The United Bank of Africa (UBA) and the African Continental Free Trade Area Secretariat (AfCFTA) have signed a $6 billion Memorandum of Understanding (MoU) to support Small and Medium Enterprises (SMEs) in vital sectors across Africa. Babatunde Ajayi, Head of SME Banking at UBA, unveiled the initiative at the Nigerian Canadian Business Association Business 2023 Roundtable, emphasizing its focus on Agro-processing, Automotive, Pharmaceuticals, and Transport and Logistics.

Sunny Omeiza from the Lagos Chamber of Commerce and Industry highlighted challenges faced by SMEs, including energy access, financial constraints, and excessive taxation. Meanwhile, Ebi Obaro, Chairperson of the Nigerian Canadian Business Association, emphasized the pivotal role of technology in reshaping the business landscape for SMEs in both Nigeria and Canada.

This collaboration aims to address critical barriers and foster growth opportunities for SMEs across Africa, leveraging substantial financial support, technological advancements, and broader market access.