Nigeria: UBA to finance Africa’s SMEs

United Bank for Africa (UBA) has expressed its readiness to finance small and medium scale businesses (SMEs) in Nigeria and Africa.

The bank’s commitment was announced during the opening of the 37th Lagos International Trade Fair (LIFT) 2023, hosted by the Lagos State Chamber of Commerce and Industry (LCCI). The event’s theme was ‘Navigating Economic Challenges, Forging a Path to Prosperity,’ and it took place in Lagos State.

Since 2019, UBA has been the headline sponsor for this all-important event, and this year’s edition which is the 36th edition, held at the Tafawa Balewa Square, Lagos, between November 4 and 13, is also being headlined by the bank.

Speaking at the event, the Deputy Managing Director, UBA, Muyiwa Akinyemi, lauded LCCI for its visionary leadership in consistently hosting the trade fair as well as its continuous efforts at creating a veritable platform for businesses in Nigeria and Africa to thrive and prosper.

He took time to recognise the priceless role that SMEs play in advancing the success of economies all over the world, adding that “We have continued to not only pull our weight behind the fair, by consistently retaining headline sponsorship for this all-important event, but have also provided far reaching expert advice that empower SMEs to go ahead and become global champions as we have seen with many success stories of businesses that have participated in this fair at any point in time.”

“Also as a leader in African trade, we have identified this fair as a veritable avenue for both domestic and international exhibitors to promote their businesses through product launches, sales opportunities, and business-to-business meetings with government agencies while fostering international trade partnership deals across borders,” Akinyemi stated.

UBA’s Group Head of Retail Products and Sales, Prince Ayewoh commended the LCCI for its efforts in making the fair a significant trade attraction in Africa, particularly in terms of SME participation from across the continent.

Ayewoh clarified that SMEs usually make up approximately 50 percent of a country’s Gross Domestic Product (GDP) and are responsible for about 60 percent of local employment. However, data indicates that they contribute around 30 percent of exports and even less to international investment.

He highlighted that due to these factors, UBA, with its extensive presence across Africa and other global economies, actively seeks partnership opportunities aimed at enhancing the business environment and the economies of the regions in which it operates.

“To this end, UBA has aligned its commitment and dedication to carrying every single stakeholder along in its objective of lifting businesses in Africa to unprecedented heights,” Ayewoh said.