The Lagos State Chamber of Commerce and Industry targets investors in the non-oil sector both foreign and domestic at the international trade fair holding from November 6 to 15
| By Anayo Ezugwu | Oct 19, 2015 @ 01:00 GMT |
THE Lagos International Trade Fair scheduled to hold from November 6 to 15 at the Tafawa Balewa Square, TBS, is expected to attract foreign and local investment in the nation’s non-oil sector. Michael Olawale Cole, chairman, Lagos Chamber of Commerce and Industry, LCCI, Trade Promotion board, said there was need to support development of the non-oil sector in Nigeria, especially now that the country urgently needs to diversify its economy.
He said in today’s business world, developmental initiatives such as investment conference and entrepreneurship development programmes with special focus on the non-oil sector was critical to help the country get out of its present precarious situation. To this end, the LCCI which is organizing the fair will host an investment conference during the 2015 Lagos international Trade Fair. The theme of the fair is: “Enhancing Value Addition in the Non-oil Economy.”
Cole at a media briefing in Lagos stressed the need to support the development of entrepreneurship as well as Micro, Small and Medium Enterprises, MSMEs, in Nigeria, noting the urgent need to create jobs and build an inclusive economy. He added that many small business owners have capacity deficit in various areas of their enterprise, saying that this is one major reason for the failure of quite a number of these businesses between their start-up year and the third year. “One sure way of investing in the future of the economy is to increase the capacity of these entrepreneurs to create and manage businesses. This is what is done in all successful economies around the world.”
Consequently, the LCCI in an attempt to further contribute to the growth of the MSMEs will be collaborating with Guaranty Trust Bank to host a five-day development programme tagged: ‘LITF MSMEs development programme.’ According to him, the fair is enjoying foreign participation, stressing that Nigeria emerging the largest African economy, has impacted positively on the fair.
“As at today, we have confirmed registration from China, Japan, Cameroun, Egypt, Indonesia, Pakistan, India and the European Union delegation. This is in addition to the hundreds of indigenous large, medium and small size businesses who have booked spaces to be part of the 2015 Lagos International Trade Fair. In addition to these exhibitors, the LCCI has attracted many institutional partnerships from big corporate in Nigeria. These corporate organisations, having recognised the enormous value being brought into the economy by the Lagos International Trade Fair, have supported the Fair to ensure value delivery to all stakeholders,” he said.
Cole said in preparation for a hitch-free 2015 Lagos International Trade Fair, the chamber commenced as early as January this year conducted a strategic session to the review the Lagos International Trade Fair in the past 10 years, with a view of appraising the performance of the fair and its achievement of the set goals and objectives. He stressed that it was as a result of deliberations at this session, that the decision to host the fair in three different venues was taken. “Since then, the Board had left no stone unturned to ensure that the aspiration of the LCCI to deliver a valuable event to the business community is achieved.”
In hosting the fair, LCCI aims to hold an all-inclusive Fair, which will accommodate all sectors of the economy and expose the potentials of the Nigerian economy beyond Oil.
“The Lagos Chamber is proud to note that it has consistently hosted the Fair for the past 28 years and the 2015 edition will be the 29th edition to be hosted by the Chamber. Over these years, the Lagos International Trade Fair has become the biggest and the best Fair in West and Central Africa. This is a testimony of the Chamber’s commitment to promotion of trade and the advancement of the Nigerian economy.
“Therefore, in keeping our promise and commitment to the world that we will do all within our power to continue to provide economic and commercial bridges between local and international investors, we shall continue to provide a platform to broaden the horizon and scope of investment opportunities for our exhibitors and visitors alike,” Cole said.