The Lagos State Government has unveiled fresh ambitions to generate an additional $1 billion in annual export earnings through small and medium enterprises (SMEs), following the graduation of 253 businesses from its Export Readiness Training Programme (LASERP).
At the graduation ceremony in Lagos, the government announced that 20 of the newly trained enterprises will represent the state at the 2025 Intra-African Trade Fair scheduled for September in Algiers. They are expected to showcase products that reflect the strength of “Made in Lagos” to continental and global buyers.
Lagos currently accounts for over 60 percent of Nigeria’s non-oil exports, valued at $5.3 billion in 2024. With the addition of more trained businesses entering international markets, the state projects that foreign exchange inflows will grow by $1 billion annually within the next five years.
Officials emphasized that the strategy reflects Lagos’s decision to shift away from reliance on oil and large corporations, placing SMEs at the center of economic growth. They described small businesses as the “backbone of the economy” and the real drivers of innovation and market vibrancy.
LASERP was created to prepare local entrepreneurs to meet global standards and compete internationally. The programme aims to position Lagos as a gateway for African trade, equipping businesses to scale, innovate, and secure access to regional and global markets.
Nigeria’s Ministry of Finance acknowledged the initiative as a critical step toward economic diversification. The ministry highlighted the role of partners such as Afreximbank and ImpactHer in supporting the training, noting that collaboration between government and private institutions is key to unlocking Nigeria’s economic potential.
Lagos’s Ministry of Commerce, Cooperatives, Trade and Investment described the initiative as a “movement of exporters and innovators” determined to carry the state’s economic influence across Africa. Officials underlined that Lagos intends to be more than a local economic hub, positioning itself as a global competitor.
Partners also outlined the tangible impact of the programme. Afreximbank confirmed that participants benefited from website development, tailored digital export marketing strategies, and access to loans with single-digit interest rates. Within six weeks, graduates shipped multiple containers of goods abroad, while ten businesses secured international trade certifications that guarantee long-term access to foreign markets.
ImpactHer added that the training also focused on digital and brand transformation to prepare businesses for global visibility in a competitive export environment.
With Lagos ranked as Africa’s fifth-largest economy, stakeholders believe the success of LASERP could set the pace for broader SME-led trade growth across the continent.
