Lagos International Trade Fair Kicks Off As Stakeholders Call for Innovation, Smart Business Solutions
The 2022 edition of the Lagos International Trade Fair (LITF), known as the largest international exhibition in West Africa, has commenced with President Muhammadu Buhari, represented by Minister for Industry, Trade & Investment, Otunba Adeniyi Adebayo, declaring the 10-day fair opened.
The opening ceremony had stakeholders from both public and private sectors in attendance who called for the deployment of innovation and the creation of smart business solutions.
The fair started 4th and ends 13th of November 2022, at the Main Bowl of the Tafawa Balewa Square, Lagos, Nigeria from 8 am to 6 pm every day and features both Nigerian and foreign exhibitors from different sectors of the economy.
In his welcome address, the President Of the Lagos Chamber Of Commerce And Industry (LCCI), Dr. Michael Olawale-Cole said pointed out that they are heightening fears of recession, food insecurity, and more climate change impacts but businesses need to look for innovative ways to tackle those challenges.
“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. The LCCI’s trade fairs, specialized exhibitions, and several business events are some of the many ways we support trade and commerce in the economy.
“The Lagos Chamber of Commerce & Industry is committed to the vision of the current administration in respect of economic diversification and self-reliance. It is encouraging to note 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.
“We recognize the imperative of non-oil sector development and the need to add value to our primary products to improve earnings for both the public and private sectors of the Nigerian economy. This trade fair provides a platform to identify non-oil alternatives and highlights the significance of value addition. The trade fair equally serves as an avenue to boost economic and commercial activities
“We commend the recently launched Special Agro-Industrial Processing Zones (SAPZ) Programme, by the Federal Government and supported by the African Development Bank (AfDB), the Islamic Development Bank, and the International Fund for Agricultural Development, as co-financiers. The SAPZ is expected to mobilise private sector investments to develop value chains for selected crops and livestock starting with the eight participating states. We look forward to an increase in export trade of agro-processed products across the continent and boosting intra-African trade under the Africa Continental Free Trade Agreement (AfCFTA).”
Minister for Industry, Trade & Investment said the government has been committed to the growth of commerce and industry through the Bank of Industry and other agencies employing MSMEs and it would rest on its oars to provide an enabling environment for all businesses.
The Lagos State Governor, Babajide Sanwo-Olu on his part applauded LCCI for their resistance in organising the trade fair despite economic challenges and how it has been empowering businesses and the economy. He stated that his government values the contribution to MSMEs in job creation while his priority will be given to them by formulating policies that will make them continue to strive.
He added that his government is using the PP model across sectors and it is committed to ensuring ease of business for all. He also stated that it is working to resolve issues of multiple taxes and other issues most businesses have rising as challenges hindering their business.
He also said that climate change is real and urged businesses to prepare, and build businesses of the future with innovation and smart business operations.
Similarly, the National President of the Nigerian Association Of Chambers Of Commerce, Industry, Mines & Agriculture (NACCIMA), Ide John Chinyelu Udeagbala commended LCCI for its consistency in holding the fair and the Lagos State government for supporting the Initiative.
On a different note, he commended the Central Bank of Nigeria (CBN) for the redesign of the Naira note, stating that it will ensure currency security and encourage a cashless policy among others.