Home » Tony Elumelu’s UBA promises backing for Nigerian and African small business owners

Tony Elumelu’s UBA promises backing for Nigerian and African small business owners

Tony Elumelu's UBA to provide assistance to small business owners in Nigeria and across Africa

by Feyisayo Ajayi
Tony Elumelu

United Bank for Africa Plc (UBA), a leading pan-African financial services group led by Nigerian tycoon Tony Elumelu, is reinforcing its commitment to fostering the success of small and medium-sized businesses (SMEs) in Nigeria and across the African continent.

The announcement was made during the official opening of the 37th Lagos International Trade Fair (LIFT) 2023, held in Lagos State.

UBA, has been the headline sponsor of this pivotal event since 2019, which is organized by the Lagos State Chamber of Commerce and Industry (LCCI). The theme of this year’s trade fair, “Navigating Economic Challenges, Forging a Path to Prosperity,” reflects the current economic climate.

What they are saying

Speaking at the event, UBA Deputy Managing Director Muyiwa Akinyemi commended LCCI for consistently hosting the trade fair and providing a platform for businesses in Nigeria and Africa to thrive and prosper. He highlighted UBA’s unwavering support as the headline sponsor and its commitment to empowering SMEs with expert advice.

UBA Group Head of Retail Products and Sales Prince Ayewoh emphasized the vital role of SMEs in national and local economies, contributing significantly to GDP and employment. He noted that SMEs tend to lag behind in exports and international investment.

UBA unveils $6-billion initiative to bolster SME growth across Africa

UBA, a dominant player in Nigeria’s financial services sector with an extensive footprint across 24 countries, holds a pivotal position in Africa’s financial landscape. Elumelu, who owns a 7.39-percent stake in UBA, is not only one of the wealthiest investors on the Nigerian Exchange but also one of Nigeria’s most affluent individuals.

In a strategic move to empower African businesses, UBA partnered with the African Continental Free Trade Area (AfCFTA) secretariat in September, unveiling a $6-billion initiative to bolster SME growth across the continent.

Under this groundbreaking partnership, UBA and AfCFTA are committed to developing SMEs in four key sectors: agro-processing, automotive, pharmaceuticals, and transport and logistics.

UBA’s pledge to support SMEs at LIFT 2023 reinforces its dedication to helping these businesses succeed, not only in Nigeria but throughout Africa, contributing meaningfully to their economies and the continent’s prosperity.

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