In a landmark move aimed at driving economic growth and supporting Small and Medium Enterprises (SMEs) across Africa, the United Bank of Africa (UBA) and the African Continental Free Trade Area Secretariat (AfCFTA) have formalized a $6 billion Memorandum of Understanding (MoU). This strategic partnership, as highlighted by Babatunde Ajayi, Head of SME Banking at UBA, is designed to empower SMEs in critical sectors such as transport, logistics, agro-processing, automotive, and pharmaceuticals.
During the Nigerian Canadian Business Association Business 2023 Roundtable, Ajayi stated, “We are focusing on four sectors – Agro-processing, Automotive, Pharmaceuticals, and Transport and Logistics.” This targeted approach aims to stimulate growth and create opportunities for SMEs, fostering economic resilience and regional development.
The Director of Trade Promotion at the Lagos Chamber of Commerce and Industry, Sunny Omeiza, emphasized the challenges faced by SMEs, including energy constraints, limited access to finance, and the burden of multiple taxes. This collaborative initiative seeks to address these challenges and provide a robust framework for SMEs to thrive.
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