Running a small business in Nigeria can be challenging, especially when access to affordable funding is limited. But if you’re a business owner in Lagos, there’s good news for you! The Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) is a brand-new initiative designed to make it easier for micro, small, and medium enterprises (MSMEs) to access the financial support they need to grow and thrive.
In this blog post, we’ll break down everything you need to know about LASMECO: what it is, how it works, who can apply, how to register, and why this scheme is such a game-changer for business owners in Lagos.
What is LASMECO?
LASMECO stands for Lagos State Micro, Small, and Medium Enterprise Cooperative Initiative. It was officially launched on May 7, 2025, by Governor Babajide Sanwo-Olu in partnership with the Bank of Industry (BOI) and Sterling Bank.