Wema Bank has equipped 500 Nigerian business owners with knowledge, skills and resources required for active participation in international trade.
The entrepreneurs were equipped at a two-day training organised by the Wema Export Trade Academy (WETA), the second edition of the programme held in Lagos, with exporters, SMEs, commodity aggregators, trade associations, regulators, and professionals participating.
The training focused on helping Nigerian business owners understand and navigate the realities of the export market, from identifying viable opportunities and meeting international buyer expectations to documentation, compliance, financing, logistics, and risk management.
Participants were taken through critical areas of the export journey by experienced international trade professionals, including the Central Bank of Nigeria (CBN), Nigerian Export Promotion Council (NEPC), Nigerian Customs Service (NCS), Nigerian Ports Authority (NPA), National Agency for Food and Drug Administration and Control (NAFDAC), as well as businesses and professionals actively involved in international trade.
Oluwole Ajimisinmi, deputy managing director, Wema Bank, said at the training that Nigeria has enormous entrepreneurial potential and businesses with products that can compete in markets beyond the borders. What is often required is the right combination of knowledge, access, financing and partnerships.
According to him, ‘At Wema Bank, we recognise that the potential of Nigerian businesses in global trade can only be fully realised when they have access to the right knowledge, the right connections, and the right financial support. WETA brings these critical elements together and our ambition is to create a platform that helps businesses understand the export ecosystem, connect with the right stakeholders, and build the capacity required to participate sustainably in international trade.’
Speaking on the impact of the Academy, Oluseyi Sanyaolu, deputy director, NAFDAC, emphasised the importance of understanding the processes and regulatory requirements involved in taking Nigerian products to international markets: ‘For businesses looking to take their products to international markets, understanding the processes, regulatory requirements and institutions involved is critical to ensuring that their products meet the required standards. This is why initiatives like the WETA are important, because they equip businesses with the knowledge and guidance needed to navigate the export journey and compete more confidently in global markets.’
For participants, the programme also provided an opportunity to reassess their businesses through the lens of international trade and better understand what would be required to take locally developed products and services into new markets. One of the participants, Dele Badejo, an importer exploring opportunities within the export market, described the programme as an important step in understanding the opportunities available to Nigerian businesses seeking to diversify into export.
Tajudeen Bakare, divisional executive, Wema Bank, spoke on the continuity of the engagement. ‘Our intention is not to end its engagement with the participating businesses after the academy. We are not training and leaving them to navigate the journey alone. The goal is to continue to work with them, understand what they require at different stages, and provide the relevant financial and non-financial support that can help them grow.’