Lagos targets $1bn annual income from SMEs in five years

The Lagos State Government says it is targeting an additional $1 billion in annual income from Small and Medium Enterprises (SMEs) within the next five years.

This was disclosed on Monday by Babajide Sanwo-Olu, Lagos governor, who was represented by Adekunle Olayinka, his Special Adviser on Works, at the graduation ceremony of 253 beneficiaries of the Lagos State Export Readiness Training Programme (LASERP).

He said Lagos currently contributes more than 60% of Nigeria’s non-oil exports, valued at $5.3 billion in 2024.

The governor said the newly trained entrepreneurs are expected to boost foreign exchange inflows, with 20 of them selected to represent Lagos and showcase “Made in Lagos” products at the 2025 Intra-African Trade Fair in Algiers, Algeria, in September.

“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 solely on large corporations,” Sanwo-Olu said.

“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 added that LASERP was designed to create a new generation of exporters who would take Lagos brands beyond Nigeria’s borders.

Also speaking, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, represented by his Special Adviser on Communications, Ogho Okiti, commended the partnership of Afreximbank and ImpactHER in supporting the programme.

“The programme has produced exporters, innovators, and pioneers who would carry the Lagos spirit across Africa,” Edun said. “