The Lagos State Authorities has revealed that it’s concentrating on a further $1 billion (one billion {dollars}) annual revenue via Small and Medium Enterprises (SMEs), yearly in 5 years following the commencement of 253 beneficiaries of the Lagos State Export Readiness Coaching Programme (LASERP).
The state authorities stated 20 of the graduates have been chosen to symbolize Lagos and showcase “Made in Lagos” merchandise on the 2025 Intra-African Commerce Honest in Algiers, Algeria, in September.
Based on an announcement by the Lagos State Commissioner for Commerce, Commerce and Funding, Mrs Folasade Bada-Ambrose, on Monday, August 25, 2025, this was made recognized by the Lagos State Governor, Babajide Sanwo-Olu.
Sanwo-Olu, who was represented on the occasion by his Particular Adviser on Works, Dr Adekunle Olayinka, stated the state presently contributes over 60% of Nigeria’s non-oil exports, valued at $5.3 billion in 2024.
The governor identified that the commencement of the SMEs was anticipated to drive a further $1 billion in international change inflows yearly throughout the subsequent 5 years.
He stated, “From the very starting of this administration, we understood that the future of Lagos couldn’t and wouldn’t be constructed on oil alone, nor solely on massive companies.
“Our financial future rests on the vibrancy of our micro, small, and medium enterprises, the true spine of our financial system, the heartbeat of our markets, and the silent engines of innovation.’’
Extra perception into the programme
Sanwo-Olu stated the programme was designed to construct a brand new era of exporters who would take Lagos manufacturers past the nation’s borders.
“When LASERP was conceived, our imaginative and prescient was clear: to arrange Lagos entrepreneurs to compete past our shores, to diversify our financial system away from oil, and to place Lagos because the gateway of commerce for Nigeria and Africa.
“Right this moment, as we witness the commencement of those distinctive SMEs, we see that imaginative and prescient change into actuality. You at the moment are positioned to scale, innovate, and stand tall in regional and international markets,” the governor stated.
Additionally on the occasion, the Minister of Finance and Coordinating Minister of the Economic system, Mr Wale Edun, represented by his Particular Adviser on Communications, Media and Publicity, Dr Ogho Okiti, counseled the partnership of Afreximbank and ImpactHER.
He stated that it demonstrated the function of strategic collaborations in unlocking Nigeria’s export potential and long-term financial progress.
The Minister stated, “The programme had produced exporters, innovators and pioneers who would carry the Lagos spirit throughout Africa.
“Underneath the visionary management of Mr Governor and Mr Deputy Governor, Lagos has declared boldly: we won’t be native champions; we shall be international opponents.
“That’s the reason LASERP was born to maneuver our SMEs from the streets of Lagos to the cabinets of the world.’’
What it is best to know
In a associated growth, the First Girl of Nigeria, Senator Oluremi Tinubu, had over the weekend formally commissioned the Lagos State Industrial Leather-based Hub in Mushin.
- The totally outfitted state-of-the-art industrial leather-based processing and manufacturing manufacturing facility, which was developed and delivered by the Sanwo-Olu led-administration, is anticipated to generate 10,000 direct jobs for clusters of artisans working throughout the leather-based manufacturing worth chain.
- Sanwo-Olu stated greater than 150,000 artisans would profit from cutting-edge coaching and start-up help provided by the hub to make sure expertise optimisation.
The Governor disclosed that the export earnings from the hub was anticipated to be increased than $250 million yearly when the hub turns into totally operational.