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.
Participants in the inaugural ceremony from the public and private sectors demanded the application of innovation and the development of clever 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 opening remarks, Dr Michael Olawale-Cole, President of the Lagos Chamber of Commerce and Industry (LCCI), noted that although concerns over the effects of the recession, food insecurity, and climate change are growing, businesses still need to find creative solutions to these problems.
“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).”
The government, according to the minister of industry, trade, and investment, is devoted to the expansion of business and industry through the Bank of Industry and other organizations that work with MSMEs, and it won’t relent in its efforts to provide a supportive environment for all companies.
On his part, the governor of Lagos State, Babajide Sanwo-Olu, praised LCCI for continuing to organize the trade show in the face of economic difficulties and for how it has helped businesses and the country’s economy. He claimed that his government valued MSMEs’ role in creating jobs and that they would receive top priority in developing policies that would encourage them to work hard.
He continued by saying that his government uses the PP model in all industries and is dedicated to providing ease of doing business for everyone. He added that efforts are being made to address the problems with various taxes and other problems that most firms face as obstacles to their operations.
Additionally, he asserted that climate change is real and exhorted companies to get ready by innovating and running their operations strategically.
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 appreciated 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.
