LASG targets $1bn income from SMEs, graduates 253 trade ambassadors

By Adeola Ogunrinde –

The Lagos State Government is projecting an additional $1 billion annual income from Small and Medium Enterprises (SMEs) following the graduation of 253 participants from the Lagos State Export Readiness Training Programme (LASERP). Of the graduates, 20 have been selected to represent Lagos and showcase Made-in-Lagos products at the 2025 Intra-African Trade Fair in Algiers this September.

Speaking at the graduation ceremony on Friday, Governor Babajide Sanwo-Olu, represented by his Special Adviser on Works, Dr. Adekunle Olayinka, noted that Lagos accounts for over 60% of Nigeria’s non-oil exports, which stood at $5.3 billion in 2024. He said the state is targeting an additional $1 billion in foreign exchange inflows annually within the next five years through the initiative.

“From the beginning of this administration, we understood that the destiny of Lagos could not and would not be built on oil alone, nor solely on large corporations. Our economic future rests on the vibrancy of our micro, small, and medium enterprises — the true backbone of our economy,” the governor said.

Sanwo-Olu explained that LASERP was designed to commission a new generation of exporters capable of competing globally.

“When LASERP was conceived, our vision was clear: to prepare Lagos entrepreneurs to compete beyond our shores, diversify our economy away from oil, and entrench Lagos as the gateway of trade for Nigeria and Africa. Today, with these SMEs, that vision is manifest,” he added.

Nigeria’s Minister of Finance, Mr. Wale Edun, represented by his Special Adviser on Communications, Dr. Ogho Okiti, commended the partnership of Afreximbank and ImpactHER, stressing that such collaborations demonstrate the power of strategic alliances in driving export diversification and long-term growth.

Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folasade Bada Ambrose, described the programme as a movement of exporters and innovators who will carry the Lagos spirit across Africa and beyond. She said LASERP was created to “move SMEs from the streets of Lagos to the shelves of the world” and to prepare them not just to meet global standards, but to set them.

Regional Chief Operating Officer of Afreximbank, Allain Thierry Mbongue, lauded the initiative for producing a new generation of export-ready champions. Similarly, ImpactHER Founder/CEO, Mrs. Efe Ukala, said the training focused on digital and brand transformation, while Afreximbank’s Director of SME Development, Ody Akhanoba, highlighted Lagos’s role as the fifth largest economy in Africa.