The Lagos State Chamber of Commerce and Industry said the 2022 edition of Lagos International Trade Fair wil provide platform to showcase non oil products, value addition and networking among others.
This is contained in a statement made available to Nigerian NewsDirect by the LCCI on the opening of the 22 edition of Lagos International Trade Fair taking place at the Tafawa Balewa Square.
The 2022 edition is also to Connecting Businesses, Creating Value and to underscore the importance of relationships and networking among businesses for the purpose of wealth creation.
The Chamber explained that it is committed to the vision of the current administration in respect of economic diversification and self-reliance. It will also serve as an avenue to boost economic and commercial activities. The theme underlines the value of interactions between producers and service providers and end-users.
“The LCCI’s trade fair, specialized exhibitions, and several business events are some of the many ways we support trade and commerce in the economy.”
Speaking at the event, the President of Lagos State Chamber of Commerce and Industry Asiwaju Dr. Micheal Olawale-Cole disclosed that the economic conditions have been challenging even as the economy sustains recovery from the COVID-19 pandemic. This, he said is now navigating through the shocks from the Russia-Ukraine war, and recently climate change shocks in the form of devastating floods across the country.
He recalled that while the Nigerian economy has recorded some impressive growth figures this year showing a sustained recovery of the economy, there are heightening fears of recession, food insecurity and more climate change impacts.
He said, “As investors, we need to continue to demonstrate our resilience and determination to forge ahead despite these challenges. As a chamber, we have strong confidence in the Nigerian economy, and we believe we would meet our growth target for this year.”
In his speech, he added that the Lagos Chamber of Commerce & Industry is committed to the vision of the current administration in respect of economic diversification and self-reliance. He commended the efforts of the Ministry of Industry Trade & Investment in reviewing Nigeria’s National Trade Policy last updated in 2002.
“We are expecting a new national trade policy that can respond to the dynamics and new realities of the global trade system in terms of the evolution of global production networks and global value chains,” he said.
President Muhammad Buhari was duly represented at the event by Honourable Minister of Industry, Trade and Investment Otunba Niyi Adebayo.
Otunba Niyi Adebayo said, “Trade plays important role in stimulating our economy and in driving sustainable development, wherefore, our goals of job creation, GDP growth, increased foreign exchange earnings and reduced insecurity are actualised and it is the development of export trade that takes this a step further and help our nation reach its economic diversification goals.
“As you are aware, Nigeria has signed and ratified the agreement establishing the African Continental Free Trade Area (AfCFTA). This agreement will dramatically boost intra-African trade and is expected to deliver an integrated continental market, consisting of 1.3 billion consumers. This is a great opportunity for Nigeria. Our international trade is currently doing well with trade surplus between January and June of 2022 in excess of N3.2 trillion. AfCFTA however gives us the opportunity to do so much better,” he stated.
The speech highlighted that the public and private sectors must work together to help boost the demand for Nigerian products by aggressively pursuing value addition and increasing the quality of exported goods originating from our country and also continue to drive investment into infrastructure development, encourage access to low-cost financing and provide fiscal incentives to companies wishing to manufacture products for sale. These incentives include: three to five-year tax holidays for enterprises in what we deem pioneer industries; tax-free operations and capital allowances for agriculture, manufacturing and engineering within our free trade zones.
The trade fare according to him is a great opportunity to showcase Nigeria’s capacity to produce to international standards and also to export.
He confirmed that the Federal Government has taken much-needed steps to improve the trading environment by creating Special Economic Zones;
“We have 17 operational Special Economic Zones (SEZs) with 4 more currently under construction. 14 of these are general economic zones which support export processing, large-scale manufacturing, warehousing, logistic services, tourism, food processing and packaging and technology development; the remaining 3 are dedicated to oil & gas-related activities.”
In the aspect of funding, Federal government has also provided funding support through the Central Bank of Nigeria (CBN) and the Bank of Industry (BOI). Specifically, the CBN has initiated programs to encourage domestic production and exports, some of which include the Anchor Borrowers’ Programme, FGN Special Intervention Fund for MSMEs and N150bn Targeted Credit Facility. The Federal Government has also successfully disbursed a total of N785 billion through BOI from 2019 to 2022.
“While we take these strides, it is important that all national policy makers, business leaders and trade development partners know that the synergy and cooperation between all parties is cardinal to enhancing trade in Nigeria. Through effective partnerships, governance and help from our friends in the private sector, the sky is the limit.
“We can grasp the future direction of our country and pivot it to unending treasures that will benefit all. We can create a hub that is open to all and position the country as a gateway into Sub-Saharan Africa and beyond; A silk road whose impact shall solidify our position as the giant of Africa,” he concluded.