Despite the high rate of inflation in the country, traders and exhibitors at the 11th Abuja International Trade Fair (AITF) appeared to have crashed prices of major goods and products at the ongoing trade fair at Abuja Chamber of Commerce and Industry and Industry (ACCI).
A survey of exhibition stands at the Fair showed that the prices of goods and products were lower than what are obtainable at major Abuja markets such as Wuse, Utako, Kaura and Garki markets.
A visit by this reporter revealed that the exhibition which opened just two days ago is already attracting huge patronage as many Nigerians in the federal capital territory seek to take advantage of the low prices.
An exhibitor, Mr. David Ugo, told journalists at the Fair complex that they decided to crash the prices because many of them understood consumers’ low purchasing power.
“We all know the economy is in bad shape and most of us are not focusing on big profits but to dispose of our stocks to get the cost price and little profit. That is why you discover that our prices here are so low to attract buyers,” he said.
Another exhibitor, Salihu Tanko, said the clothing and food materials section had very low prices due to the decision of most exhibitors to ensure value for money for buyers who patronised the Fair.
“It is the tradition for Trade Fair prices to be lower than what obtains in the normal market. This is one advantage of Trade Fair participation. Dubai international Trade Fair and others drew huge crowds mainly for this reason,” he said.
The organiser of the trade Fair, represented by the director-general of the ACCI, Mr. Victoria Akai, said prices were normally low at the annual trade fair “because exhibitors adopt several pricing strategies; in reality, real shopping is best done at Trade Fair because of price advantage.”
“Records at our annual fair confirm that price advantage. So, we normally record high patronage. For this year, it is not different because the economic situation demands consumers to buy smartly,” she said.