The University of Ibadan 2024 SME Fair kicks Off as Entrepreneurs and Students Network for National Development
6 min read
The University of Ibadan 2024 SME Fair kicks Off as Entrepreneurs and Students Network for National Development
By Primetime Reports
The 2024 edition of the University of Ibadan SME Fair has kicked off today at the International Conference Centre of the university. This year’s edition of the SME Fair, with the theme ‘’Moving the Global SME Community Forward through Technology, Innovation, and Creativity,‘’ has in attendance over fifty exhibitors and about 100 student entrepreneurs. The fair is scheduled to hold for two days from November 7th and 8th.
Speaking at the opening ceremony of the fair, the Vice Chancellor of the University of Ibadan, Prof. Kayode Adebowale, ably represented by the Deputy Vice Chancellor of Administration, Prof. Peter Olapegba, said, “I am delighted and very pleased to welcome all the participants in the 2024 edition of the University of Ibadan—Small and Medium Enterprises Fair. In line with the university’s mission to the transformation of society through creativity and innovation and with a view to proffering solutions to the challenges relating to SMEs, we have committed ourselves to fostering partnerships with the SMES with zeal and fervor. Studies have shown that SMES, whether in a very developed, high-income, or developing nation, contribute a great deal to economies globally. Over 60% of the GDP and over 70% of the total jobs available in a country like Nigeria can be attributed to SMEs and the informal sectors. The foregoing implies that government at all levels should tap it to the fullest, the multi-dimensional opportunities and the gains inherent in SMES to keep our teeming youth busy and gainfully employed.’’
The Convener of the Fair, Professor Ruth Ochanya Adio-Moses, stated that the University of Ibadan will continue to interface and bring the gown and the town together to work together for national development. She said, ‘’ On behalf of the SME 2024 Committee, I welcome you to this SME Fair, where we celebrate the spirit of small and medium-sized enterprises—the heart and backbone of our economy. Today, we’re here to explore a powerful theme: moving the SME global community forward through technology, innovation, and creativity. In our increasingly interconnected world, the concept of “glocal”—thinking globally while acting locally—has never been more relevant. SMEs have a unique ability to drive change and inspire growth by staying deeply connected to their communities, all while reaching new markets and audiences around the world. But what truly propels this growth? The answer lies in three dynamic forces: technology, innovation, and creativity.
Giving the specifics Prof. Adio-Moses said ‘’. First, technology is transforming the way we do business. From e-commerce platforms to digital payment systems, technology is helping SMEs reach wider audiences and streamline operations. Social media and digital marketing give local businesses a global voice, while data enables us to understand our customers more deeply and make smarter decisions. Technology is no longer just a tool—it’s a bridge to global opportunities. Innovation is the next cornerstone of progress. It empowers SMEs to rethink traditional ways of working, to solve problems in unique ways, and to offer products and services that truly meet the evolving needs of their customers. Innovation is what allows small businesses to adapt, to be agile, and to compete with larger enterprises on an equal playing field. It pushes us to move beyond comfort zones and embrace new challenges. And then there’s creativity. In a world where trends change rapidly, creativity is what sets a business apart. It’s what makes a brand memorable, what captures the hearts of customers, and what creates a loyal community. Creativity inspires SMEs to tell their unique stories, to offer personalized experiences, and to build genuine connections that go beyond transactions.
Speaking on the importance of the three terms to SMEs and their role in driving economic development, Prof. Adio-Moses said, ‘’ Together, technology, innovation, and creativity are helping SMEs navigate this global landscape. They enable us to stay rooted in our communities, to respect and respond to local needs, while also reaching new heights on a global scale. Today’s SME fair put together by the University of Ibadan and Providus Bank embodies this vision—a gathering of businesses that are thriving in their communities while boldly stepping onto the world stage.As we move forward, let’s continue to embrace these tools, to support one another, and to foster a culture where technology, innovation, and creativity are not just buzzwords but the driving forces of meaningful progress’’.
In her welcome address, the Deputy Vice Chancellor of Research, Innovation, and Strategic Partnerships, Prof. Oluyemisi Bamgbose (SAN), whose office is the brain behind the Fair, said, ‘’The university recognizes the impacts of SMES through cutting-edge research and getting SMES the requisite knowledge they need to succeed, especially in these tough times. The university has decided to put in place practically a structure that will bring about collaborations with SMES. This is a deliberate attempt to ensure cooperative research and development and support for SMES. SMES are the backbone of the economies worldwide, especially in growing and developing the countries. SMES make up the majority of businesses worldwide. Here in Nigeria and across the globe, SMES account for the significant portion of employment, driving job creation, innovation, and inclusive growth. It is not an easy journey, and many SMES tend to fold up within five years of operation. This goes to show the level of work and dedication that must go into creating an environment that ensures sustainable growth for our SMEs.’’
Dr. Femi Awoyomi, the founder of African Young Brains, a partner of the university at the fair, was applauded for sponsoring 100 booths for the student entrepreneurs, and he said the need to sponsor them is bore out of his passion and commitment to young people in Africa to start their own businesses and be self-employed as they need supports from everyone. He calls for support for the African Young Brains to continue to do more for the young people of Africa. He said, ‘’The African young brain is committed to identifying and bringing together young people for empowerment for training, networking support, and mentorship to grow their businesses for Africa’s development. We are capable of doing more with the support of Nigerians and Africans.”
Mr. Abiodun Ariyo, the Group Head Corporate Banking and Structured Finance at Providus Bank, commended the University of Ibadan for the SMEs initiatives in a good will message, as he said Providus Bank is committed to financing start-up businesses and will continue to provide the necessary support through mentorship and training for business owners to grow their businesses.
The chairman of the occasion and former vice chancellor of the University of Ibadan, Prof. Abel Olayinka, also drummed support for the SMES growth to become a pivotal part of national discussions by the government and the private sector.
Providus Bank, the Bank of Industry, and African Young Brains, in their good will messages, applauded the University of Ibadan for the commitments to both academic and practical resources to supporting SMES‘ growth in the country.
Read Also:The University of Ibadan SME Fair begins 7th–8th of November, 2024
AGRIM International FZE, in collaboration with Providus Bank, sponsored the cooking competition while the panel discussions moderated by Engr. K.O. Fasola discussed topics like ‘’ Re-focusing research and innovation towards scaling up Nigerian brands for commercial value, led by the panelists. Prof. Fadoju, the convener of UI RESDEV, and another panelist, Prof. Aina Adeogun, the coordinator of the OWSD Ibadan branch, talked about ”supporting women in SME through research, innovation, and training. Mrs. Amara Ifeanyichukwu-Njoku, the team lead SME Banking at Providus Bank, and another panelist discussed ‘’How SMEs can optimize online solutions and platforms to move their businesses forward, also Barr. Mrs. Ene Sarah Unobe, the principal partner of Ene Sarah Unobe and Co., Solicitors and Corporate Consulting to SMEs, talked about ‘’Moving your SME businesses forward through a legal lens’’.
The UI 2024 Fair is supported by Providus Bank, Bank of Industry, Africa Young Brians, AGRIM International FZE, and House of Dexterity.
About The Author
