Lagos, July 2, 2025 — In a bold step towards advancing economic development and empowering small businesses, the Lagos State Government in partnership with the African Export-Import Bank (Afreximbank) has officially launched the Lagos State/Afreximbank Accelerator Programme for Small and Medium Enterprises (SMEs).
The launch event, which took place at the Eko Convention Centre in Lagos, drew key stakeholders from government, finance, trade, and the private sector. The initiative is designed to strengthen the capacity of local SMEs, improve their access to funding, and prepare them for regional and international markets.
Representing Governor Babajide Sanwo-Olu at the event, the Lagos State Commissioner for Commerce, Industry and Cooperatives, Mrs. Folashade Ambrose-Medebem, described the programme as a landmark move to transform the SME landscape in Lagos. She emphasized that the initiative would provide vital tools such as business development services, mentorship, market access, and funding support to eligible SMEs across various sectors.
“This partnership with Afreximbank is a demonstration of our administration’s commitment to inclusive economic growth. SMEs are the backbone of our economy, and empowering them is central to our vision for sustainable development,” the commissioner said.
Afreximbank’s Executive Vice President for Intra-African Trade and Export Development, Kanayo Awani, also addressed the gathering, stating that the Accelerator Programme aligns with the bank’s mission to promote intra-African trade and export development. She noted that Lagos, as Nigeria’s commercial nerve centre, is strategically positioned to serve as a launchpad for scalable African businesses.
“The Accelerator will enable Lagos-based SMEs to enhance their competitiveness, comply with trade standards, and access broader continental markets under the African Continental Free Trade Area (AfCFTA),” Awani stated.
The programme is expected to support hundreds of SMEs in its first phase, offering training, advisory services, and linkage to financing instruments. Officials say a strong emphasis will be placed on women- and youth-led businesses to ensure equitable participation in the growth of the state’s economy.
Industry leaders and participants hailed the initiative as a welcome development, noting that it bridges a long-standing gap between small businesses and institutional support.
With Lagos State’s vibrant entrepreneurial ecosystem and Afreximbank’s technical expertise, the SME Accelerator Programme is poised to become a model for public-private partnerships aimed at unlocking the potential of small enterprises in Africa.
