Lagos Targets 6 Sectors To Drive MSME Growth, Job Creation

The Lagos State Government has recognized six precedence sectors for funding and enterprise improvement as a part of efforts to handle Nigeria’s job creation disaster, broaden enterprise alternatives and help the expansion of micro, small and medium enterprises (MSMEs).

The sectors are agro-processing, mild manufacturing, healthcare, the inventive economic system, digital commerce and the blue economic system, in line with the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Bada Ambrose-Medebem.

She disclosed this in the course of the state’s celebration of International MSME Day in Lagos, the place she highlighted the Lagos State Industrial Policy 2025–2030 as a framework for selling industrial development and creating alternatives for companies to broaden manufacturing, drive innovation and generate employment.

The initiative comes amid considerations over Nigeria’s job creation challenges, pushed by fast inhabitants development, a big casual sector and weak private-sector growth.

Ambrose-Medebem mentioned the coverage was designed to place MSMEs to take part in sectors with vital potential for manufacturing, innovation and employment.

As a part of the state’s industrial improvement technique, she disclosed that the 44-unit Imota Light Industrial Park was nearing completion.

She mentioned the power was anticipated to offer manufacturing area for companies and help the growth of producing actions within the state.

The commissioner additionally urged companies to look past the home market and make the most of alternatives below the African Continental Free Trade Area (AfCFTA), which she described as a market price roughly $3.4 trillion.

On export improvement, Ambrose-Medebem mentioned the Lagos State Export Readiness Programme had educated 253 companies to enhance their preparedness for worldwide commerce.

She added that 20 top-performing enterprises had been sponsored to attend the Intra-African Trade Fair in Algiers, the place they secured export relationships.

Despite these initiatives, she acknowledged that insufficient enterprise documentation, weak governance buildings, inflation and excessive power prices continued to constrain MSME development and entry to business financing.

To enhance their prospects, Ambrose-Medebem urged entrepreneurs to formalise their companies, spend money on tools and know-how, meet related certification necessities and keep correct monetary information.

She mentioned these measures would strengthen companies’ skill to entry finance and compete in export markets.

The commissioner additionally disclosed that the state was leveraging greater than 16,000 registered cooperative societies working by 24 Area Cooperative Offices to increase monetary companies to entrepreneurs who would possibly in any other case battle to satisfy typical banks’ lending necessities.

She described cooperatives as an essential channel for delivering capital, coaching and market entry to small companies.

According to her, their community-based buildings might enhance accountability and assist entrepreneurs construct the capability wanted to draw additional funding.

Also talking on the occasion, the Senior Special Assistant to Governor Babajide Sanwo-Olu on Commerce, Cooperatives, Trade and Investment, Nana-Hauwa Adeeyo, introduced grants of as much as N1 million every for 5 excellent enterprises collaborating within the Fashion, Leather and Creative Enterprise Spotlight.

Adeeyo mentioned the grants had been a part of the federal government’s efforts to translate enterprise potential into measurable financial influence by supporting innovation, enterprise growth and employment era.

She additionally highlighted Lagos State’s emergence because the top-performing state within the 2026 Presidential Enabling Business Environment Council’s ease-of-doing-business rankings.

She attributed the achievement to reforms in infrastructure, digital service supply, land administration and regulatory effectivity.

Adeeyo mentioned authorities insurance policies needs to be measured by their skill to take away boundaries, scale back working prices and broaden alternatives for enterprise house owners.

She inspired MSMEs to hitch cooperatives, entry obtainable financing and coaching programmes, and supply suggestions to the ministry on challenges affecting their operations.

The Permanent Secretary of the ministry, Babatunde Onigbanjo, mentioned the grants and awards introduced to excellent MSME operators had been meant to recognise entrepreneurial achievements and supply seed capital for enterprise improvement.