In a significant move to bolster the growth of Small Medium Enterprises (SMEs) Nigeria, United Bank for AfricaUBA) Plc has announced its sponsorship of the upcoming Lagos International Trade Fair (LITF). This year marks the sixth consecutive year that UBA will serve as the official financial partner for this prestigious event, underscoring the bank’s dedication to supporting local businesses.
The 38th edition of the LITF, organized annually by Lagos Chamber of Commerce and Industry (LCCI), is set to take place at the iconic Tafawa Balewa Square in Lagos from November 1st to 10th, 2024. This event serves as a vital platform for, business owners, and international to showcase their products and services, fostering an environment of trade and collaboration.
During a recent press briefing held at the Commerce House, Lagos, Akinbo Akin Olugbade, Vice President of the LCCI, expressed gratitude to UBA for unwavering support of the fair and its commitment to the growth of SMEs across Africa. “We would like to extend our heartfelt gratitude to our reputable sponsor, UBA, for unwavering support and commitment to the success of this fair. Their have been invaluable, and we are truly appreciative of your partnership,” he stated.
Olugbade emphasized the exceptional opportunities that this year’s will present, including enhanced networking possibilities and the promotion of international trade. He highlighted the importance of such events in providing SMEs with the tools and connections necessary for growth.
Babatunde Ajayi, UBA’s Head of SME Banking, reaffirmed the bank’s commitment to supporting African businesses, announcing a substantial $6 billion loan facility dedicated SME development. “Our six-year partnership with LCCI has been tremendously successful because our missions align perfectly,” Ajayi remarked. “We are focused on providing our customers with comprehensive market access and seamless capabilities through our extensive retail presence and digital platforms which will be made available at the fair.”
Ajayi further noted that UBA’s support will extend beyond traditional banking services. The bank plans to offer direct engagement opportunities, payment collection and repatriation services for African exhibitors, as well as advanced digital banking platforms to facilitate efficient transactions.
The collaboration between UBA and the Lagos Chamber of Commerce and Industry for the 2024 Lagos International Trade Fair represents a significant opportunity for SMEs to expand their reach, connect with potential partners, and explore new avenues for growth. This initiative is to stimulate economic development and contribute to Nigeria’s ambition of achieving a $1 trillion economy.
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