Wema Bank and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) have teamed up to host the Naija Brand Chick (NBC) trade fair, aiming to empower micro, small, and medium enterprises (MSMEs) with a particular focus on women-led businesses. The NBC trade fair is scheduled for August at The Intercontinental, London, and seeks to provide MSMEs with market access opportunities and knowledge sharing to help them grow and expand their reach.
During a press conference in Lagos on Tuesday, Ayodele Olojede, Divisional Head of Retail and SME at Wema Bank, stated that the collaboration with NBC is intended to boost intra-continental trade and increase investment by connecting Nigerian exporters with the global market. Olojede highlighted that, according to the World Trade Organisation, only 15 percent of businesses engaged in international trade are led by women, revealing a significant gender gap. She suggested that the percentage of Nigerian women-led SMEs participating in international trade is likely even lower.
“In Africa, women contribute only 25 percent of the total export value, despite constituting 50 percent of the population. This reveals vast untapped market opportunities,” Olojede emphasized. She further noted that 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 wealth purveyor for over eight decades, we recognize that our economic prosperity is directly tied to the prosperity of our people. Africa, particularly Nigeria, can only grow if we trade among ourselves and, more importantly, with other countries, regions, and continents,” she elaborated.
Charles Odii, Director General of SMEDAN, mentioned 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 Nigeria. Odii revealed that SMEDAN has been in discussions with NIPOST and DHL to offer discounted rates for businesses, making it more affordable to move their goods.
Odii also stated that SMEDAN is committed to supporting local entrepreneurs by making it easier for them to transport their goods within the country at a lower cost. He added that businesses traveling to London for the NBC fair would have access to single-digit loans to support their participation in the international fair.
In related news, there have been collaborations aimed at supporting MSMEs, including a deal inked between Odu’a Investment and Nigerian Philanthropy, and the unveiling of a N1 billion endowment fund for female entrepreneurs by the Ooni and SMEDAN. Additionally, Wema Bank has reiterated its commitment to empowering cooperative societies.
