Lagos govt targets $1bn annual income from SMEs, graduates 253 trade ambassadors

Lagos State Governor, Mr. Babajide Sanwo-Olu, said his administration is targeting additional $1billion annual income through the Small and Medium Enterprises (SMEs) following the graduation of 253 small business enterprises of the Lagos State Export Readiness Training Programme (LASERP).

 

Out of the 253 graduates, 20 have been selected to represent Lagos and showcase the best of “Made in Lagos Products” at the 2025

Intra-African Trade Fair scheduled to hold in Algiers in September this year.

 

Governor Sanwo-Olu made this known at the weekend, while speaking at the graduation ceremony, saying that Lagos contributed more than 60% of Nigeria’s non-oil exports, which stood at US$5.3 billion in 2024, but quickly noted that with the graduation of over 250 SMEs, the state was projecting an additional $1 billion in foreign exchange inflows annually within the next five years.

 

The governor, who was represented by his Special Adviser (SA) on Works, Dr. Adekunle Olayinka, said his administration, from the very beginning, understood that the economic destiny of Lagos could not and would not be built on oil alone or the shoulders of large corporations, but on the vibrancy of the state’s MSMEs.

 

 

“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 organised to commission a new generation of exporters who would carry the banner of Lagos into Africa and the world, saying that the day’s graduation event was the manifestation of that vision, positioning the state to scale, innovate, and “stand tall in regional and global markets.”

 

“When LASERP was conceived, our vision was clear: to prepare Lagos entrepreneurs to compete beyond our shores, to diversify our economy away from the dominance of oil, and to entrench Lagos as the undisputed gateway of trade for Nigeria and the African continent. 

 

“Today, as we witness the graduation of these exceptional SMEs, we see the manifestation of that vision. You are now positioned to scale, to innovate, and to stand tall in regional and global markets,” Governor Sanwo-Olu said.

 

Minister of Finance, Mr. Wale Edun, represented by his Special Adviser (SA) on Communications, Media, and Publicity, Dr. Ogho Okiti, acknowledged the partnership of Afreximbank and ImpactHer, stressing that the collaboration demonstrated the power of strategic partnerships in unlocking Nigeria’s economic potential, and export diversification that is critical to her long-term economic growth. 

 

Also speaking, the State Commissioner for  Commerce, Cooperatives, Trade and Investment, Mrs Folasade Bada Ambrose, said the programme had produced “movement of exporters,  innovators, and pioneers who will carry the Lagos spirit across Africa and into the world.”

 

“Under the visionary leadership of Mr. Governor and Mr. Deputy Governor, Lagos has declared boldly: we will not be local champions; we will be global competitors. 

 

“That is why LASERP was born. To move our SMEs from the streets of Lagos to the shelves of the world. To transform potential into performance. To prepare you not just to meet standards, but to set them. 

 

“Already, today is not just another day in our calendar. Today is history in motion. Today is vision becoming reality. Today is Lagos telling the world: we are ready, we are rising, we will lead,” the commissioner stated.

 

The Regional Chief Operating Officer (COO), Afrexim Bank, Allain Thierry Mbongue, in his own remark, affirmed that the programme had set off a new generation of export ready champions who would write the next chapter of Africa’s economic story, while the Founder/CEO, ImpactHER, Mrs Efe Ukala, mentioned that the training focused on digital and brand transformation, saying that entrepreneurs were equipped with what they needed to stand out in the digital export world.

 

Similarly, the Director, SME Development, Afrexim Bank, Ody Akhanoba, added that the training recognised the importance of SMEs to the African economy, and particularly to Lagos, which is the 5th largest economy in the continent.

 

“During the training, we helped build websites, provided customised digital export marketing strategy, facilitated 5 percent single digit interest loan for participants – two out of which are being processed, as our participants shipped out over a dozen 20-foot containers of goods over the past 6 weeks while 10 businesses secured international trade certification – thus securing long term access to new markets,” he said.