Lagos targets $1B annual inflow as Sanwo-Olu unveils bold SME export expansion drive

The Lagos State Government has announced plans to generate an additional $1 billion annually in foreign exchange income through Small and Medium Enterprises (SMEs), following the graduation of 253 entrepreneurs under the Lagos State Export Readiness Training Programme (LASERP).

Of the graduating cohort, 20 SMEs have been selected to represent Lagos at the 2025 Intra-African Trade Fair in Algiers, Algeria, this September, where they will showcase Made-in-Lagos products on the continental stage.

Speaking at the graduation ceremony on Friday, Lagos State Governor, Babajide Sanwo-Olu, represented by his Special Adviser on Works, Dr. Adekunle Olayinka, underscored the State’s commitment to diversifying its economic base. He revealed that Lagos currently contributes more than 60% of Nigeria’s non-oil exports, which totaled $5.3 billion in 2024.

“With the graduation of over 250 SMEs, the state is projecting an additional $1 billion in foreign exchange inflows annually within the next five years,” Sanwo-Olu said.

He stressed that the programme was conceived to position Lagos entrepreneurs for global competitiveness:

“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.

“When LASERP was conceived, our vision was clear: to prepare Lagos entrepreneurs to compete beyond our shores, to diversify our economy away from the dominance of oil, and to entrench Lagos as the undisputed gateway of trade for Nigeria and the African continent. Today, as we witness the graduation of these exceptional SMEs, we see the manifestation of that vision. You are now positioned to scale, to innovate, and to stand tall in regional and global markets,” Sanwo-Olu said.

Nigeria’s Minister of Finance, Wale Edun, represented by his Special Adviser on Communications, Media, and Publicity, Dr. Ogho Okiti, commended the collaboration with Afreximbank and ImpactHER.

He described the initiative as an example of how strategic partnerships can drive export diversification and unlock Nigeria’s long-term growth potential.

Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folasade Bada Ambrose, described the programme as a transformative force:

“Under the visionary leadership of Mr. Governor and Mr. Deputy Governor, Lagos has declared boldly: we will not be local champions; we will be global competitors. That is why LASERP was born. To move our SMEs from the streets of Lagos to the shelves of the world.

To transform potential into performance. To prepare you not just to meet standards, but to set them. Already, today is not just another day in our calendar. Today is history in motion. Today is vision becoming reality. Today is Lagos telling the world: we are ready, we are rising, we will lead,” she said.

The Regional Chief Operating Officer of Afreximbank, Allain Thierry Mbongue, lauded the initiative, noting that it has set off “a new generation of export-ready champions who will write the next chapter of Africa’s economic story.”

Founder/CEO of ImpactHER, Mrs. Efe Ukala, explained that the training emphasized digital and brand transformation, equipping SMEs with tools to thrive in the digital export economy.

Similarly, Afreximbank’s Director of SME Development, Mr. Ody Akhanoba, outlined the tangible outcomes of the programme: “During the training, we helped build websites, provided customised digital export marketing strategy, facilitated 5 percent single-digit interest loans for participants-two of which are already being processed. Our participants shipped out over a dozen 20-foot containers of goods over the past six weeks, while 10 businesses secured international trade certification — thus securing long-term access to new markets.”