By Augustine Aminu
The Abuja International Trade Fair, Nigeria’s foremost exhibition and business forum attracting local and foreign investors, formally gets underway on Tuesday with many entities already striking deals.
The trade fair, 17th in the series, however started on September 29, 2022 at the grounds of the Abuja Chamber of Commerce and Industry (ACCI) along Umaru Yar’Adua Expressway, Abuja. It will end on October 9.
Over 500 exhibitors across all sectors, 1200 products and 200, 000 visitors are expected at the fair within a spate of eleven days.
Nigeria’s President, Muhammadu Buhari in a message to the occasion said trade plays a significant role in the economic growth of any nation which helps build wealth and improve foreign reserves.
According to him, trade is key to ending poverty across countries, raising standards of living and improving productivity stressing that no economy can thrive without robust trade.
In a speech delivered by the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, President Buhari noted that the theme of this year’s fair, “creating an export-ready market through SME digitisation”, is one that is very dear to his administration.
He said one of the nine priority areas of his administration is to “Drive industrialisation focusing on SMEs” noting that MSME segment is critical to the stimulation of economic development. According to him, Nigeria is estimated to be home to over 40 million MSMEs who, together, contribute about 48% of our GDP.
He said many just see MSMEs as the Mama that fries akara or the friendly “malam” that owns the kiosk on our street but that is not the case as some of the fastest growing Fintech start-ups in Africa are, in fact, MSMEs.
President Buhari said the trade fair provides an opportunity to change the narrative of what MSMEs are and demonstrates how innovative they can be.
He pointed out that Nigeria Government is keen to help MSMEs achieve their full potential and has developed strategic policy interventions, enshrined laws and established institutions to create a supportive business environment for entrepreneurs and MSMEs.
The president explained that the Federal Ministry of Industry, Trade and Investment has also commenced the process of adopting a centralised automated platform for the registration of Trademarks, Patents and Designs.
He said the overall objective is to fully digitise existing records and automate the registration process to enable ownership and commercialisation of innovation.
Besides, he said, Nigeria Government has also approved fiscal incentives for MSMEs which includes exemption from Company Income Tax and Value Added Tax for enterprises with annual turnover of less than N25 million.
He said in 2016, his administration approved the establishment of the Presidential Enabling Business Environment Council (PEBEC) to eliminate bureaucratic constraints to doing business in Nigeria and make the country a progressively easier place to start and grow a business.
President Buhari commended organizers of the trade fair for their efforts in ensuring the success of this exhibition.
In his speech, the President, Abuja Chamber of Commerce and Industry (ACCI), Dr. Al-Mujtaba Abubakar said, Abuja International Trade Fair is a standard platform for brand establishment that brings together various aspects of trade and industry, foreign ambassadors, decision-makers, business delegations, entrepreneurs, and innovators.
He noted that the fair has over the years become a platform where businesses across Nigeria, Africa and other part come and gather for business connectivity and linkages.
According to him, this year’s theme offers a range of opportunities for SMEs to improve performance, spur innovation, enhance productivity and compete on a more even footing with larger firms, reflecting: economies of scale; lower operation and transaction costs; and reduced information
asymmetries.
He stressed that since inception, the Trade Fair has served Nigeria as a trusted global trade destination and a potential market for over 50, 000 consumers and has also been a global platform, which provides an avenue where business men, entrepreneurs, service providers, and many others converge. It also provides an avenue for the distribution of trade, investment, market opportunities, and ideas that would greatly help sellers, buyers, investors, and countries to promote relationships in business.
Dr. Abubakar side apart from promoting businesses, the 17th AITF will also strengthen trade and investment opportunities in the country, thus, offering a neutral and open atmosphere for blue chip companies, trade groups/associations, and government.
