In a landmark move to boost small businesses and empower women in the informal sector, the Lagos State Government has unveiled a N500 billion fund dedicated to Micro, Small, and Medium Enterprises (MSMEs), with a special focus on women traders.
The initiative was announced during the Lagos grand finale of the ECOWAS Caravan 2025, a regional campaign championing cross-border trade for women in West Africa.
According to a statement issued Tuesday, Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said the fund—approved by Governor Babajide Sanwo-Olu—is matched by another N500 billion from the Bank of Industry (BoI), creating a N1 trillion financing pool.“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 explained.
“It is a strategic effort to support women who dominate the informal trade space along the Lagos–West Africa corridor.”
The ECOWAS Caravan, which commenced on June 30, travelled through Abidjan, Lomé, Cotonou, and concluded in Lagos on July 14 at the Federal Palace Hotel, Victoria Island. The caravan spotlighted critical challenges women face in cross-border trade—ranging from border harassment to limited access to finance, market data, and trade information.
ECOWAS Commissioner for Social Affairs and Gender, Prof. Fatou Sarr, hailed Lagos for taking concrete steps to support women-led trade.“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.”Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry (LCCI), praised the state’s financial intervention and called for further support measures.“From Oyingbo to Mile 2 to Balogun, Lagos is full of women entrepreneurs who sustain West Africa’s food systems and informal economy,” Almona noted.
“They deserve simplified trade protocols, digital access to market systems, and support in local languages.”
The newly announced fund is expected to transform access to finance for thousands of informal sector women across Lagos and neighboring West African corridors, enhancing regional trade and economic resilience.
