Lagos targets $1bn contribution from SMEs
The Lagos State Government is targeting a $1bn annual income through the Small and Medium Enterprises, following the graduation of 253 owners of small business enterprises of the Lagos State Export Readiness Training Programme.
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 held on Friday, the Lagos State Governor, Babajide Sanwo-Olu, who was represented by his Special Adviser on Works, Dr. Adekunle Olayinka, said Lagos contributes more than 60% of Nigeria’s non-oil exports, which stood at $5.3bn in 2024, noting that with the graduation of over 250 SMEs operators, the state is projecting an additional $1bn in foreign exchange inflows annually within the next five years.
“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,” he said.
He explained that the programme was organised to commission a new generation of exporters who would carry the banner of Lagos into Africa and the world.
The Minister of Finance, 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 demonstrated the power of strategic partnerships in unlocking Nigeria’s economic potential, export diversification that is critical to Nigeria’s long-term economic growth.
In her remark, Commissioner for Commerce, Cooperatives, Trade and Investment, Folasade Ambrose, said the programme had produced “movement of exporters, innovators, and pioneers who will carry the Lagos spirit across Africa and into the world.”
