Wema Bank, in collaboration with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), has announced its support for the upcoming Naija Brand Chick (NBC) trade fair, aimed at empowering micro, small, and medium enterprises (MSMEs) with a particular focus on women-led businesses. The trade fair, scheduled to take place in August at The Intercontinental in London, is designed to provide MSMEs with opportunities for market access, knowledge sharing, and business growth.
Ayodele Olojede, the Divisional Head of Retail and SME at Wema Bank, emphasized during a press conference in Lagos that the partnership with NBC is part of a broader strategy to enhance intra-continental trade and increase investment by connecting Nigerian exporters with the global market. Olojede highlighted the significant gender gap in international trade, noting that only 15% of businesses engaged in international trade are led by women, according to the World Trade Organization.
In Africa, despite women making up 50% of the population, they contribute only 25% of the total export value. Olojede pointed out that this disparity represents vast untapped market opportunities for women-led SMEs in Nigeria. The initiative also aims to integrate Nigerian businesses into the global value chain, facilitate foreign exchange collections through digital tools, and drive socioeconomic transformation for Nigerian women through enhanced 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,” Olojede explained.
Charles Odii, the Director General of SMEDAN, also announced that the agency is exploring partnership opportunities with the Nigerian Postal Service (NIPOST) and DHL to reduce logistics and transportation costs for micro and small businesses in the country. He revealed that discussions are underway to offer discounted rates for businesses, making it more affordable for them to transport their goods.
Additionally, Odii disclosed that businesses participating in the NBC fair in London would have access to single-digit loans to support their involvement in the international event. This financial support aims to ease the burden on entrepreneurs, allowing them to take full advantage of the opportunities presented by the trade fair.
