General News
Sanwo-Olu Reaffirms Support for SMEs, Unveils N10m Loan Initiative
Gov. Babajide Sanwo-Olu of Lagos State has unveiled the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) to provide access to finance for Small and Medium Scale Enterprises (SMEs) and registered cooperative societies in the state.
Sanwo-Olu unveiled the initiative at the Adeyemi Bero Auditorium, Alausa, Ikeja, on Wednesday in partnership with Bank of Industry (BoI) and Sterling Bank Ltd.
He said the tripartite initiative was designed to break the funding barrier to enable SMEs to access up to N10 million at a single-digit interest of nine per cent per annum without collateral.
LASMECO is a first-of-its-kind public-private financing platform that aims to deliver low-interest, risk-mitigated loans to SMEs across strategic sectors, including healthcare, agriculture, creative industries, manufacturing, and circular economy clusters.
The initiative is a game changer that will accelerate access to finance for SME business owners in the state by providing a loan of up to N10 million at nine per cent interest rate for two to three years.
The governor advised the beneficiaries to use the money and grow for their businesses judiciously.
“I stand here today filled with pride and hope. Pride in the indomitable spirit of Lagosians, and hope for the future we are building together.
“This occasion, the launch of the joint initiative between the Lagos State Government, Bank of Industry, and Sterling Bank MSME Fund, is not just a formal unveiling of a financing programme.
“It is the unveiling of dreams, the lighting of thousands of small candles that together will illuminate the path to a more prosperous and inclusive Lagos.
“Let me begin with a story that captures why this moment matters. A few years ago, I met a young woman named Bisola in Alimosho. Bisola ran a small tailoring business out of a single shop.
“She had creativity, she had customers, and she had ambition, what she didn’t have was affordable capital to expand. Traditional loans were out of reach without collateral, so for years her dream of opening a small factory remained just that: a dream.
“In 2020, through a Lagos State support scheme for small businesses, Bisola accessed a low-interest loan. With that little boost, she bought two additional sewing machines and hired three apprentices from her community,” the governor said.
The governor further said that there were other Bisola’s that would benefit from the scheme.
Sanwo-Olu commended the contribution of the informal sector to economic growth and development.
“Bisola’s story is not only inspiring, but it is unique. It is one of thousands of success stories our Micro, Small, and Medium Enterprises (MSMEs) have written across this great state.
“From the bustling markets of Balogun and Idumota, to the tech hubs of Yaba, to the bustling garages in Ikeja and the creative studios in Surulere, our MSMEs are the unsung heroes of Lagos’s economy.
“They are the backbone and the heartbeat of our drive toward prosperity. When we talk about making Lagos a 21st century economic powerhouse, it is their energy and innovation that power the engine.
“Think about it, MSMEs account for almost 96 per cent of businesses in our nation and nearly half of our GDP. Here in Lagos, we are proud to host the highest concentration of these enterprises in Nigeria.
“That means millions of our citizens wake up every day as owners of small shops and stalls, founders of startups, operators of restaurants and factories, providers of services and artisans of trade.
“Together, these hard-working men and women employ the vast majority of our workforce and provide livelihoods for countless families. They turn the cogs of commerce in every neighborhood, from Epe to Eko, Badagry to Ikeja,” he said.
Also speaking, the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folasade Ambrose-Madebem, described the initiative as a revolutionary financing scheme for MSMEs to provide a single digit non-collateralised loan.
Ambrose said the loan to be given to businesses under cooperatives would unlock the next generation of entrepreneurs in the state.
“So, as we begin this journey today, let us remember that this is not just about launching, it’s about unlocking the next generation of entrepreneurs.
“This is about creating a type of globally grown, globally competitive enterprise that will find its future opportunities.
“It’s about ensuring that whether you’re a young woman in Badagry, a healthcare provider LASMECO will work for you,” she said.
The Managing Director of BoI, Dr Olasupo Olusi, said the bank partnered Lagos State on the initiative to ensure access to finance for MSMEs to tackle poverty and guarantee economic growth in communities.
NAN reports that the highpoint of the event was the signing of the Memorandum of Understanding on the initiative between the Lagos State Government, Bank of Industry and Sterling Bank. (NAN)
The Nigerian Meteorological Agency (NiMet) has predicted dust haze and sunshine from Monday until Wednesday across the country.
NiMet’s weather outlook released on Sunday in Abuja, envisaged moderate dust haze over parts of Kebbi and Kano States of the northern region on Monday.
It predicted horizontal visibility of 2km to 5km over the region with the rest of the northern States to be under sunny and hazy skies throughout the forecast period.
”For central region, moderate dust haze with horizontal visibility of 2km to 5km is anticipated over parts of the Federal Capital Territory and Niger states, while the rest of the states in the region should be under sunny and hazy skies throughout the forecast period.
”For southern region, sunny skies with a few patches of cloud are anticipated over the region with prospects of afternoon/evening thunderstorms with light rains over parts of Bayelsa, Lagos, Cross River and Akwa Ibom States,” it said.
