The Bank of Industry (BOI) has said it will sponsor some Micro, Small and Medium Enterprises (MSMEs) to showcase their products at the Equipment and Manufacturing West Africa (EMWA) expo coming up next Tuesday.
Although the number of MSMEs to be sponsored was undisclosed, the gesture was to support small businesses beyond loans to creating the exposure the businesses require and bringing them closer to potential investors who will be participating at the EMWA exhibition.
Ninety-five percent of enterprises in the world are micro small and medium enterprises, according to experts, and they account for about 60 percent of private-sector employment. But they often struggle to survive.
While making a case for the MSME sector to be recognised in achieving the Economic Recovery and Growth Plan (ERGP), in 2019, former minister of Industry, Trade and Investment, Hajiya Aisha Abubakar said the capacity of MSMEs in Nigeria to perform optimally has been hampered by numerous challenges such as access to finance, access to modern technology, inconsistency in government policy, unfair competition from imported goods and multiple taxes and levies among several others.
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The EMWA exhibition seeks to showcase current technology and also reconnect the market, rebuild trust and support the growth of businesses, and ultimately the economy, especially small businesses.
Speaking on their support for small businesses’ participation, Obaro Osah, assistant general manager and divisional head, SME South, BOI, said the event is expected to showcase the opportunities available in the Nigerian manufacturing industry by providing an inclusive platform where its customers, strategic partners, entrepreneurs, traders, and other players in the sector come together to liaise and build profitable partnerships with highly reputable brands in Africa and all over the world.
“Involvement in the programme will also provide an avenue for the bank to showcase available BOI products to different target groups which includes various Agro-processors, manufacturers in different areas of our economy, across the entire business development space of MSME and large enterprises entrepreneurs,” Osah said.
He said the Nigerian market has a huge potential and presents diverse opportunities for investors, hence, the trade exhibition, holding at Landmark Event Centre, will play an important role in providing access to this market and creating networking opportunities for prospects.
The EMWA expo, described as Nigeria’s premier trade show for the manufacturing, engineering, machinery and supporting industries will run for three days with a conference which serves as free training sessions, and also create financing and networking opportunities across the industrial sector, ultimately aiming at providing solutions for the industry, as speakers, explore the theme—‘Industrialisation & Innovation; Revitalising the Industrial Sector to Unlock Nigeria’s Potential’.
Joseph Oru, managing director, Zenith Exhibitions, organisers of EMWA, said the show will serve as a platform for businesses involved in the industrial and manufacturing value chains to reconnect once again, especially after the unprecedented times experienced in 2020.
He noted, in a statement, that the trade and service industries account for a large proportion economic activities in Nigeria, and also contributes to the GDP of a country and create employment opportunities.
“We know and we believe that this expo presents tremendous opportunities for Nigerian businesses and it will go a long way to animate trade and commerce in Nigeria,” Oru said.
