Wema Bank recently trained over 500 Nigerian business owners on international trade through its Wema Export Trade Academy (WETA). The two-day academy, held in Lagos, brought together exporters, small and medium-sized enterprises (SMEs), commodity aggregators, trade associations, regulators, and international trade professionals. The program provided practical sessions on navigating the export market, focusing on key areas such as identifying viable export opportunities and meeting international buyer requirements.
The WETA program aimed to equip businesses with the knowledge and resources required to compete in global markets. Participants received guidance from officials and professionals drawn from the Central Bank of Nigeria (CBN), Nigerian Export Promotion Council (NEPC), Nigerian Customs Service (NCS), Nigerian Ports Authority (NPA), and National Agency for Food and Drug Administration and Control (NAFDAC). The program covered essential aspects of the export process, including documentation, regulatory compliance, financing, logistics, and risk management.
Deputy Managing Director of Wema Bank, Oluwole Ajimisinmi, emphasized the significance of the program, stating that Nigerian businesses have the potential to compete successfully in international markets but require the right knowledge, connections, financing, and partnerships. He noted that WETA was designed to bring these elements together, helping businesses understand the export ecosystem, connect with relevant stakeholders, and build the capacity needed to participate sustainably in international trade.
Oluseyi Sanyaolu, Deputy Director of NAFDAC, stressed the importance of understanding regulatory processes and requirements for businesses seeking to take Nigerian products into international markets. He highlighted that initiatives like WETA provide businesses with the knowledge and guidance required to navigate the export process and compete more confidently in global markets. The academy also gave participants an opportunity to assess their businesses from the perspective of international trade.
A participant, Dele Badejo, an importer exploring opportunities in the export market, described the program as an important step towards understanding opportunities available to Nigerian businesses seeking to diversify into export. The program provided a platform for businesses to understand the requirements for taking locally developed products and services into new markets.
Wema Bank's engagement with participants will continue beyond the completion of the academy. Divisional Executive, Tajudeen Bakare, stated that the bank would work with participating businesses to understand their needs at different stages of their growth and provide relevant financial and non-financial support. The goal is to continue to work with them, understand what they require, and provide support that can help them grow.
The second edition of WETA forms part of Wema Bank's broader approach to SME development, which combines financial services with capacity building to support businesses seeking to expand. The academy builds on the bank's wider international trade agenda aimed at supporting businesses and aspiring exporters through different stages of their participation in international trade.
Key points
- Wema Bank's WETA program trained 500 Nigerian business owners on international trade.
- The program aimed to equip businesses with knowledge and resources to compete in global markets.
- The bank will continue to engage with participants, providing financial and non-financial support to help them grow.
