Lagos State Government says it is aiming to generate an additional $1 billion annually from Small and Medium Enterprises (SMEs), following the graduation of 253 beneficiaries of the Lagos State Export Readiness Training Programme (LASERP).
The state also announced that 20 of the graduates have been selected to represent Lagos and showcase “Made in Lagos” products at the 2025 Intra-African Trade Fair in Algiers, Algeria, this September.
Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folasade Bada-Ambrose, disclosed this in a statement on Monday in Lagos.
Speaking at the graduation held on Friday, Governor Babajide Sanwo-Olu, represented by his Special Adviser on Works, Dr. Adekunle Olayinka, said Lagos currently accounts for more than 60 per cent of Nigeria’s non-oil exports, valued at $5.3 billion in 2024.
Sanwo-Olu said the graduation of the SMEs is expected to drive an additional $1 billion in foreign exchange inflows annually within the next five years.
“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 solely on 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.
According to him, LASERP was designed to prepare Lagos entrepreneurs to compete beyond Nigeria’s borders and position the state as the gateway of trade for the country and Africa.
Minister of Finance, Mr. Wale Edun, represented by his Special Adviser on Communications, Media and Publicity, Dr. Ogho Okiti, praised the collaboration of Afreximbank and ImpactHER in driving the initiative, noting that it underscored the role of partnerships in unlocking Nigeria’s export potential.
“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,” he said.
Regional Chief Operating Officer, Afreximbank, Mr. Allain Mbongue, said the programme had created a new generation of export-ready champions who would shape Africa’s economic growth, while the Founder of ImpactHER, Mrs. Efe Ukala, explained that the training focused on digital and brand transformation to give SMEs a competitive edge in the global export market.
Director of SME Development at Afreximbank, Mr. Ody Akhanoba, revealed that participants were provided with websites, customised digital marketing strategies, and access to single-digit interest loans.
“Two loans are already being processed. Participants also shipped more than a dozen 20-foot containers of goods in the past six weeks. Also, 10 businesses secured international trade certification, opening long-term access to new markets,” he added.