In a bold move to bolster small businesses and uplift women in the informal trade sector, the Lagos State Government has unveiled a N500 billion Micro, Small, and Medium Enterprises (MSME) Fund, specifically designed to support women traders.
The announcement was made during the Lagos grand finale of the ECOWAS Caravan 2025, a regional initiative focused on empowering women in cross-border trade throughout West Africa.
According to a statement released on Tuesday, the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, disclosed that the fund—approved by Governor Babajide Sanwo-Olu—will be matched with an additional N500 billion from the Bank of Industry, bringing the total financing pool to N1 trillion.
“This fund is non-collateralised, includes a six-month moratorium, and offers a zero per cent interest window for cooperative-backed informal businesses,” Ambrose-Medebem said. “It is a strategic effort to support women who dominate the informal trade space along the Lagos–West Africa corridor.”
The unveiling coincided with the closing ceremony of the ECOWAS Caravan, held at the Federal Palace Hotel, Victoria Island. The caravan, launched on June 30, travelled through Abidjan, Lomé, Cotonou, and finally Lagos, highlighting the persistent challenges women face in cross-border trade—including limited access to finance, harassment at border points, and lack of vital trade information.
ECOWAS Commissioner for Social Affairs and Gender, Professor Fatou Sarr, applauded Lagos State for its practical commitment to women’s economic empowerment.
“Lagos is setting the pace. Women are the heart of informal trade, and when states empower them, the entire region benefits,” she said. “This caravan is about giving women voice, value, and visibility.”
Also speaking at the event, the Director-General of the Lagos Chamber of Commerce and Industry, Dr Chinyere Almona, lauded the state’s bold financial step and called for complementary investments in local language training hubs and digital platforms to simplify trade processes at borders.
“From Oyingbo to Mile 2 to Balogun, Lagos is powered by women entrepreneurs who fuel West Africa’s food systems and informal economy,” she noted. “They deserve simplified protocols and institutional backing.”
The N500bn MSME fund is part of Lagos State’s broader strategy to create an inclusive and sustainable economy that prioritises grassroots empowerment and regional trade growth.
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