellent MSME operators have been supposed to recognise entrepreneurial achievements and supply seed capital for enterprise improvement.
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