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Tag: TBs

  • TBS set to restore Remembrance Arcade, Independence Garden

    TBS set to restore Remembrance Arcade, Independence Garden

    The Tafawa Balewa Square Management Board has disclosed its plans and commitment to preserving Nigeria’s rich heritage and honouring the country’s national symbols.

    As part of efforts to safeguard national heritage and provide a befitting venue for civic events, the board announced that it will inaugurate the Remembrance Arcade and Independence Garden in October 2025.

    Speaking at a press briefing in Lagos, Managing Director of the TBS Management Board, Lucia Shittu, said the initiative, which will also coincide with this year’s Independence Day, is part of a broader effort to restore the glory of TBS as a national heritage site and reposition it as a major hub for both local and international tourism.

    She explained that the redesigned site would serve as a premier tourist destination, offering a variety of activities and experiences for all visitors.

    According to Shittu, Lafarge Africa will complete the first phase of the park’s redevelopment on or before the Independence Day celebration.

    She added that beyond the park and arcade, TBS is also working to integrate forward-looking initiatives such as an e-sports and entrepreneurship skills hub for Nigerian youths.

    The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said the restoration of the Independence site demonstrates the current administration’s commitment to cultural renewal and national development.

    “Nigeria will be hosting the International African Trade Fair (IATF) in 2027, and this marks the beginning of the transformation we are going to see in Lagos State, especially with improvements in infrastructure and facilities at the National Theatre. This is a foretaste of more to come, with visible uplift and facelift ahead of IATF,” she said.

    Supporting this, the Group Managing Director and Chief Executive Officer of Lafarge Africa, Lolu Alade-Akinyemi, said that upon completion of the rehabilitation to create an Independence Memorial Obelisk Garden, the site would be open to the public as a premier tourist attraction, adding to the vibrancy of Lagos.

    With the project expected to be delivered by October 7, 2025, he said the first phase will focus on structural integrity, aesthetics, safety, and accessibility.

    He explained, “The activities will involve a revamp of the monument while preserving the original design and texture; restoration of inscriptions, engravings, and symbolic carvings on the Obelisk; and rehabilitation of its immediate surroundings, including walkways, lawns, and paving. We will also install a drainage system and improved accessibility features, including ramps and pedestrian pathways.

    “We take pride in this project because it is the preservation of Nigeria’s historical and cultural heritage, which should be passed down to future generations. It also allows us to promote sustainability and better living through the use of our eco-friendly cement products, which offer at least 30 per cent lower carbon emissions, thereby reducing environmental impact.”

  • Senate insists on non- sale of National Theatre, TBS

    The Senate has reaffirmed its commitment to the non -sale of the National Theatre, Tafawa Balewa Square and other national monuments.

    This is sequel to the adoption of the report of its Committee on Culture and Tourism at plenary on Thursday.

    Presenting the report, the chairman of the committee, Sen. Fatimat Raji-Rasaki said the committee was instructed to examine monuments across the country and report back.

    According to her, the committee traveled to Lagos and other parts of the country to assess the monuments and recommends that, given their historic and monetary value, they should not be disposed of.

    The chairman further said the committee came to a conclusion that some other monuments, which were hitherto not recognised as national monuments should be given that status.

    “Senate debated motion on proposed sale of the National Theatre and Tafawa Balewa Square and mandated the committee to work on it and report to back.

    “This followed the motion I moved on Dec. 20, 2017 on Federal Government’s plan to sell the monuments.

    “The Tafawa Balewa Square was instrumental to our history and the National Theatre was built for all blacks gathered to gather to celebrate the uniqueness of the black race.

    “The committee traveled to all the locations of all the monuments across the country and has concluded work on 32 edifices. Eight natural sites and four technological edifices,” she said.

    Contributing, Sen. Shehu Sani(PRP-Kaduna), said the monuments were important to Nigeria’s history and should not be sold off.

    He added that selling them off would be a great mistake as the historic identity attached to them would be erased, while generations to come would not have any sense of Nigeria’s history.

    “When we travel to other countries we visit historic monuments, and adding to revenue generation in those countries.

    “It therefore behooves on us to keep ours for visitors to have where visit and for generations unborn to have a sense of our history.

    “I visited Benin Republic monuments and the Slave Castle in Ghana among other countries and I saw how much they generate from them,”he said.

    The lawmaker urged parents to take their wards to historic places to teach them the country’s history rather than just visiting eateries and amusement parks.

    He advocated that rather than selling them, the country should find a way of funding and maintaining them.

