The Lagos Chamber of Commerce and Industry (LCCI) has stated that the 36th Lagos International Trade Fair (LITF) was positioned to promote economic integration, boost intra-African trade and Nigeria’s Foreign Direct Investment.
The LCCI chairman, Trade Promotion Board (TPB), Mr. Leye Kupoluyi, said this at a press conference Friday in Lagos.
Kupoluyi said the LITF scheduled to hold from November 4 to 13 at Tafawa Balewa Square, Lagos, had the theme: “Connecting Businesses, Creating Value.”
The News Agency of Nigeria (NAN) reports that the LITF organised by LCCI is the largest international trade fair in West Africa.
Kupoluyi said the LITF was crucial to promoting Intra-African trade in the face of the implementation of the Africa Continental Free Trade Area (AfCFTA).
Highlighting some of the events at the 10-day trade fair, he said, the Africa Hall would be dedicated to African exhibitors to provide opportunities for cooperation in trade, industry and investment to promote AfCFTA.
“The objective of AfCFTA is to promote intra-African trade, however, the percentage of trade is about 18 per cent, which is very low compared to other continents.
“Over the years, LITF has always been a platform for many countries to interact. This is why we organise and bring different countries to one location to promote trade.
“We also have a new initiative called the National Hall, which aims to bring exhibitors from each country under one roof to promote country-wide agenda uniquely,” he said.
He listed some of the existing partners to include the African Export-Import Bank (AFREXIM), Nigerian Export-Import Bank (NEXIM) and United Bank for Africa (UBA).
The chairperson, Operations Committee LITF, Mr. Opeyemi Aminu, said the Committee was working toward making improvements and changes to distinguish this year’s trade fair from previous years.
“This year, we are improving the ambience by transforming from wood-constructed shelters to insulated shelters.
“In terms of the layout, we are reintroducing sectoral groups where the same products and services would be grouped in sections. This would make it easy for buyers and sellers to interact freely.
“These changes would start this year and would be implemented gradually in subsequent fairs,” he said.
