By Olatunbosun Obafemi
LAGOS, NIGERIA – In a bold move to unlock international trade opportunities for its local enterprises, the Lagos State Government is ramping up efforts to empower Small and Medium-sized Enterprises (SMEs) to compete on the global stage. The initiative focuses on leveraging the African Continental Free Trade Area (AfCFTA) as well as penetrating European and Asian markets.
Governor Babajide Sanwo-Olu’s commitment to SME development was spotlighted when he received the prestigious “SME Most Friendly Governor of the Year 2025” award at the Nigeria National SME Business Awards held in Lagos. The award recognises his administration’s strategic interventions aimed at building export-ready businesses and enhancing the competitiveness of Lagos-based SMEs.
Represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, Governor Sanwo-Olu underscored the “immense potential” of local enterprises to drive economic transformation through export. He revealed that the state has rolled out targeted measures to equip SMEs with access to critical resources—including market intelligence, financing, capacity-building programmes, and logistical support—to ease their entry into international markets.
“Export readiness is key,” the governor stated during a panel session. “We’re focusing on affordable financing, staff training, and enabling SMEs to develop and execute strategic roadmaps that will scale their operations effectively. At the same time, we’ve reworked our industrial policy to create a conducive business environment.”
A significant part of this agenda includes the development of a comprehensive SME database, aimed at streamlining support services and connecting businesses with relevant market opportunities.
The Lagos State initiative is aligned with the Federal Government’s broader push to build national export capacity through the AfCFTA, which offers access to a unified market with a combined GDP of over $3.4 trillion.
In a show of regional solidarity, the Ogun State Government also reaffirmed its commitment to SME growth. Speaking at the awards ceremony, Ogun State’s Commissioner for Industry, Trade and Investment, Adebola Sofela—represented by the Director of Industrial Promotion, Engr. Kehinde Akintomide—outlined the state’s support mechanisms. These include the Ogun State Business Environment Council, MSME Clinics, and the Ogun State Enterprise Development Agency.
“The Nigeria National SME Business Awards is more than a celebration,” Sofela remarked. “It is a testament to our national resolve to create an ecosystem where businesses of all sizes can thrive.”
Also addressing attendees, Dr. Femi Egbesola, President of the Association of Small Business Owners of Nigeria (ASBON) and convener of the event, emphasised the critical role SMEs play in fostering innovation, job creation, and sustainable economic development.
“These awards honour individuals and organisations driving growth in the SME sector,” Egbesola noted. “The resilience of Nigerian entrepreneurs is remarkable, but they require consistent support from both public and private sectors to flourish.”
Financial sustainability for SMEs also took center stage during the event. Mrs. Adenike Adeyemi, Executive Director and CEO of FATE Foundation, called for the establishment of a robust credit rating framework tailored to SMEs. She noted that lack of credible financial data remains a key barrier to accessing capital.
“Credit ratings are essential for building trust with lenders and investors,” she said. “A reliable credit assessment system can serve as a bridge between SMEs and the financial opportunities they desperately need.”
Award Highlights
Several key players in the SME ecosystem were recognised for their contributions:
• SME Most Friendly Governor of the Year – Babajide Sanwo-Olu (Lagos)
• Best Governor in Enterprise and Investment Promotion – Dapo Abiodun (Ogun)
• Best Digital Banking for SMEs – Zenith Bank
• SME Development Finance Bank of the Year – Bank of Industry
• Leadership in Enterprise Development – FATE Foundation
• SME Man of the Year / SME Impact Leader – Mr. Ziad Maalouf (7Up Bottling Company)
• Best Payment Card Network Processor for SMEs – Mastercard Foundation
• SME Hero in Public Service – Ms. Sola Arobieke
• SME Micro Insurance Company of the Year – Goxi Micro Insurance Company Ltd.
The event concluded with a high-level panel discussion moderated by Ms. Sola Arobieke, Special Adviser to the Ogun State Governor and Deputy Director General of OGUNINVEST. Panelists included senior representatives from Coxi Microfinance, the Bank of Industry, Get Funded Africa, EULAV, SOUQ TV/ISLE 104.9 FM, and SMEDAN.
As Nigeria continues to harness the potential of its SME sector, initiatives such as those spearheaded by Lagos and Ogun States are setting a powerful precedent for inclusive, export-led growth.
