The Lagos State Government has embarked on an ambitious initiative to bolster its economy and establish itself as a major player in international trade. The cornerstone of this strategy is the empowerment of Small and Medium Enterprises (SMEs), recognized as the driving force behind economic growth and innovation. This focus culminated in the graduation of 253 SME owners from the Lagos State Export Readiness Training Programme, a significant step towards achieving the state’s target of generating $1 billion in annual income through SME activities. This projection is based on the anticipated growth and expansion of these businesses into export markets, contributing significantly to foreign exchange inflows. The state government views SMEs as the backbone of its economy and a crucial component in diversifying its revenue streams away from reliance on oil.
The Lagos State Export Readiness Training Programme is a comprehensive initiative designed to equip SME owners with the necessary skills and knowledge to navigate the complexities of international trade. The program covers a wide range of topics, including export procedures, market analysis, product development, quality control, and access to finance. By providing this comprehensive training, the government aims to create a cadre of export-ready businesses capable of competing successfully in the global marketplace. This initiative aligns with the broader national objective of diversifying the Nigerian economy and reducing its dependence on oil exports. The program emphasizes the importance of value addition and product differentiation, enabling Lagos-based SMEs to offer unique and competitive products in international markets.
The graduation ceremony served as a platform to showcase the achievements of the program and highlight the potential of Lagos-based SMEs. Twenty graduates were selected to participate in the 2025 Intra-African Trade Fair in Algiers, representing Lagos and exhibiting the best of “Made-in-Lagos” products. This participation provides a valuable opportunity for these SMEs to gain exposure to international buyers, establish business connections, and explore new market opportunities within the African continent. It also underscores the state government’s commitment to promoting intra-African trade and fostering economic cooperation within the region.
Governor Babajide Sanwo-Olu, in his address delivered by his representative, Dr. Adekunle Olayinka, emphasized the significance of SMEs in the state’s economic development strategy. He reiterated the government’s commitment to supporting and nurturing these businesses, recognizing their role as the engine of economic growth and innovation. He highlighted the fact that Lagos already contributes over 60% of Nigeria’s non-oil exports, which totalled $5.3 billion in 2024, and expressed confidence that the newly trained SME exporters would significantly boost this figure in the coming years. This ambition reflects the state’s determination to become a leading exporter of non-oil products and a major contributor to Nigeria’s economic diversification efforts.
The Minister of Finance, Wale Edun, represented by his Special Adviser, Dr. Ogho Okiti, commended the collaborative efforts of Afreximbank and ImpactHer in supporting the program. He emphasized the importance of strategic partnerships in unlocking Nigeria’s economic potential and driving export diversification, a crucial element in achieving sustainable economic growth. The involvement of these institutions highlights the significance of public-private partnerships in driving economic development initiatives and leveraging expertise from various sectors. It also reinforces the importance of access to finance and market intelligence in empowering SMEs to succeed in international markets.
Commissioner for Commerce, Cooperatives, Trade and Investment, Folasade Ambrose, described the graduates as a “movement of exporters, innovators, and pioneers” who will represent Lagos on the global stage. This statement encapsulates the vision of the Lagos State Government to transform its SMEs into globally competitive businesses, capable of driving economic growth, creating jobs, and enhancing the state’s reputation as a hub for innovation and entrepreneurship. The program represents a significant investment in the future of Lagos and its commitment to building a diversified and resilient economy. The success of these SMEs will be crucial in achieving the state’s economic objectives and solidifying its position as a major economic player in Africa and beyond.
