By Merit Ibe
The United Bank for Africa (UBA) Plc has reiterated its continuous support for the growth of Small and Medium Enterprises (SMEs) across Africa as evidenced in its increased funding to such businesses in Nigeria and across Africa.
Group Head, Retail Products and Sales, UBA, Prince Charles Ayewoh made the remark yesterday at the opening ceremony of the 37th edition of the Lagos International Trade Fair, organised by the Lagos Chamber of Commerce and Industry (LCCI), themed: “Navigating economic challenges, forging a path to prosperity.”
UBA has been the lead sponsorship partner for the annual event since 2019.
Ayewoh applauded the confidence as worthy partners and reiterated UBA’s absolute commitment to this partnership with LCC! and the growth of SMEs.
He explained that with the bank’s extensive spread across Africa and other major economies of the world, UBA is always on the lookout for partnership opportunities that will benefit the business environment and the economies where the bank operates.
He said as a leader in African trade and the promotion of SMEs, UBA has identified the fair as a genuine avenue for both domestic and international trade exhibitors to promote their businesses through product launches, sales opportunities, business-to-business meetings with government agencies while fostering international trade partnership deals across borders.
“In our desire to encourage enterprises and entrepreneurship, we must not lose sight of the need to cary every single stakeholder along in our noble objective to effectively lift businesses in Africa to unprecedented heights.
He noted that access to adequate capital is an important condition for promoting entrepreneurship, enterprise formation, sustained economic growth, job creation and productive investment.
“Initiatives to enhance access to finance for MSMEs need to go hand in hand with efforts to enhance skills and knowhow across enterprises, to promote research and development and to put in place enabling infrastructure such as telecommunications, roads, power and ports.
“MSMEs also need compliance support and management resources to compete globally, to be part of global supply chains, and to grow into stronger enterprises.
“There is ample evidence that SMEs with high-growth potential require early access to international markets ina bid to ensure their development and growth. While generally SMEs report increased international business, contacts in recent years, suggests that relative to the contribution they make to local and national economies, SMEs, remain, overall, under represented in the international economy and change in this respect is slow to happen. For example, while SMEs typically contribute around 50% of GDP, and 60% of employment in national or local economies, most evidence suggests they contribute only about 30% of exports, and even less of international investment.
“Inadequate support for MSMEs often affects youth and women disproportionately, making it more difficult for them to become successful entrepreneurs. For instance, there are significant gender differences in MSME access to finance, in particular, in developing countries.”
Earlier in his address, Lagos State Governor, Babajide Sanwo-Olu, appreciated UBA’s efforts and support to SMEs which have significantly impacted the growth of businesses in Lagos and beyond.
Sanwo-Olu seized the opportunity to restate his administration’s commitment to prioritising the growth and development of Micro, Small and Medium Enterprises (MSMEs) to further drive the economic growth and development of the state.
President, Lagos Chamber of Commerce and Industry (LCCI), Michael Olawale-Cole, expressed satisfaction on the level of SMEs’ participations in this year’s fair as he commended UBA for its commitment to the growth of SMEs.