The Lagos State Government has announced an ambitious plan to boost the state’s foreign exchange earnings by an additional $1 billion every year within the next five years. 

This target is to be achieved through the growth and global expansion of Small and Medium Enterprises (SMEs), following the graduation of 253 entrepreneurs from the Lagos State Export Readiness Training Programme (LASERP).

Empowering SMEs for Global Markets

At the graduation ceremony, Governor Babajide Sanwo-Olu, represented by his Special Adviser on Works, Dr Adekunle Olayinka, noted that Lagos has long been at the forefront of Nigeria’s non-oil exports. 

The state accounted for over 60 percent of the country’s $5.3 billion non-oil exports in 2024.

Sanwo-Olu explained that the new SME exporters trained under LASERP would help Lagos attract at least $1 billion more in forex inflows annually. 

“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.

Lagos Showcasing “Made in Lagos” Abroad

Out of the 253 graduates, 20 entrepreneurs have been selected to represent Lagos at the 2025 Intra-African Trade Fair in Algiers, Algeria, this September. 

They will showcase “Made in Lagos” products to international buyers, a step aimed at positioning the state as a global trade hub.

The governor emphasized that LASERP was designed to build a new generation of exporters who can take Lagos brands beyond Nigeria’s borders. “When we conceived LASERP, our vision was clear—to prepare Lagos entrepreneurs to compete globally and to diversify our economy away from oil,” he said.

Federal backing and partnerships

The programme also received praise from the Federal Government. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, represented by his aide Dr Ogho Okiti, commended the collaboration between Lagos, Afreximbank, and ImpactHER. 

He described it as a model of how strategic partnerships can unlock Nigeria’s export potential and long-term economic growth.

According to Edun, the initiative has produced “exporters, innovators, and pioneers who will carry the Lagos spirit across Africa.”

Expanding Industrial Capacity

In a related move to strengthen the state’s export base, Nigeria’s First Lady, Senator Oluremi Tinubu, recently commissioned the Lagos State Industrial Leather Hub in Mushin. 

The facility, equipped with modern processing and manufacturing tools, is expected to create 10,000 direct jobs and support more than 150,000 artisans with training and start-up support.

Governor Sanwo-Olu disclosed that when fully operational, the leather hub could generate export earnings of over $250 million annually, further consolidating Lagos’ status as a major non-oil export powerhouse.

With these initiatives, Lagos is positioning itself not only as Nigeria’s economic nerve center but also as a strong player in regional and global markets. 

By leveraging the creativity of its SMEs, investing in industrial hubs, and building international partnerships, the state is charting a path that reduces dependence on oil while creating wealth and jobs for its people.