United Bank for Africa Plc (UBA) has confirmed its sponsorship of the Lagos International Trade Fair (LITF) for the sixth consecutive year, highlighting its commitment to supporting African businesses. The upcoming 38th edition of the trade fair is organized annually by the Lagos Chamber of Commerce and Industry (LCCI) and is set to take place at Tafawa Balewa Square, Lagos, from November 1-10, 2024. This long-standing partnership signifies the bank’s dedication to enhancing market access for small and medium-sized enterprises (SMEs) across the continent and underscores the importance of collaborative efforts to bolster economic growth.
Babatunde Ajayi, UBA’s Head of SME Banking, provided insights into the bank’s ongoing support for the development of SMEs in Africa. He announced a significant loan facility of $6 billion specifically aimed at empowering small and medium enterprises, reinforcing UBA’s mission to offer comprehensive financial services to enhance business growth. Ajayi emphasized that the collaboration with LCCI has flourished due to shared objectives, particularly in providing customers with enhanced access to market opportunities and transactional capabilities through UBA’s expansive retail presence and digital channels.
Beyond traditional banking solutions, UBA aims to enhance its engagement with trade fair participants by offering various services tailored to the needs of African exhibitors. These include direct customer interaction, payment collection, and repatriation services, as well as advanced digital banking solutions designed to facilitate efficient transactions. By leveraging its capabilities at the trade fair, UBA seeks to create an environment conducive for SMEs to thrive in a competitive marketplace.
The significance of UBA’s sponsorship was further emphasized during a recent press briefing at the Commerce House in Lagos, where Akinbo Akin-Olugbade, Vice President of LCCI, commended the bank for its unwavering support. Akin-Olugbade expressed gratitude towards UBA for its valuable contributions to the success of the fair and the broader SME community in Nigeria. He praised the partnership and highlighted the event’s potential to foster networking opportunities and promote international trade, both of which are essential for business growth.
The 2024 Lagos International Trade Fair, supported by UBA’s resources and partnership, is poised to deliver various benefits to SMEs, including improved avenues for networking, collaboration, and access to international markets. This collaboration plays a crucial role in assisting businesses to expand, connect with potential partners, and discover new opportunities, which are vital components in stimulating Nigeria’s economy. The focus on enhancing trade connections through the fair is aligned with the nation’s broader goal of achieving a $1 trillion economy, demonstrating that strategic partnerships can catalyze significant economic progress.
As the event approaches, the anticipation surrounding the partnership between UBA and LCCI continues to grow. This collaboration not only benefits SMEs by providing them with essential resources and platforms to showcase their products and services but also reinforces UBA’s status as a vital player in the development of African entrepreneurship. The upcoming LITF is anticipated to be an important occasion for business growth, emphasizing the collective efforts required to navigate the challenges and opportunities present in today’s global market.
