The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has described the annual Lagos International Trade Fair (LITF) as an opportunity for businesses in Nigeria to contribute to a collective market that has the capacity to expand the size of Africa’s economy to $29 trillion by 2050.
The National President of the association, Honourable Dele Kelvin Oye, made these remarks at the flag-off ceremony of this year’s edition of the fair in Lagos over the weekend.
The NACCIMA boss, represented by the Director General of the association, Mr. Kola Obadimu, commended the Lagos Chamber of Commerce and Industry (LCCI), organizers of the annual event, for creating a “premier” platform that has continued to showcase the best of Nigeria’s enterprise and provide new avenues for trade and investment across borders.
Oye described the fair as an avenue for collaboration and innovation, which, he added, are vital towards achieving a thriving and resilient economy.
“By engaging in trade, sharing innovations, and exploring joint ventures, we not only expand our own reach but also strengthen Nigeria’s economic landscape and influence across Africa and beyond.
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“The value generated through these connections also aligns with the African Continental Free Trade Area (AfCFTA), which opens vast opportunities for increased trade across the continent,” he added.
The NACCIMA boss assured the organizers of the association’s readiness to support the platform, aimed at fostering economic growth and strengthening Nigeria’s image as a destination for investment and innovation, since it is in sync with the association’s aspirations.
In his goodwill message, the Lagos State Governor, Babajide Sanwo-Olu, commended the efforts of the leadership of LCCI in helping businesses develop from their conceptual stage into successful organizations, despite the costs and tenacity required to achieve such a task.
Sanwo-Olu, who was represented by the state’s Deputy Governor, Dr. Obafemi Hamzat, described the theme of this year’s fair, “Connecting Businesses, Creating Value,” as resonating deeply with the state government’s collective vision to position Lagos as a regional hub and a thriving global marketplace.
The state’s top official noted that by providing a platform where small and medium-sized enterprises (SMEs) can meet with global corporations, the organizers have brought together essential tools, networks, and resources for value creation.
He stated that while the state, with its strategic location, population, and infrastructure, is already a significant player on the African continent, the state government remains unrelenting in its vision to position Lagos as a global economic hub.
In his welcome address, the President of LCCI, Mr. Gabriel Idahosa, stated that the fair, which runs from November 1st to 10th this year, provides the opportunity to showcase the best of Nigerian entrepreneurship and ingenuity, as well as the diversity and richness of its global economic partnerships.
He expressed confidence that this year’s edition of the fair embodies the Chamber’s mantra of “Connecting Businesses, Creating Value,” as it intensifies efforts at building bridges that empower businesses, create job opportunities, and deliver value for communities, consumers, and citizens alike.
He described the 2024 edition of the fair as significant, as the country navigates an era of economic adjustment marked by challenges and opportunities.
“From the disruptive pressures of inflation rates to a volatile foreign exchange market, our economy has faced complex policy options that have pushed businesses across all sectors to build resilience, innovate, and establish collaborative networks for survival.
“As an incubator of ideas and a catalyst for commerce, the Lagos International Trade Fair stands as a beacon of opportunity, offering enterprises the platform to showcase resilience-driven solutions, explore synergies, and drive sustainable growth in Nigeria and the wider region,” he added.
