The Lagos State Government has intensified efforts to boost small businesses and protect consumers with the release of ₦5 billion under its MSME financing programme and the recovery of over ₦450 million for residents through consumer protection interventions.
Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Bada Ambrose-Medebem, disclosed this on Wednesday during the 2026 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja.
Speaking on the state’s business support initiatives, the commissioner said the ₦5 billion intervention fund was released under the Lagos State Government–Bank of Industry Access to Finance for MSMEs through Cooperatives scheme, popularly known as LASMECO.
According to her, the programme was launched in May 2025 as a strategic intervention aimed at expanding access to affordable financing for cooperative-based Micro, Small and Medium Enterprises across Lagos.
She explained that LASMECO was seeded with ₦10 billion and structured to provide non-collateralised loans of up to ₦10 million to qualified MSMEs at a single-digit interest rate of nine per cent annually.
Ambrose-Medebem added that beneficiaries would enjoy a six-month moratorium and a repayment period of up to 36 months to reduce financial pressure on small businesses.
“The State has released ₦5 billion as part of the matched funding arrangement,” she said.
The commissioner described the initiative as a major economic empowerment programme designed to stimulate entrepreneurship, increase productivity and create jobs across the state.
She further disclosed that accelerator partners for the programme were officially onboarded during a signing ceremony held on May 12, 2026.
According to her, the initiative is being implemented through an integrated cooperative digitalisation Special Purpose Vehicle involving the Ministry of Commerce, Cooperatives, Trade and Investment, Asset Matrix Microfinance Bank, SEKAT, QooP and Imade Forte.
Ambrose-Medebem noted that LASMECO had already received national recognition after it was unanimously adopted at the 16th National Council on Industry, Trade and Investment as a model framework for MSME financing reforms across Nigeria.
On consumer protection, the commissioner said the Lagos State Consumer Protection Agency, LASCOPA, recovered ₦450,698,426.22 for residents through mediation and enforcement actions against erring businesses.
She revealed that the agency received 4,412 complaints during the review period and successfully resolved 3,687 cases, while 621 cases remain ongoing and 107 were referred to other government agencies.
The commissioner stated that LASCOPA intensified market surveillance and enforcement operations across the state to curb unfair trade practices, counterfeit products, hazardous goods and exploitative pricing.
According to her, more than 1,200 markets, supermarkets, stores and service outlets were monitored during the period under review.
She added that 1,152 businesses were found compliant with consumer protection regulations, while over 48 non-compliant businesses were sanctioned or prosecuted.
Ambrose-Medebem reaffirmed the Sanwo-Olu administration’s commitment to strengthening consumer confidence, deepening financial inclusion and creating a more business-friendly environment across Lagos State.