Lagos Targets $1bn Forex Inflows Annually from SMEs
The Lagos State Government has revealed that it is targeting an additional $1 billion (one billion dollars) annual income through Small and Medium Enterprises (SMEs), annually in 5 years following the graduation of 253 beneficiaries of the Lagos State Export Readiness Training Programme (LASERP).
The state government said 20 of the graduates have been selected to represent Lagos and showcase “Made in Lagos” products at the 2025 Intra-African Trade Fair in Algiers, Algeria, in September.
According to a statement by the Lagos State Commissioner for Commerce, Trade and Investment, Mrs Folasade Bada-Ambrose, on Monday, August 25, 2025, this was made known by the Lagos State Governor, Babajide Sanwo-Olu.
Sanwo-Olu, who was represented at the event by his Special Adviser on Works, Dr Adekunle Olayinka, said the state currently contributes over 60% of Nigeria’s non-oil exports, valued at $5.3 billion in 2024.
The governor pointed out that the graduation of the SMEs was expected to drive an additional $1 billion in foreign exchange inflows annually within the next five years.
He said, “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.
“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.’’
Sanwo-Olu said the programme was designed to build a new generation of exporters who would take Lagos brands beyond the country’s borders.
“When LASERP was conceived, our vision was clear: to prepare Lagos entrepreneurs to compete beyond our shores, to diversify our economy away from oil, and to position Lagos as the gateway of trade for Nigeria and Africa.
“Today, as we witness the graduation of these exceptional SMEs, we see that vision become reality. You are now positioned to scale, innovate, and stand tall in regional and global markets,” the governor said.
Also at the event, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, represented by his Special Adviser on Communications, Media and Publicity, Dr Ogho Okiti, commended the partnership of Afreximbank and ImpactHER.
He said that it demonstrated the role of strategic collaborations in unlocking Nigeria’s export potential and long-term economic growth.
The Minister said, “The programme had produced exporters, innovators and pioneers who would carry the Lagos spirit across Africa.
“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.’’