The Lagos State Government has unveiled ambitious plans to generate an additional $1 billion in annual export revenue through small and medium enterprises (SMEs), following the graduation of 253 businesses from its Export Readiness Training Programme (LASERP).
As part of the initiative, 20 standout enterprises have been selected to represent Lagos at the 2025 Intra-African Trade Fair in Algiers, where they will showcase globally competitive “Made in Lagos” products.
Governor Babajide Sanwo-Olu, represented at the ceremony by his special adviser on works, Dr. Adekunle Olayinka, highlighted Lagos’ central role in Nigeria’s export economy.
He noted that the state already contributes over 60% of the country’s non-oil exports, valued at $5.3 billion in 2024, and said the newly trained SMEs could inject an additional $1 billion in foreign exchange annually within five years.
“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 would it be built solely on the shoulders of 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 governor explained that the programme was organised to commission a new generation of exporters who will carry the banner of Lagos into Africa and the world.
“When LASERP was conceived, our vision was clear: to prepare Lagos entrepreneurs to compete beyond our shores, to diversify our economy away from the dominance of oil, and to entrench Lagos as the undisputed gateway of trade for Nigeria and the African continent. Today, as we witness the graduation of these exceptional SMEs, we see the manifestation of that vision. You are now positioned to scale, to innovate, and to stand tall in regional and global markets.”
Export diversification
Nigeria’s Minister of Finance, Mr. Wale Edun, represented by his Special Adviser on Communications, Media, and Publicity, Dr. Ogho Okiti, acknowledged the partnership of Afreximbank and ImpactHer, stressing that the collaboration demonstrates the power of strategic partnerships in unlocking Nigeria’s economic potential and export diversification that is critical to Nigeria’s long-term economic growth.
Producing innovators
In her remark, Lagos Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folasade Bada Ambrose, said the programme has produced ‘movement of exporters, innovators, and pioneers who will carry the Lagos spirit across Africa and into the world.
“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. To transform potential into performance. To prepare you not just to meet standards but to set them. Already, today is not just another day in our calendar. Today is history in motion. Today is vision becoming reality. Today is Lagos telling the world: we are ready, we are rising, we will lead,” she said.
Importance of SME’s
Also speaking at the event were the Regional Chief Operating Officer, Afrexim Bank, Allain Thierry Mbongue, who affirmed that the programme has set off a new generation of export ready champions who will write the next chapter of Africa’s economic story, while the Founder/CEO, ImpactHER, Mrs Efe Ukala, mentioned that the training focused on digital and brand transformation, as entrepreneurs were equipped with what they need to stand out in the digital export world.