Grants
The Lagos State Government on Thursday supported 100 micro, small and medium enterprises (MSMEs) with grants ranging from N100,000 to N250,000.
Mrs Hauwa Adeeyo-Orekoya, Senior Special Assistant to the Governor on Commerce, Cooperatives, Trade and Investment, presented the grants to the beneficiaries.
The presentation was held at the 2026 MSME Day celebration, awards and grant presentation ceremony in Ikeja, with the theme, “Empowering MSMEs through Innovation and Sustainable Industrial Development “.
The News Agency of Nigeria (NAN) reports that the grant award was the maiden edition organised by the Ministry of Commerce, Cooperatives, Trade and Investment.
The government also supported the MSMEs with work tools and productive equipment, to strengthen their businesses and promote job creation.
The tools and equipment include generators, freezers, grinding machines and sewing machines.
Speaking, Adeeyo-Orekoya said that the intervention was part of the state government’s efforts to improve the production capacity, service delivery, product quality and revenue generation of MSMEs.
‘’The support is designed to help businesses expand, improve their operations and create more economic opportunities across the state.
‘’MSMEs play a vital role in the state’s economy by creating jobs, supporting local production, sustaining livelihoods and stimulating economic activities in communities, ‘’ she said.
She, however, said that businesses needed access to finance, equipment, skills, technology and markets, as well as a supportive business environment, to achieve sustainable growth.
According to her, the state government is implementing policies and programmes to address these challenges and strengthen the business ecosystem.
The special assistant identified the Lagos State Access to Finance for MSMEs through Cooperatives Scheme as one of the initiatives designed to improve access to funding.
She said that the scheme operated under a N10 billion financing framework aimed at promoting savings, resource pooling and access to business opportunities through cooperative societies.
‘’The government earlier announced that eligible cooperative-based MSMEs could access loans of up to N10 million at an annual interest rate of nine per cent.
‘’This is with a six-month moratorium and a repayment period of up to 36 months, ‘’ she said.
Adeeyo-Orekoya also highlighted the Lagos State Export Readiness Programme, which prepares local businesses for wider markets through improved product quality, standardisation, certification and packaging.
She said that the programme would help MSMEs compete internationally, participate in global value chains and contribute to the growth of non-oil exports.
The governor’s aide further identified the Lagos State Industrial Policy as a framework for promoting local production and strengthening supply chains.
‘’The frameworks also enables MSMEs to participate in industrial development as suppliers, manufacturers and service providers, ‘’ she said.
She said that the state’s Ease of Doing Business agenda and One-Stop-Shop initiative were also aimed at simplifying procedures, improving access to government services and creating a more business-friendly environment.
Adeeyo-Orekoya said that the impact of these policies should be measured by improved business performance, increased investment, stronger local industries and sustainable job creation.
She urged MSMEs to embrace innovation, digital technology, efficient resource use and sustainable production methods to improve their productivity and competitiveness.
She also advocated greater inclusion of women, young people and vulnerable groups in enterprise development.
According to her, improved access to finance, skills, markets and productive assets can expand economic participation and improve livelihoods.
The governor’s aide advised the beneficiaries to use the resources responsibly, maintain proper financial records and invest in productive activities.
Adeeyo-Orekoya said, “Government support should serve as a foundation for growth, not a substitute for sound business management.”
She urged the beneficiaries to make the most of the intervention, expressing hope that small businesses would grow into major employers and local producers would eventually become exporters.
Earlier, Mrs Folashade Medebem, said that the state was prioritising agro-processing, light manufacturing, healthcare, the creative economy, digital trade and the blue economy under its Industrial Policy 2025–2030.
Medebem is the Commissioner for Commerce, Cooperatives, Trade and Investment.
She urged business owners to invest in equipment, technology and certification to improve their competitiveness.
Also, the Permanent Secretary of the ministry, Mr Babatunde Onigbanjo, said that the programme was designed to recognise outstanding businesses, provide seed capital, and promote innovation and sustainable growth.
NAN reports that representatives of some organisations advised MSMEs to maintain proper business records, meet applicable tax and product safety requirements, and explore export opportunities.
The organisations include the Corporate Affairs Commission, Lagos State Internal Revenue Service, National Agency for Food and Drug Administration and Control, and Nigeria Export Promotion Council. (NAN)
