Canada supports Nigerian SMEs to access global markets

Canada has initiated a five-year program to bolster Nigeria's 200 small and medium-sized enterprises (SMEs), enhancing their export capabilities and market accessibility. Funded by the Canadian government through Global Affairs Canada, the initiative aims to support 200 SMEs in Nigeria, with a significant focus on women-led and underrepresented businesses (67%).

At a recent launch in Abuja, the President of the Abuja Chamber of Commerce and Industry, Emeka Obegolu, emphasized that despite possessing the potential to compete globally, Nigerian businesses often face limitations due to a lack of finance, market knowledge, digital tools, and institutional support. The program, named Trade for Resilient, Inclusive, and Sustainable Economic Growth, will fortify Trade Support Institutions, offering more inclusive and gender-responsive services to SMEs.

The ACCI president also unveiled the SME Climate Resilience Fund, which provides technical assistance, digital resources, training, and investment plan development to foster environmental sustainability and climate resilience. Obegolu urged stakeholders to pinpoint the obstacles impeding Nigerian SMEs' access to international markets and to explore avenues for institutional reforms, capacity enhancement, financing, and digitalization.

Additionally, Steve Tipman, Executive Director of TFO Canada, highlighted that the organization is dedicated to empowering Nigerian SMEs to bolster their export preparedness and gain new market opportunities. The program, covering 3,200 SMEs across 16 African countries, will offer market intelligence, business coaching, export development, digital strategies, and connections with Canadian and international buyers.