Lagos Trade Fair 2023: UBA Restates Continuous Commitment Towards Empowering SMEs Across Africa 

… Just As Tinubu Calls On Young Entrepreneurs To Embrace New Technology, New Innovations

By Falayi Olarewaju

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The United Bank for Africa, UBA, has restated his continuous commitment towards empowering the Small and Medium Enterprises businesses across the Africa continent. 

Also, the representative of President Bola Ahmed Tinubu at the event, the Honourable Minister For Industry, Trade and Investments, Mrs Doris Nkiruka Uzoka-Anite who was equally represented by Miss Lucia Shittu, called on the young entrepreneurs in the Country to embrace new technologies and new innovations across board. 

The Group Head for Retails Products and Sales of the United Bank for Africa, UBA, Prince Charles Ayewoh while giving his goodwill message during the official opening of the 37th edition of the Lagos Trade Fair 2023 organised by the Lagos State Chamber of Commerce and Industry, LCCI, with the theme “Navigating Economic Challenges, Forging A Path To Prosperity”, and held at the popular Tafawa Balewa Square, TBS, in Lagos State.

Ajewoh while speaking at the opening event, stated that the United Bank for Africa, UBA, will continue to maintain the leading evidences of increased funding for businesses in the Country and across the entire Africa. 

He assured the organisers of the yearly event that, the United Bank for Africa will continue to lead the sponsorship of the event they commenced since the year 2019.

Ayewoh used the opportunity to applaud the confidence reposed in the UBA as a leading banking institution as well as the excellent partners and absolute commitment acquired on the partnership with the LCCI and the quest for the growth of the SMEs. 

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“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 need to be 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 carry 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 know how across enterprises, to promote research and development and to put in place enabling infrastructure such as telecommunications, roads, power and ports. 

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“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 in a bid to ensure their development and growth. Generally, SMEs report has 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. He cited that there are significant gender differences in MSME access to finance, in particular, in developing countries.”

Speaking on behalf of President Bola Ahmed Tinubu at the opening ceremony of the Lagos Trade Fair 2023, the Honourable Minister For Industry, Trade and Investment, Mrs. Doris Nkiruka Uzoka-Anite through her representative, Miss Lucia Shittu, said, she joined the Lagos State Commerce of Industry to celebrate its over 135 years of existence.

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Speaking further, President Tinubu added, that, the 2023 trade fair is being held to create more values across the State. He stressed on the need to focus more on the use of technology, connectivity and stand united in the face of the world’s economy difficulties and challenges. 

He reminded the gathering of their important roles they need to play towards chatting a better life and living conditions for the owners of the Small Scale Enterprises and Businesses across the country and Africa as a whole. 

Adding he emphasized on the need for the people to embrace new technologies to enable small businesses to flourish and grow. 

He said since the world is changing, he urged the world to also embrace innovations in line with happenings the round would over. 

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President Tinubu used the opportunity to describe the small and medium sized enterprises as the lifeblood of the Nation’s economy; the images that power growth and innovation. 

He pledged the readiness of his administration to provide them with the necessary support and resources they need to flourish. “With good policies, access to finance and capacity building initiatives, we will empower these enterprises to reach new heights of success”, he declared. 

President Tinubu listed one of his initiatives to include the Presidential loan scheme designed to provide small and medium enterprises with access to working capital.

He also revealed that the world is changing, hence his resolve to introduce  innovation to eliminate luxury with a view to embrace new technologies and adapt to evolving consumer demands.

Earlier in his address, the 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.

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Sanwo-Olu seized the opportunity to restate his administration’s commitment to prioritizing the growth and development of Micro, Small and Medium Enterprises (MSMEs) to further drive the economic growth and development of the state.

The President, Lagos Chamber of Commerce and Industry (LCCI), Asiwaju 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.

The Lagos LCCI President, Asiwaju Olawale – Cole added that, an average of over 500,000 people are expected to visit the trade fair on a daily basis while thousands of exhibitors will also be exhibiting their products at the trade fair arena. 

He commended the Lagos State Government for joining hands with the Lagos Chamber of Commerce and Industry to built an independent facility at the Lekki Free Trade Zone which when completed, would accommodates the yearly trade fairs in Lagos State. 

All that we are doing here at the Trade Fair is to give businesses, both small and big, the opportunities to connect, to network and to do their businesses.

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He said the Lagos trade fair has been held uninterruptedly for 33 years. 

The President of the Lagos Chamber of Commerce and Industry said several millions is being spent to organize the yearly trade fairs in the State. 

He added that over 500,000 people would be visiting the trade fair as well as thousands of exhibitors who are exhibiting at this year’s trade fair.

In his own remarks, the Japanese Ambassador to Nigeria, Mr Matsunaga Kazuyoshi noted that to achieve a genuine economic growth in Nigeria, trade and investment plays an indispensable role, which in the long run, will help to serve as the catalyst for job creation, higher productivity, capital access, learning and innovation, and expansion for technology spill overs.

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He described Lagos State as the gateway to attracting foreign investment into Nigeria as well as the most exciting commercial hub of the Country. 

He added that Nigeria is the most robust economic hub in Africa. He also described the 2023 Lagos trade fair as an event that will help to exemplify the strong ties between Lagos, Nigeria and the International communities through the world. 

He used the opportunity to call on the participants at the Lagos International Trade Fair 2023 to showcase their momentum for growth through trade and investments. 

Ambassador Matsunaga Kazuyoshi urged Lagosians and Nigerians at large to continue to maintain the over 80 years of economic relationship with the Japanese government and it’s trade office in Nigeria as well as it’s external trade organization known as JETRO which was first opened in Lagos in 1939 which gave birth to the 1960s diplomatic relations. 

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He however used the opportunity to also announced the participations of 33 Japanese companies exhibiting ‘Made in Japan’ products and technologies in the Pavillon at the Lagos Trade Fair 2023 holding at the Tafawa Balewa Square.