According to NiMet, a slight dust haze is anticipated over parts of Kano and Kebbi States of the northern region on Tuesday, while the remaining states in the region are expected to have sunny and hazy skies throughout the forecast period.
The agency envisaged sunny and hazy skies over the central region throughout the forecast period with chances of isolated thundery activity over parts of plateau state during the afternoon and evening hours.
It anticipated sunny skies with patches of cloud over the southern region with prospects of afternoon or evening thunderstorms with light rains over parts of Ogun, Ondo, Edo, Bayelsa, Rivers, Lagos, Cross River and Akwa Ibom States.
NiMet forecasts sunny and hazy skies over the northern region throughout the forecast period on Wednesday.
The agency predicted sunny and hazy skies over the central region throughout the forecast period.
According to NiMet, sunny skies with a few patches of cloud are anticipated over the southern region with prospects of afternoon or evening thunderstorms with light rains over parts of Oyo, Ogun, Ondo, Edo, Bayelsa, Rivers, Lagos, Delta, Cross River and Akwa Ibom States.
”Dust particles are in suspension; the public should take necessary precaution; People with asthmatic health conditions and other respiratory issues should be cautious of the present weather condition.
”Driving under the rain should be with caution. Airline operators are advised to get airport-specific weather reports (flight documentation) from NiMet for effective planning in their operations,” it said
The agency urged residents to stay informed through weather updates from NiMet, and visit its website on www.nimet.gov.ng.
The Federal Government has declared Thursday, December 25, and Friday, December 26, 2025, as public holidays to mark Christmas and Boxing Day.
It also announced Thursday, January 1, 2026, as a public holiday for the New Year celebration.
The announcement was made in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Dr.
Magdalene Ajani, on behalf of the Minister of Interior, Olubunmi Tunji-Ojo.According to the statement, the minister urged Nigerians to reflect on the values of love, peace, humility, and sacrifice associated with the birth of Jesus Christ.
Tunji-Ojo also called on citizens, regardless of faith or ethnicity, to use the festive season to pray for peace, improved security, and national development.
He further advised Nigerians to remain law-abiding and security-conscious during the celebrations and wished them a Merry Christmas and a prosperous New Year.
From Ene Asuquo, Calabar
The Cross River State Government has recorded a major breakthrough in its quest to transform the state into a maritime hub with the official presentation of the Hydrographic, Geotechnical, geophysical Report and New Navigational Chart for the proposed Bakassi Deep Seaport project.
Out, who spoke at a formal ceremony held in the State Executive Council Chamber in Calabar, described the event as a “historic milestone” that not only affirms Nigeria’s maritime boundaries but also sets the stage for an economic revolution across the Gulf of Guinea.
“This is truly a historic day, not just for Cross River State but for the entire country,” Governor Otu said. “What we have achieved today replaces charts dating back to 1903 and settles long-standing debates about Cross River’s status as a littoral state. This chart clearly affirms our coastal status.”
Otu emphasized that the updated maritime chart now aligns with S-100 international standards, positioning Cross River for deepwater commerce and international shipping operations.
“When we connect this with the ongoing coastal highway, we’re looking at a completely different city,” he said. “The economic potential is enormous.”
Otu acknowledged the foundational work of former NDDC Chairman Professor Eyo Etim Nyong, describing the seaport project as a dream revived and revitalized.
“We picked up this dream where the former governor, Professor Ben Ayade left off. Public funds had been committed, and we could not allow it to die. Today is another giant step toward its full realization,” he said.
With the technical phase complete and the report formally presented, Governor Otu disclosed that the project now awaits a final seal of approval from the Federal Executive Council (FEC).
“Once we get that FEC seal, work starts almost immediately,” he assured. “Cross River is ready, and this project is not just for us, it is for Nigeria and for West Africa.”
The presentation was led by Rear Admiral Ayo Olugbode, Hydrographer of the Federation and CEO of the National Hydrographic Agency of Nigeria, alongside senior naval officers including the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, and Rear Admiral Anyo Olokunle.
Rear Admiral Olugbode described the report as the culmination of an intensive multi-year effort, beginning with a formal flag-off on December 21, 2024, and followed by rigorous data acquisition starting January 6, 2025. The survey, he said, covered hydrographic, geophysical, and geotechnical dimensions, all aimed at ensuring safety, precision, and international compliance.
“This is more than just a technical report. It is the bedrock for constructing and operating the Bakassi Deep Seaport,” he said. “It provides essential data for engineering design, dredging, breakwater construction, and navigation safety.”
He added that the data would boost investor confidence, enable effective ocean governance, and contribute to global initiatives such as Seabed 2030, a project that aims to map the entire seafloor of the world by 2030.
Olugbode also praised the Cross River State Government for its unwavering support.
“Your Excellency, your administration’s commitment and facilitation of logistics created an enabling environment for the success of this complex operation,” he noted.
The Bakassi Deep Seaport is expected to catalyze investments in shipping, logistics, trade and tourism, while creating jobs and strengthening Nigeria’s position in the global blue economy.
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