The Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) programme was officially launched on May 7, 2025, by Governor Babajide Sanwo-Olu.
The event took place at the Adeyemi Bero Multipurpose Hall in Alausa, Ikeja. This initiative is designed to support the growth of Small and Medium Enterprises (SMEs) in Lagos State by improving access to affordable loans.
The programme is a collaboration between the Lagos State Government, the Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI), the Bank of Industry (BOI), and Sterling Bank. LASMECO offers loans of up to ₦10,000,000 at a low interest rate of 9%, with a flexible repayment period of 2 to 3 years. This makes it an attractive option for small business owners looking for business funding in Nigeria.
By working through cooperatives, the programme ensures that micro, small, and medium enterprises can apply more easily and access funding faster. LASMECO is aimed at helping entrepreneurs empower their businesses, create jobs, and support the local economy.
It is part of the broader effort by the Lagos State Government to drive economic growth, encourage youth entrepreneurship, and promote financial inclusion in the state.
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The LASMECO programme provides an opportunity for many Lagos-based SMEs to thrive and expand through reliable and affordable business loans.