By Lukman Olabiyi
The Lagos State Government is targeting an additional $1 billion annual income through Small and Medium Enterprises (SMEs) following the graduation of 253 small business enterprises from the Lagos State Export Readiness Training Programme (LASERP).
Out of the 253 graduates, 20 have been selected to represent Lagos and showcase the best of Made in Lagos products at the 2025 Intra-African Trade Fair in Algiers in September.
Speaking at the graduation ceremony of the SMEs, Lagos State Governor, Mr Babajide Sanwo-Olu, who was represented by his Special Adviser on Works, Dr Adekunle Olayinka, said that Lagos contributes more than 60% of Nigeria’s non-oil exports, which stood at US$5.3 billion in 2024, noting 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.”
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“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.
According to the Governor, “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.”
Nigeria’s Minister of Finance, Mr Wale Edun, represented by his Special Adviser on Communications, Media, and Publicity, Dr Ogho Okiti, acknowledged the partnership of Afreximbank and ImpactHer, stressing that the collaboration demonstrates the power of strategic partnerships in unlocking Nigeria’s economic potential and export diversification that is critical to Nigeria’s long-term economic growth.
In her remarks, Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose, said the programme has produced a “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 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. 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.
Also speaking at the event were the Regional Chief Operating Officer, Afreximbank, Allain Thierry Mbongue, who affirmed that the programme has set off a new generation of export-ready champions who will write the next chapter of Africa’s economic story, while the Founder/CEO, ImpactHer, Mrs Efe Ukala, mentioned that the training focused on digital and brand transformation, as entrepreneurs were equipped with what they need to stand out in the digital export world.
Similarly, the Director, SME Development, Afreximbank, Ody Akhanoba, added that the training recognised the importance of SMEs to the African economy, and particularly to Lagos, which is the fifth largest economy in the continent.
“During the training, we helped build websites, provided customised digital export marketing strategies, facilitated 5 per cent single-digit interest loans for participants—two of which are being processed—as our participants shipped out over a dozen 20-foot containers of goods over the past 6 weeks, while 10 businesses secured international trade certifications, thus securing long-term access to new markets,” he said.
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