By Anifowoshe Oladipupo
The Lagos State Government has unveiled plans to generate an additional $1 billion in annual income within the next five years by expanding Small and Medium Enterprises (SMEs).
Governor Babajide Sanwo-Olu disclosed this at the graduation of 253 beneficiaries of the Lagos State Export Readiness Training Programme (LASERP).
He noted that Lagos currently contributes over 60% of Nigeria’s non-oil exports, valued at $5.3 billion in 2024, and expressed confidence that the graduates will help drive fresh inflows.
Twenty of the beneficiaries have been selected to showcase “Made in Lagos” products at the 2025 Intra-African Trade Fair in Algiers.
Sanwo-Olu stressed that the state’s economic future rests not on oil but on the “vibrancy of our micro, small and medium enterprises,” adding that the initiative is designed to take Lagos brands “from the streets of Lagos to the shelves of the world.”
