In line with University of Ibadan’s mission to contribute to the transformation of society through creativity and innovation, the Deputy Vice-Chancellor, Administration of the institution, Professor Peter O. Olapegba, has affirmed its commitment to fostering partnerships with small and medium businesses with zeal and fervour.
This is with a view to proffering solutions to challenges facing the SMEs.
Professor Olapegba, spoke on behalf of the Vice-Chancellor, Professor Kayode Adebowale, at the opening of the University of Ibadan SME Fair 2024.
The theme of the SME Fair is “Moving the SME Glocal Community Forward Through Technology, Innovation and Creativity.”
With studies that have shown that SMEs, whether in very developed, high income, and developing nations, contribute a great deal to economies globally, the DVC noted that over 60 percent of the GDP and over 70 percent of the total jobs available in a country like Nigeria can be attributed to SMEs and the informal sector.
Professor Olapegba therefore, charged the government at all levels to tap to its fullest, the multi-dimensional opportunities and gains inherent in SMEs to keep the teeming youths busy and gainfully employed.
The keynote address was delivered on behalf of a UI @75 Ambassador and the Deputy Managing Director of Providus Bank, Mr Kingsley Aigbokhaevbo, an alumnus of the University of Ibadan.
The Group Head of Corporate Banking and Structured Finance of Providus Bank, Mr Abiodun Ariyo who presented the address, commended the UI management for putting in place a structure that fosters partnerships with SMEs.
He said Providus Bank was proud to partner with the University of Ibadan SMEs’ initiative Fair and gave an assurance of support for continuity and sustainability from the bank.
According to the keynote speaker, at the commencement of SMEs, three verticals must be considered, technology, innovation and creativity.
He said that digitisation, such as e-commerce platforms, on-line payment, cloud computing, and Artificial Intelligence, are pathways through which businesses are done and encourage SMEs to foster efficiency, sustainability and productivity.
He explained that SMEs are a major part of economies especially in the developed world saying that they are important contributors to economic development, and job creation.
Mr Ariyo stated that SMEs account for more than 50 percent of employment worldwide, provide 7 out of 10 jobs in a margin market and contribute up to 40 percent of the national income.
Mr Ariyo encouraged the participants to launch into the market to start SMEs, imbibe the culture of incubator and accelerator to support start-ups and mentorship and to take advantage of Providus Bank’s collaborative platforms for advisory services and resources.
He charged the entrepreneurs to re-strategize, re-brand and re-package their products through creativity, innovation, diversity, inclusion, business remodelling, designs and thinking, talent development, partnerships, networking, attending training and workshops, conferences & webinar with community engagement.
The Chairman of the occasion, the immediate past Vice-Chancellor of the University of Ibadan, Professor Abel Idowu Olayinka, appreciated the University management for the resourceful structure, innovation and creativity aimed at reducing unemployment rate in the society.
He commended the Deputy Vice-Chancellor, Research, Innovation and Strategic Partnerships, Professor Oluyemisi Bamgbose SAN, and her team for the continuity and sustainability of the SMEs Fair over the years.
Professor Olayinka said UI does not train students for research purposes only but to impact the society through self dependence and entrepreneurship adding that UI graduates who are entrepreneurs are making the university proud globally.
He urged the sponsors to see their support as an investment and goodwill to UI and continue to collaborate and partner with the institution by supporting the fair annually.
The Deputy Vice-Chancellor, Research, Innovation and Strategic Partnerships, Professor Bamgbose, SAN, stated that the event, which is the brainchild of the University, is a celebration of creativity, innovation and entrepreneurship.
She said the SMEs Fair reflected the University’s commitment to supporting small and medium enterprises (SMEs) as the foundation of economic growth and sustainable development through innovation-led growth, creativity and academic excellence.
Professor Bamgbose explained that the decision of UI to put in place, a structure that will bring about collaboration with SMEs is a deliberate attempt to ensure cooperative research and development support for SMEs to achieve their roles as drivers of economic growth in Nigeria.
She said in Nigeria and across the globe, SMEs account for a significant portion of employment, driving job creation, innovation and inclusive growth despite limited resources, regulatory, financial pressures and competition from large enterprises.
The DVC stated that technology is a vast range of tools and resources that can simplify processes, increase productivity, expand markets and improve customers’ experience nationwide and globally.
She said it is, therefore, a duty as a nation and institution to foster collaborations that make access to these technologies a reality for SMEs.
Professor Bamgbose encouraged the participants to embrace a mindset of continuous learning and openness to new ideas as the trade fair is a platform for building new networks, for sharing knowledge, and for inspiring the next generation of entrepreneurs.
The Convener of the UI SME Fair 2024 and Head, Department of Peace, Security and Humanitarian Studies, Professor Ruth Ochanya Adio-Moses stated that the Fair is where the spirit of small and medium enterprises which is the back bone of the economy is celebrated.
She noted that in the increasingly interconnected world, the concept of Glocal, “thinking globally while acting locally ” has never been more relevant.
She said SMEs have the unique ability to drive change and inspire growth by staying deeply connected to their communities while teaching new markets around the world.
Professor Adio-Moses stated that technology, innovation and creativity propel growth in SMEs, and she encouraged the participants to embrace these tools, to support one another, and prosper in the border less market.
She commended the studentpreneurs at the Fair and hoped that the Fair would assist them in connecting to investors who would help them to improve and expand their businesses.
Goodwill messages were received from the founder, African Young Brains, Dr. Femi Awoyemi; a member of the University Governing Council and Coordinator, Organisation of Women in Science in the Developing World (OWSD), Professor Aina Adeogun; and Mr Mayowa Omagbemi on behalf of the Bank of Industry.
The two-day UI SME Fair 2024 is the Fourth edition. It featured varieties such as panel discussions, studentpreneur pitching competition. It was supported by Providus Bank, Bank of Industry, African Young Brains, House of Dexterity and AGRIM International FZE.
