The Federal Government expressed optimism about seeing improved value-chain development between Nigerian businesses and foreign exhibitors through the 35th Lagos International Trade Fair.
President Muhammadu Buhari believes that LITF provided a great platform to amplify trade discussions. It can help ensure Nigeria’s business community is in a good position for the Africa Continental Free Trade Area (AfCFTA).
The President also reiterated the plans to revise the country’s trade policy during the opening ceremony, one of which includes utilizing mechanisms to provide trade and market access.
Revisions will be done to cater to the country’s current economic ecosystem. The revised plan will also incorporate significant strategies to mitigate various concerns from traders.
“As a Ministry, we recognize the role that the government needs to play to maintain confidence in both cross-border and wider international trade and investment,” said Adeniyi Adebayo, the Minister of Industry, Trade, and Investment, who represented the President for the event.
The event, organized by the Lagos Chamber of Commerce and Industry (LCCI), kicked off on Friday with the theme ‘Connecting Businesses, Creating Value’.
In addition to the foreign participants, LITF also provided spaces for the Micro, Small, and Medium Enterprises (MSME) that formed the majority of the exhibitors and participants.
Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) President, Ide John Udeagbala, emphasized the importance of supporting the MSME to help the nation’s economic growth.
Udeagbala hopes governments and other stakeholders not only pay attention to foreign business but also the MSME.
