Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, announced the full rollout of the ₦10 billion Lagos State Access to Finance for SMEs through Cooperatives scheme. The landmark intervention was unveiled during the commemoration of the 2026 International Day of Cooperatives at the LASCOFED Multipurpose Hall in Ikeja. Delivered in partnership with the Bank of Industry and Sterling Bank, the scheme allows qualified cooperative-based micro, small, and medium enterprises to access non-collateralized loans of up to ₦10 million at a single-digit annual interest rate of nine percent, backed by a six-month moratorium and 36-month repayment period.
Managed under the Ministry of Commerce, Cooperatives, Trade and Investment, the full deployment of LASMECO systematically addresses capital access blockages for grassroots entrepreneurs. The release of the first ₦5 billion tranche, tracked by 19 onboarded accelerator partners through a digital platform, mitigates credit risk while excluding predatory lending. The scheme, complemented by the expansion of the Lagos State Cooperative College and partnerships with the Police Special Fraud Unit, protects members' investments while boosting job creation across strategic manufacturing, trade, and agro-allied sectors.
The institutional rollout of this public-private credit framework positions Lagos State as a national leader in cooperative-driven economic reforms. The unanimous adoption of the LASMECO model by the National Council on Industry, Trade and Investment as a template for nationwide replication validates its administrative efficiency. By shifting sub-national credit delivery onto secure digital tracking systems, the state executive eliminates structural leakages, guarantees fiscal transparency, and builds long-term institutional capacity for grassroots wealth distribution and economic development.
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