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Manufacturers and owners of small businesses are tapping opportunities offered by the 2020 Lagos International Trade Fair.
As of Friday, during the opening ceremony, many small businesses were seen interacting with potential buyers, discussing partnerships with traders, dealers and importers.
“This is an opening day, but our hopes are high,” Chinenye Egbu, CEO of a small-scale baking firm, who was putting up her structures, said.
Another small business owner, Kamaradeen Awoniyi, said he expected to strike an international deal at the fair, stressing that negotiations had begun.
BusinessDay saw manufacturers like Erisco Foods, Dangote Group and many others in their stands, discussing and negotiating with potential partners.
Meanwhile, the Federal Government has pledged to support these businesses to grow and create jobs for the economy.
President Muhammadu Buhari said at the opening ceremony of the trade fair that his government had provided support through the N2.3 trillion Economic Sustainability Plan, N75 billion MSME Survival Fund and the implementation of the National Industrial Revolution Plan (NIRP).
Buhari, who was represented by Niyi Adebayo, minister of Industry, Trade and Investment, called for private sector collaboration in infrastructure development and assured that his government was committed to making Nigeria realise its industrial dream.
On his part, Babajide Sanwo-Olu, Lagos State governor, said his government would provide loans, grants and tax rebates to businesses looted by hoodlums during the recent #EndSARS protest.
Represented by Obafemi Hamzat, deputy governor of the state, Sanwo-Olu said many businesses had been thrown into confusion after the looting, assuring the private sector that the state government was trying to restore hope and confidence in the state.
He said the Lagos State Employment Trust Fund (LSETF) was partnering the private sector to provide the necessary support, assuring investors that “we will continue to introduce policies that will stand the test of time.”
Nigeria is hard hit by COVID-19, which has plunged the country into a second recession in four years. Lagos has 12-13 million micro, small and medium businesses (MSMEs) whose supply chains and revenue have been hard hit due to the pandemic.
Sanwo-Olu advised them to leverage the social media and platforms such as Jumia and Konga to market their products to the world. He commended the Lagos Chamber of Commerce and Industry (LCCI) for organising the largest trade fair in West Africa.
Toki Mabogunje, president of the Lagos Chamber of Commerce and Industry (LCCI), organisers of the fair described as the largest in West and Central Africa, said the generic theme for the annual fair ‘Connecting Businesses, Creating Value’, underscored the importance of relationships and networking among businesses for the purpose of wealth creation.
“The theme also underlines the value of interactions between producers and service providers and the end users. This is a cardinal objective of the trade fair,” Mabogunje said.
She noted that the chamber had to reschedule this fair because of the disruptions that resulted from the EndSars protests, stressing that the economic conditions of the year had been very challenging.
“As we all know, the economy slipped into recession in the third quarter of this year. But as investors we need to continue to demonstrate our resilience and determination to forge ahead despite these challenges. As a chamber, we have strong faith in the Nigerian economy, and we believe we will come out of this recession sooner than later,” she said.
Gabriel Idahosa, chairman, Trade Promotion Board, LCCI, noted that this year’s edition, 34th in the series, was unique in many ways, being a hybrid event combining in-person and virtual participation.
“The virtual fair was incorporated in the broader LITF in the light of the covid-19 pandemic and the limitations it poses. This is a reflection of the new normal,” he said.
He further said that the chamber was working in close collaboration with the Lagos State Safety Commission to ensure full compliance of COVID-19 protocol.
