Lagos International Trade Fair will boost intra-African trade and investment

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By Adebola Adegoke

The Lagos Chamber of Commerce and Industry (LCCI) says the 36th Lagos International Trade Fair (LITF) is well placed to promote economic integration, boost intra-African trade and foreign direct investment from Nigeria.

The chairman of LCCI, Trade Promotion Board (TPB), Mr. Leye Kupoluyi said this during a press conference in Lagos on Friday.

Kupoluyi said the LITF which was to be held from November 4-13 at Tafawa Balewa Square, Lagos, was themed “Connecting Businesses, Creating Value”.

The News Agency of Nigeria (NAN) reports that the LITF organized by LCCI is the largest international trade fair in West Africa.

It offers investment opportunities, trade promotion and unique opportunities for manufacturers, suppliers, buyers and users of a wide range of goods and services.

Some of the objectives of the fair are to promote the revitalization and diversification of the economy, to accelerate the development of trade and industry, and to promote made in Nigeria products as well as non-oil exports from Nigeria.

Kupoluyi said the LITF was crucial in promoting intra-African trade in the face of the implementation of the African Continental Free Trade Area (AfCFTA).

Highlighting some of the events of the 10-day trade fair, he said the Africa Hall would be dedicated to African exhibitors to provide trade, industry and investment cooperation opportunities to promote the AfCFTA. .

“The aim of the AfCFTA is to promote intra-African trade, however, the percentage of trade is around 18%, which is very low compared to other continents.

“Over the years, LITF has always been an interaction platform for many countries. That’s why we organize and unite different countries in one place to promote trade.

“We also have a new initiative called National Hall, which aims to bring together exhibitors from each country under one roof to promote the national agenda in a unique way,” he said.

He added that in the coming months, the chamber would reveal the countries that had committed to this initiative.

“We are also committed to bringing visibility to the latest innovations in goods, services and technologies through the Special Day program,” he said.

He listed some of the existing partners including the African Export-Import Bank (AFREXIM), Nigerian Export-Import Bank (NEXIM) and United Bank for Africa (UBA).

He said this year’s fair is expected to attract more visitors from inside and outside the country than the previous year.

“We have received positive responses from visitors including business people, investors, customers, senior government officials and people looking for joint venture partnerships,” he said. .

Mr. Opeyemi Aminu, Chairman of the LITF Operations Committee, said the committee is working to make improvements and changes to distinguish this year’s show from previous years.

According to him, the intention is to raise the status of the fair by giving a better perspective in terms of layout, layout and atmosphere.

“This year, we are improving the atmosphere by switching from wooden shelters to insulated shelters.

“At the layout level, we are reintroducing sector groupings where the same products and services would be grouped into sections. This would allow buyers and sellers to interact freely.

“These changes would begin this year and be phased in to subsequent shows,” he said.

He added that LCCI is improving the security architecture to meet current security needs and ensure participant safety.

TPB Marketing Committee Chairperson, Ms. Victoria Onafowokan-Obadina, urged Small and Medium Enterprises (SMEs) to attend the Business to Business Meeting segment as it would provide investment opportunities. (NAN) (www.nannews.ng)

Edited by Salif Atjoko

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