A Platform for Innovation and Economic Growth
The University of Ibadan, located in Oyo State, recently launched its 2025 Small and Medium Enterprise (SME) Fair. This event marks a significant step in supporting young entrepreneurs who are looking to grow their businesses and bring their creative ideas to life. During the fair, 39 young entrepreneurs were awarded grants ranging from N100,000 to N500,000, which they can use to expand their ventures and further develop their innovative concepts.
The fair was officially opened by the Vice-Chancellor of the university, Kayode Adebowale, at the International Conference Centre in Ibadan. He described the event as “a transformative platform where knowledge meets opportunity and innovation becomes impact.” The fair, themed “Inspiring Next-Gen SMEs: Igniting Ideas, Innovations, and Building Resilience,” took place over two days, starting on Wednesday, November 5. It brought together a diverse group of participants, including entrepreneurs, students, investors, financial institutions, and policymakers from across Nigeria.
Activities and Opportunities
The event featured a wide range of activities designed to support and inspire young entrepreneurs. These included exhibitions showcasing innovative products and services, pitch competitions where participants could present their business ideas to potential investors, and business development sessions aimed at enhancing the skills of aspiring entrepreneurs. Additionally, the fair provided direct funding opportunities for young innovators, giving them a chance to secure the resources they need to take their businesses to the next level.
This initiative is part of the university’s broader effort to bridge the gap between academia and enterprise. By fostering collaboration between students, researchers, and industry professionals, the university aims to encourage Nigerian youths to turn their creative ideas into impactful businesses that can drive sustainable growth and create job opportunities.
Vision and Goals
Adebowale, who was represented by the Deputy Vice-Chancellor (Academic), Juwon Arotiba, emphasized the university’s vision of producing not just graduates but also innovators capable of leading social and economic change across Africa. He highlighted the importance of SMEs in driving economic growth, creating jobs, and sustaining communities even during times of uncertainty. Through initiatives like the SME Fair, the university provides mentorship, partnerships, and access to funding that help businesses scale and thrive.
He urged the participants to embrace resilience, creativity, and adaptability, as these qualities are essential for success in the ever-changing business landscape.
Empowering the Next Generation
In her welcome address, the Deputy Vice-Chancellor (Research, Innovation and Strategic Partnerships), Oluyemisi Bamgbose, described the fair as more than an annual event; it is a movement that celebrates ingenuity, nurtures innovation, and empowers the next generation of business leaders. She emphasized the role of technology in leveling the playing field for small businesses, allowing them to reach clients beyond their local communities. However, she noted that for this to be successful, entrepreneurs must have access to digital tools, mentorship, and the resilience to adapt to changing market conditions.
Support from Key Stakeholders
During his keynote address, Kingsley Aigbokhaevbo, the Deputy Managing Director of Providus Bank, commended the university for its sustained investment in entrepreneurship and innovation. He highlighted the critical role of SMEs in the economy and reiterated the bank’s commitment to supporting innovation, small businesses, and dreamers who turn challenges into opportunities. He stressed the importance of turning ideas into impact and building sustainable businesses that can compete globally.
Bridging Town and Gown
Ruth Adio-Moses, the Convener of the Fair at the Department of Peace, Security and Humanitarian Studies, Faculty of Multidisciplinary Studies, UI, described the event as a bridge between town and gown. She emphasized the role of students as game changers and highlighted how the platform brings together innovative young minds, established entrepreneurs, and investors to share knowledge and create partnerships that can transform ideas into thriving ventures.
She mentioned that 39 entrepreneurs were selected to receive grants in four categories, with awards ranging between N100,000 and N500,000. Selected exhibitors would also undergo intensive business and digital skills training to strengthen their capacity for growth and innovation.