The Lagos State Government is projecting $1billion annual revenue from Small and Medium Enterprises, (SMEs), even as it trained and graduated 253 SMEs ambassadors from the Lagos State Export Readiness Training Programme (LASERP).
From the 253 graduates, 20 have been selected to represent the state and showcase the best of Made-in- Lagos products at the 2025 Intra-African Trade Fair in Algiers in September.
Governor Babajide Sanwo-Olu, at the graduation ceremony on Friday, represented by Adekunle Olayinka, his Special Adviser on Works, said that Lagos contributes more than 60 percent of Nigeria’s non-oil exports, which stood at $5.3 billion in 2024.
He noted that with the graduation of over 250 SMEs, the state is projecting 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 would it be built solely on the shoulders of 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.” the governor said
Sanwo-Olu explained that the programme was organised to commission a new generation of exporters who will carry the banner of Lagos into Africa and the world.
He added: “When LASERP was conceived, our vision was clear: to prepare Lagos entrepreneurs to compete beyond our shores, to diversify our economy away from the dominance of oil, and to entrench Lagos as the undisputed gateway of trade for Nigeria and the African continent. Today, as we witness the graduation of these exceptional SMEs, we see the manifestation of that vision. You are now positioned to scale, to innovate, and to stand tall in regional and global markets.”
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, represented by Ogho Okiti, his Special Adviser on Communications, Media, and Publicity, acknowledged the partnership of Afreximbank and ImpactHer, stressing that the collaboration demonstrates the power of strategic partnerships in unlocking Nigeria’s economic potential, export diversification that is critical to Nigeria’s long-term economic growth.
Folashade Baba-Ambrose, Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, said the programme has produced ‘movement of exporters, innovators, and pioneers who will carry the Lagos spirit across Africa and into the world.
“Under the visionary leadership of Mr. 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. To transform potential into performance. To prepare you not just to meet standards, but to set them. Already, Today is not just another day in our calendar. Today is history in motion. Today is vision becoming reality. Today is Lagos telling the world: we are ready, we are rising, we will lead,” she said.
Allain Thierry Mbongue, Regional Chief Operating Officer, Afrexim Bank, who said the programme has set off a new generation of export ready champions who will write the next chapter of Africa’s economic story.
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