Lagos State Governor, Babajide Sanwo-Olu, has unveiled another ₦10 billion Cooperative Fund to boost Micro, Small and Medium Enterprises (MSMEs), reaffirming his administration’s commitment to deepening economic empowerment through entrepreneurship as the state graduated 570 youths from its Eko Studio Culture talent development programme.
The governor said the fund would provide access to financing for cooperative societies and small businesses, including enterprises expected to be established by beneficiaries of the Eko Studio Culture initiative, as part of efforts to build a resilient, innovation-driven economy.
Sanwo-Olu, who spoke through the Deputy Governor, Dr. Kadri Obafemi Hamzat, at the Eko Studio Culture Graduation Ceremony themed “Creating Wealth, Elevating Lagos Creatives,” held at the Adeyemi Bero Auditorium, Alausa, said his administration was deliberately investing in young people to transform creativity into sustainable wealth and employment.
He said the initiative is in line with the THEMES+ Agenda, which prioritises wealth creation, economic diversification and human capital development.
According to the governor, the 570 graduands were selected from the five divisions of Lagos State after undergoing intensive training designed to equip them with technical, entrepreneurial and business management skills for success in the creative industry.
Sanwo-Olu said the government’s investment in the creative sector was based on the conviction that the state’s greatest resource remains its people.
“Initiatives such as this reflect our administration’s belief that the greatest wealth of Lagos is its people. By investing in skills development and entrepreneurship, we are empowering our young people not merely to seek opportunities, but to create them.”
He noted that the creative economy has become one of the fastest-growing sectors globally, creating jobs, attracting investment and driving innovation across nations.
According to him, the global success of Nigeria’s music and film industries, alongside internationally recognised events such as the Africa Magic Viewers’ Choice Awards (AMVCA) and Lagos Fashion Week, has reinforced Lagos’ position as the creative capital of Africa.
The governor challenged the graduates to move beyond seeking employment and instead build businesses capable of competing across Africa and the global market.
“Think beyond employment. Become employers. Think beyond creating content; create businesses and build brands that can compete across Africa and the world. A creative idea developed in Lagos today can reach millions tomorrow. Take advantage of technology, keep learning and keep improving your craft. Remember that your talent may open the first door, but your character, professionalism and consistency will keep those doors open.”
Earlier, the Commissioner for Wealth Creation and Employment, Hon. Akinyemi Ajigbotafe, described the graduation as another milestone in the state’s drive to equip young people with practical skills that translate into wealth creation and economic independence.
He said participants underwent classroom learning, virtual sessions, practical training and mentorship from industry professionals to prepare them for careers in the rapidly expanding creative economy.
“This ceremony is a celebration of talent, hard work, resilience and opportunity. These young people chose to invest in themselves by acquiring skills that are relevant in today’s fast-growing creative economy,” he said.
Also speaking, the Head of Service, Mr. Olabode Agoro, reaffirmed the government’s commitment to providing opportunities that would enable young people to thrive, innovate and contribute meaningfully to the socio-economic development of the state.
He explained that the Eko Studio Culture initiative was conceived to harness the creativity and technological skills of youths interested in the entertainment industry while promoting self-reliance, wealth creation and societal development.
In his presentation, the Managing Director and Chief Executive Officer of Dream Music Hall Academy, Mr. Bolaji Williams, said Lagos remains the heartbeat of Nigeria’s creative economy, disclosing that the state’s entertainment industry generated an estimated $10.8 billion between 2024 and 2025.
Williams said the Eko Studio Culture programme was established to bridge the gap between creativity and commerce by equipping participants with entrepreneurial, financial and business management skills required to build sustainable careers and successful creative enterprises.
The unveiling of the ₦10 billion Cooperative Fund further underscores the Sanwo-Olu administration’s growing reliance on targeted intervention funds to stimulate entrepreneurship, innovation and economic growth across Lagos.
The latest initiative joins a series of financing programmes introduced by the state government in recent years, including the ₦10 billion Lagos State Science, Research and Innovation Council (LASRIC) Fund, designed to support technology startups and research-driven innovations, as well as funding initiatives through the Lagos State Employment Trust Fund (LSETF), which has disbursed billions of naira in loans and grants to Micro, Small and Medium Enterprises (MSMEs).
The state government has also expanded support for young entrepreneurs through programmes such as the Lagos Agripreneurship Programme (LAP), which provides training and start-up support for youths in agriculture, reinforcing its strategy of using targeted financing and skills development to drive job creation, enterprise growth and inclusive economic development.
