The United Bank for Africa (UBA) Plc has restated its continuous commitment towards financing the Small and Medium Enterprises (SMEs) in Nigeria and across Africa.
The Group head for Retails Products and Sales of UBA, Prince Charles Ayewoh stated this at the official opening of the 37th edition of the Lagos Trade Fair 2023 organized by the Lagos State Chamber of Commerce and Industry (LCCI) with the theme, ‘Navigating Economic Challenges, Forging A Path To Prosperity’ held in Lagos State.
Ajewoh stated that UBA will continue to maintain the leading evidence of increased funding for businesses in the Country and across the entire Africa.
He noted that the vision of the LCCI has done well to transform the fair to become one of the major attractions of trade in Africa when it comes to SME attendance across the continent, saying, since its inception, it has grown to become the largest trade show in sub Saharan Africa and has attracted both national and international entrepreneurs from over 1,600 companies all over the world.
Recognising the priceless role that SMEs play in advancing the success of economies all over the world, Ajewoh stated that, “UBA, since 2019 continues to not only pull its weight behind the fair, by consistently retaining headline sponsorship for this all-important event, but also provide far reaching expert advice that empower SME’s to go ahead and become global champions as we have seen with many success stories of businesses that one’s participated at this fair, some time ago.”
According to him, “in developing and developed countries alike, MSMEs are among the most effective tools to empower youth and women. They are key allies in implementing the 2030 Agenda and achieving the SDGs.
“Yet, despite these remarkable contributions, the lack of adequate finance for MSMEs often prevents them from reaching their full potential. More than 200 million MSMEs in developing countries lack adequate financing.”
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.
To him, “MSMEs also need compliance support and management resources to compete globally, to be part of global supply chains, and to grow into stronger enterprises. With our 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 it operates.
“Also as a leader in African trade and 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.
He reiterated the Bank’ Commitment to continuous to partner with LCCI and the growth of SMEs.