Sanwo-Olu Launches N10bn Cooperative Fund to Boost Lagos MSMEs and Promote Peace

Lagos State Governor Babajide Sanwo-Olu has unveiled a N10 billion financing initiative for cooperative-based micro, small and medium enterprises. He made the announcement at the International Day of Cooperatives celebration in Ikeja under the theme “Cooperatives for a Peaceful World.” More than 16,000 cooperative societies are now registered in Lagos across 24 area offices. Through the LASMECO scheme, qualifying cooperatives can access loans of up to N10 million without conventional collateral. The first N5 billion tranche has already been released at a single-digit interest rate of 9%, with a six-month moratorium and 36-month repayment period. The programme runs on a digital platform for transparency. It is implemented in partnership with the Bank of Industry and Sterling Bank. The governor also highlighted Lagos’ new industrial policy, expansion of the state cooperative college, and collaboration with the Police Special Fraud Unit to safeguard members’ funds. Cooperative leaders were urged to foster transparency, innovation and digital transformation to ensure lasting impact. The initiative is now being used as a model for national MSME financing reforms.

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