Gov Babajide Sanwo-Olu of Lagos has been recognised for initiating funding access to Micro, Small and Medium Enterprises (MSMEs) through the Lagos State Access to Finance for MSMEs Through Cooperatives (LASMECO) programme.
Sanwo-Olu received the award at the 7th National MSME Awards, held in Abuja as part of the 2025 African Union MSME Forum.
The theme of the event is “Building Resilient MSMEs Through Digital Innovation, Market Access and Affordable Financing For Africa”.
This is disclosed in a statement signed Mr Adewale Akodu, Deputy Director of Public Affairs, Lagos State Ministry of Commerce, Cooperatives, Trade and Investment, on Tuesday in Lagos.
Sanwo-Olu, represented by Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Bada Ambrose, expressed joy for being nominated for the MSME Support for Access to Funding Award.
He said the innovative N10 billion Derisking Fund initiative was in partnership with Bank of Industry and Sterling Bank Plc.
“The programme was designed with a clear vision: to unlock the potential of our vibrant MSME sector by addressing one of its most critical challenges – access to affordable and sustainable financing.
“In Lagos, we understand that MSMEs are the engines of innovation, employment, and economic diversification.
“Through strategic partnerships with financial institutions capacity-building programmes, and targeted interventions like the Derisking Fund, we have empowered thousands of entrepreneurs to scale their businesses, create jobs, and contribute meaningfully to the State’s GDP,” he said.
Sanwo-Olu called for reaffirmation of collective responsibility to nurture and support enterprises while marking World MSME Day.
He added that the future of Nigeria’s economy depended on the ability to create an enabling environment where MSMEs could thrive through access to funding, technology, markets and skills development.
He commended the Special Adviser to the President on Job Creation and MSMEs, Mr Tola Adekunle-Johnson, for his visionary focus on agribusiness.
He added that Adekunle-Johnson’s approach demonstrated that true innovation was not about inventing new things, but about rediscovering and harnessing existing vast, untapped potential in the nation.
“Thank you for honouring Nigeria’s rich agricultural history and for championing the resilient and enterprising spirit that defines our nation,” Sanwo-Olu said.
Commenting, Adekunle-Johnson described the LASMECO programme as a model for other states and thanked Lagos State’s speedy response to initiating the fund. (NAN)
