The second Intra-African Trade Fair (IATF 2021) generated a record-setting US$42.1 billion in trade and trade-related investment deals, according to the latest tally released today by the IATF Advisory Council. The latest figures captured additional data submitted by Trade Promotion Agencies of Algeria, Nigeria and South Africa.
Organised by African Export-Import Bank (Afreximbank), the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat, IATF 2021 saw US$42.1 billion worth of trade and investment deals agreed during the event, which took place from 15 to 21 November in Durban, KwaZulu-Natal, South Africa.
This record value of trade and investment deals was the outcome of more than 500 business deals concluded during the rich and varied 7-day programme of business-to-business, business-to-government and government-to-government exchanges, exhibitions, trade and investment conference sessions, as well as other verticals, such as the Creative Africa Nexus (CANEX) programme, the IATF Automotive Show and the African Union’s Youth Start-Up programme.
IATF 2021 thus surpassed its pre-set target of US$40 billion in trade and investment deals, going well beyond the US$32 billion in transactions closed at the first edition in Cairo, Egypt in 2018.
The expected number of participants and exhibitors were also exceeded. Against a target of 1,100 exhibitors, IATF 2021 saw 1,161 exhibitors showcase their goods and services. While the organisers aimed for at least 10,000 participants, the event attracted over 30,000 participants of which 11,828 were in person.
Opened on 15 November at a ceremony attended by seven African Heads of State and Government, IATF 2021 was also marked by several major innovations, such as the first African Sub-Sovereign Governments Conference held on 18 November, on the sidelines of the trade fair, as well as the first ever African Auto Show and Auto Forum.
H.E Chief Olusegun Obasanjo, Chairman of the IATF 2021 Advisory Council and former President of the Federal Republic of Nigeria, commended the outstanding performance while congratulating the organisers and the host country for their tenacity.
“Despite the uncertain environment arising from the COVID-19 pandemic situation, IATF 2021 attracted exhibitors from 59 countries, of which 46 were African countries. Buyers, sellers and investors came physically and virtually from across Africa and beyond to connect and exchange trade, investment and market information. We have effectively begun the process of building bridges for a successful AfCFTA, less than a year after the commencement of trade under this agreement”, said Chief Obasanjo.
“We congratulate the Government of the Republic of South Africa and the KwaZulu-Natal Provincial Government, Afreximbank, the AU Commission and the AfCFTA Secretariat, and thank them for the swift efforts made in record time to organise this historic event, which has resulted in the resounding success that we see today”.
FBNH, Access Corporation lead gainers on NGX
First Bank of Nigeria Holdings and Access Corporation led gainers on the Nigerian equities market on Monday.
This is as investors also lost N132.43billion on the Nigerian equities market yesterday.
The NGX All-Share Index advanced by 0.17 percent, closing at 71,353.81 basis points, compared to the previous day’s gain of 0.25 percent, which closed at 71,230.48 basis points.
YTD, the NGXASI stands at 39.22 percent.
The total volume traded advanced by 28.12 percent to close at N746.67 million, valued at N5.95 billion and traded in 9,267 deals. UNIVINSURE was the most traded stock by volume with N161.10 million, while ACCESSCORP was the most traded stock by value with N1.47 billion units traded.
The Gate Index closed flat at 188.47, while the Toni index advanced by 1.39 percent to close at 371.15 basis points.
At the close of trading, the market recorded 32 gainers, 20 losers, and 69 unchanged. FBNH topped the gainers list, while ETRANZACT topped the list of losers.
Thus, market breadth closed positively as the Market Breadth Index (MBI) is 0.17x.
UNIVINSURE had the highest volume contribution with 21.58 percent, while ACCESSCORP and UNITYBNK followed closely behind.
According to the value chart, ACCESSCORP is at the top with a 24.68 percent contribution. UBA and ZENITHBANK followed closely behind.
FG raises oil price, exchange rate projections
The Federal Government of Nigeria has pegged its 2024 projections for crude oil and the dollar to naira exchange rate at $77.96 and N750 respectively.
This new projection is a deviation from the earlier projection announced by Atiku Bagudu, Minister of budget and planning in October.
Bagudu had earlier stated that the FEC established a reference price of $73.96 per barrel for crude oil and an exchange rate of N700/$ as key assumptions for budgetary planning.
“Now, it was presented on the background of the commendable measures that have been taken since June in order to restore macroeconomic stability by particularly the deregulation of petroleum prices, which we maintained that subsidies are gone and indeed the regulation of the foreign exchange market,” he said.
Nigerian NewsDirect however gathered that the projected crude oil price benchmark by the Federal Government is below the $94.91 projection of the US Energy Information Administration (EIA) and the $100 a barrel forecast by Goldman Sachs for next year.
Mr Adeniyi, Vitafoam’s Group CEO, bags award for excellence
Mr Taiwo Adeniyi, Group Managing Director and Chief Executive Officer of Vitafoam Nigeria PLC, has been crowned the CEO of the year-Manufacturing, by Africa Safety Award for Excellence (AfriSAFE) in Lagos recently.
The prestigious Award, described by market watchers as the Grammy Award for manufacturers, celebrates outstanding individuals and organisations who have demonstrated total commitment to Quality, Safety, Community Social Responsibility (CSR) Projects and strong Sustainability Initiatives.
The Award, the 5th in the series, recorded 18716 entries, of which only 105 were shortlisted across five African Countries. Adeniyi towered above his peers in all the adjudged metrics.
Besides, Adeniyi had earlier clinched the Africa’s Manufacturing (Mattress/Foam) Brand CEO of the Year at the Africa Brand CEO Awards 2023, while Vitafoam, a frontline manufacturer of rigid foams and other household materials, under Adeniyi, had also won the Iconic Mattress Brand of the Year at the Brandcom Awards 2023.
In a Statement co-signed by the Publisher, Brand Communicator and Convener, Brandcom Awards and Project Co-ordinator, Brandcom Awards, Mr Joshua Ajayi and Jeremiah Agada respectively, the virtues of Vitafoam that placed the Company ahead of the curve are explained: “ Amongst all other nominated manufacturing companies, our distinguished panel of assessors made up of experts and seasoned marketing and communications professionals came to the conclusion that VITAFOAM stood head above shoulders among others in this category to emerge winner, considering that it has consistently delivered high-quality mattresses, captured the trust of consumers, and played a pivotal role in shaping the mattress market. It showcases the brand’s enduring legacy, commitment to sleep comfort and innovation, and its ability to meet or exceed industry standards.”
Market watchers were quick to say that Vitafoam under the leadership of Adeniyi had consistently sustained a high level of profitability and generous dividend policy.
Appraising Vitafoam’s trajectory of topnotch performance at 60 last year, Adeniyi provided a clue that defines the company’s competitive edge, “We offer a vast array of high and superior quality products that present the customers with multiple unique choices. We do not benchmark ourselves with what is available in the market.
“We benchmark ourselves with global standards and what global standards say is that your product must be fit for a purpose. Customer-centricity is at the centre of our operations.
“The sustained growth and good performance from the company is predicated on customer centric operations, focused on quality from the view point of our customers. In Vitafoam, our investment in state-of-the-art Technology and People have been the driving force.”
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