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 special focus on women-led businesses.
Scheduled for August at The Intercontinental in London, the NBC trade fair seeks to provide MSMEs with market access and knowledge-sharing opportunities, helping them expand their reach and grow their businesses. Ayodele Olojede, Wema Bank’s Divisional Head of Retail and SME, announced at a press conference in Lagos that the partnership with NBC is intended to boost intra-continental trade and connect Nigerian exporters with the global market.
According to the World Trade Organisation, only 15% of businesses engaged in international trade are led by women, highlighting a significant gender gap. Olojede noted that the percentage of Nigerian women-led SMEs participating in international trade is likely much lower. “In Africa, women produce only 25% of the total export value, despite making up 50% of the population. This indicates vast market opportunities that remain untapped,” she stated.
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. “Africa, especially Nigeria, can only grow if we trade amongst ourselves and, more importantly, with other countries, regions, and continents,” Olojede emphasized.
SMEDAN’s Director General, Charles Odii, revealed the agency’s efforts to partner with the Nigerian Postal Service (NIPOST) and DHL to reduce logistics and transportation costs for micro and small businesses. He disclosed that SMEDAN is negotiating discounted rates with NIPOST and DHL to make it more affordable for businesses to move their goods.
Additionally, Odii announced that businesses traveling to London for the NBC fair would have access to single-digit loans to support their participation in the international event. SMEDAN remains committed to supporting local entrepreneurs by making it easier and cheaper to transport their goods across the country and beyond.
