Ecobank Nigeria has announced a strategic partnership with the Lagos State Employment Trust Fund (LSETF) to empower Micro, Small, and Medium Enterprises (MSMEs) through access to affordable financing, capacity-building initiatives, and business development support. The partnership aims to accelerate economic growth by promoting entrepreneurship, job creation, and sustainable business practices across Lagos State.
In a statement issued by the bank’s Head of Small and Medium Enterprises, Ms. Carol Oyedeji, Ecobank reaffirmed its commitment to driving financial inclusion and supporting the Nigerian entrepreneurial ecosystem. She said the collaboration with LSETF reflects the bank’s long-standing mission to provide innovative financial solutions tailored to the needs of MSMEs.
“MSMEs are the lifeblood of the Nigerian economy, contributing significantly to employment and GDP. Through this partnership, Ecobank is providing entrepreneurs with the tools, financing, and mentorship needed to thrive in today’s challenging business environment,” Oyedeji stated.
Under the partnership, Ecobank and LSETF will provide joint programmes that focus on training entrepreneurs, facilitating access to loans at competitive interest rates, and offering digital platforms to improve business efficiency. The initiative will also prioritise women- and youth-led enterprises, which often face greater barriers to accessing finance and business support.
The Managing Director of Ecobank Nigeria, Bolaji Lawal, described the collaboration as a transformative opportunity to strengthen the MSME sector, which he identified as a key driver of economic recovery and innovation. “This partnership goes beyond financing — it’s about equipping business owners with the skills, networks, and confidence to grow sustainably. We are proud to partner with LSETF to empower thousands of entrepreneurs in Lagos State,” Lawal said.
He further explained that Ecobank will leverage its pan-African network and digital infrastructure to help small businesses scale up, access regional markets, and integrate into the formal economy. Through digital tools such as EcobankPay and OmniLite, MSMEs will be able to transact seamlessly, manage payments efficiently, and gain better access to banking services.
LSETF’s Executive Secretary, Mrs. Teju Abisoye, lauded the partnership as a major milestone in the agency’s mission to support entrepreneurship and reduce unemployment in Lagos. She highlighted that the partnership will expand the Fund’s existing support programmes, ensuring that more small business owners can access low-interest loans and training to enhance productivity.
“Over the years, LSETF has empowered thousands of small businesses through grants and capacity-building programmes. Partnering with Ecobank allows us to extend this impact, especially to underserved communities and vulnerable groups who need support to build sustainable livelihoods,” Abisoye said.
She added that the partnership will prioritise businesses in key growth sectors such as agriculture, technology, manufacturing, and creative industries — areas identified as having high potential to generate employment and export revenue for the state.
According to recent data from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), MSMEs account for over 96% of businesses in Nigeria and contribute nearly 50% to the country’s GDP. However, many of these enterprises struggle with limited access to credit, inadequate infrastructure, and a lack of business management skills. The Ecobank-LSETF partnership seeks to address these gaps through a holistic approach that combines financial and non-financial support.
Industry experts have praised the collaboration, describing it as timely and strategic. Economist and business analyst, Dr. Kemi Ojo, noted that strengthening MSMEs is vital for sustainable growth, especially as Nigeria seeks to diversify its economy away from oil dependency. “Access to finance remains one of the biggest challenges for small businesses in Nigeria. Partnerships like this can make a real difference by creating opportunities for entrepreneurs to innovate, expand, and hire more workers,” she said.
The partnership will also include mentorship programmes where established business leaders and industry professionals will coach emerging entrepreneurs on business planning, marketing strategies, and digital transformation. Participants will gain exposure to modern business tools and networks that can help them remain competitive in an increasingly digital economy.
Furthermore, Ecobank and LSETF will establish joint monitoring and evaluation frameworks to measure the impact of the initiative, ensuring transparency and sustainability. This will help track the number of businesses supported, jobs created, and the overall contribution to the state’s economic growth.
Speaking on the long-term vision of the project, Lawal emphasised Ecobank’s dedication to supporting government initiatives aimed at fostering inclusive economic development. “Our focus is to empower MSMEs to become tomorrow’s industry leaders. We want to see Nigerian entrepreneurs not only succeed locally but also compete globally,” he added.
The partnership aligns with the Lagos State Government’s economic agenda, which prioritises entrepreneurship and innovation as key pillars for growth. By supporting small businesses through affordable credit and training, the collaboration is expected to boost productivity, increase employment, and stimulate the state’s internally generated revenue.
In conclusion, the Ecobank Nigeria–LSETF partnership represents a significant boost for small business owners in Lagos. It underscores the growing role of private-public partnerships in promoting inclusive economic development and supporting Nigeria’s transition toward a more diversified, resilient economy. As both institutions roll out the initiative in the coming months, thousands of entrepreneurs are expected to benefit from enhanced financial access, digital empowerment, and strategic mentorship — a development that could redefine the future of MSMEs in Nigeria.
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