Nigeria: Wema, SMEDAN enhance market access for entrepreneurs

Wema Bank and the Small and Medium Enterprise Development Agency of Nigeria have joined forces to host the Naija Brand Chick (NBC) trade fair, aiming to empower micro, small, and medium enterprises (MSMEs), with a special emphasis on women-led businesses.

The NBC trade fair, set to take place in August at The Intercontinental, London, will provide MSMEs with opportunities for market access and knowledge sharing, aiding them in expanding their reach and growing their businesses.

Ayodele Olojede, the Divisional Head of Retail and SME at Wema Bank, announced in a press conference in Lagos on Tuesday that the partnership with NBC is designed to enhance intra-continental trade and boost investment by connecting Nigerian exporters with the global market.

The World Trade Organization reports that only 15 percent of businesses involved in international trade are led by women, underscoring a significant gender gap in the industry.

Wema Bank and the Small and Medium Enterprise Development Agency of Nigeria have collaborated to host the Naija Brand Chick trade fair in a move to empower micro, small, and medium enterprises, with a special focus on women-led businesses.

The NBC trade fair, scheduled for August at The Intercontinental, London, aims to offer MSMEs opportunities for market access and knowledge sharing, helping them expand their reach and grow their businesses.

 The Divisional Head of Retail and SME at Wema Bank, Ayodele Olojede, said in a press conference in Lagos on Tuesday that the partnership with NBC was designed to boost intra-continental trade and increase investment by connecting Nigerian exporters with the global market.

 According to the World Trade Organisation, only 15 per cent of businesses engaged in international trade are led by women, highlighting a significant gender gap in the industry.

 Olojede noted that the percentage of Nigerian women-led SMEs participating in international trade was likely much lower.

 “In Africa, women produce only 25 per cent of the total export value, despite making up 50 per cent of the population. This indicates vast market opportunities that remain untapped,” she declared.

According to Olojede, the initiative also aims to integrate Nigerian businesses into the global value chain, facilitate foreign exchange collections using digital tools, and drive socioeconomic transformation for Nigerian women through improved business partnerships and shared market insights.

“As a purveyor of wealth for over eight decades, we understand that the economic prosperity of our people is directly related to ours. Africa, especially Nigeria, can only grow if we trade amongst ourselves and, more importantly, with other countries, regions, and continents,” she expounded.

 The Director General of SMEDAN, Charles Odii, said the agency was exploring partnership opportunities with the Nigerian Postal Service and DHL, the logistics and courier company, to reduce logistics and transportation costs for micro and small businesses in the country.

 He revealed that SMEDAN had been in talks with NIPOST and DHL to offer discounted rates for businesses, making it more affordable for them to move their goods.

 SMEDAN DG said the agency was committed to supporting local entrepreneurs by making it easier for them to transport their goods around the country at a lower cost.

Further, he announced that businesses travelling to London for the NBC fair would have access to single-digit loans to support their participation in the international fair.