The Lagos State Government has announced plans to generate an additional $1bn annual income through Small and Medium Enterprises, following the graduation of 253 business owners from the Lagos State Export Readiness Training Programme.
Out of the 253 graduates, 20 entrepreneurs have been selected to represent Lagos at the 2025 Intra-African Trade Fair scheduled to take place in Algiers, Algeria, this September. They will showcase Made-in-Lagos products as part of efforts to expand the state’s presence in international markets.
Speaking at the graduation ceremony on Friday, Governor Babajide Sanwo-Olu, represented by his Special Adviser on Works, Dr. Adekunle Olayinka, highlighted Lagos State’s significant role in Nigeria’s non-oil export sector.
He noted that Lagos contributes over 60 percent of Nigeria’s non-oil exports, which amounted to $5.3bn in 2024. He added that with the training and graduation of the new SME operators, Lagos is projecting an extra $1bn in foreign exchange inflows annually within the next five years.
“From the very beginning of this administration, we understood that the destiny of Lagos could not and would not be built on oil alone, nor would it be built solely on the shoulders of large corporations. Our economic future rests on the vibrancy of our micro, small, and medium enterprises, the true backbone of our economy, the heartbeat of our markets, and the silent engines of innovation,” he said.
The governor explained that the programme was designed to commission a new generation of exporters who would promote Lagos products across Africa and globally.
Also speaking at the event, the Minister of Finance, Wale Edun, who was represented by his Special Adviser on Communications, Media, and Publicity, Dr. Ogho Okiti, commended the partnership with Afreximbank and ImpactHer.
He stressed that such collaborations demonstrate the power of strategic partnerships in driving Nigeria’s export diversification and long-term economic growth.
The Commissioner for Commerce, Cooperatives, Trade, and Investment, Folasade Ambrose, said the training had produced “movement of exporters, innovators, and pioneers who will carry the Lagos spirit across Africa and into the world.”