    Sen. Yusuf Yusuf(APC-Taraba) said since the position of the senate is not to sell them, workable strategies needed to be evolved to manage them properly.

    “Selling may not be the best option but what do we do. I hear the square is under concession but is not well managed,” he said.

    Deputy President of the Senate, Ike Ekweremadu, who presided over plenary, said the monuments should be maintained rather than being sold off.

    “We need to maintain them and try a structured concession. There is no gainsaying the fact that monuments that should be maintained to be part of our history.

    “Some other ones should be identified in the course of time and as we evolve as a country to be named as national monuments,” he said.(NAN)

  • Senate to Fed Govt: don’t sell National Theatre, TBS

    Senate to Fed Govt: don’t sell National Theatre, TBS

    THE Senate yesterday resolved to ask the Federal Government to halt the planned sale of the Tafawa Balewa Square (TBS), Lagos and the National Arts Theatre, Iganmu, Lagos.

    The upper chamber said rather than sell the monuments, government should as a matter of urgency declare the TBS and the National Arts Theatre, the President’s house at Marina, the Prime Minister’s Lodge Onikan and the National Assembly Complex, Lagos as national monuments.

    It asked the Federal Ministry of Information and Culture to develop the areas into a visible tourist attraction for the country.

    The resolutions followed a motion entitled: “Proposed sale of the National Theatre and Tafawa Balewa Square, Lagos by the Federal Government of Nigeria” sponsored by Senator Fatimat Raji-Rasaki (Ekiti Central).

    Senator Raji-Rasaki, in her lead debate, noted that the media is awash about the sale of assets belonging to the Federal Government, including the National Theatre and TBS in Lagos to raise funds to finance the 2018 budget.

    She expressed concern that the TBS represents the landmark on which Nigeria got the instrument of nationhood at a ceremony on morning of 1st October 1960 when the Union Jack was lowered down and the Green-White-Green national flag was raised and hosted.

    The lawmaker said she was informed that the National Theatre was specifically built to host the 2nd Black African Art Festival named Festival of Art and Culture (FESTAC) in January and February 1977, where all black people across the globe gathered to celebrate the uniqueness of the Black race.

    She said the institutions and structures occupied a historical landmark, monument and serve as a symbol of the country’s nationhood, desires and attainment..

    The lawmaker said she is aware that several unsuccessful attempts were made in the past to sell off the TBS and the National Theatre under some guises.

    To permanently bloc any other such attempt, she suggested that the TBS and the National Theatre should be declared National Monuments, same for the State House, Marina, Lagos.

    Other senators, who contributed to the debate, described attempts to sell the national institution under any guise whatsoever as shame.

  • Govt to sell TBS, Arts Theatre, others

    Govt to sell TBS, Arts Theatre, others

    •Monuments to go for budget funding

    THE Tafawa Balewa Square (TBS), the National Arts Theatre and some selected power plants under the National Integrated Power Projects (NIPP) are part of the key national assets the Federal Government has concluded plans to sell, House of Representatives’ members were told yesterday.

    The purpose of the proposed sale is to generate sufficient revenue to finance the country’s annual budgets for the next three years (2018-2020).

    Director General of Budget Office Ben Akabueze, who told the House of Representatives Joint Committees on 2018-2020 Medium Term Expenditure Framework (MTEF)/ Fiscal Strategy Paper (FSP) about the plan, noted that the Federal Government’s non-core assets from the mines and steel sector like houses and estates are part of items slated for sale.

    According to Akabueze, items for the 2018 budget would be financed from the revenue garnered from sales of the key government assets as well as national parks.

    He said proceeds from the privatisation of the assets would be used to finance the budget deficit of N2.005 trillion, much of which will be financed through domestic and foreign borrowings, adding that the aspect had been factored into the 2018 budget.

    The country, he said, was generating too little revenue, hence it was expedient to borrow.

    The Director General of Budget Office added that the reverse would be the case, if actually the assets were generating revenues.

    “We are generating too little revenue, hence we are borrowing. If we generate enough, borrowing ratio will drop,” he said.

    However, chairman of the joint committee, Babaginda Aliu, frowned at the absence of five Federal Government agencies he described as critical to the 2018 budget consideration and passage, which were invited to the session.

    He noted that notwithstanding the late submission of the MTEF/ Fiscal Strategy Paper, the committee was committed to streamline its activities  to pass the document and ensure the budget is passed in record time.

    The Minister of State for Budget and Planning, Hajia Zaniab Ahmed, representative of the Governor of Central Bank, Adelabu R.A. and Executive Chairman, Federal Inland Revenue Services (FIRS) Dr. Tunde Fowler made presentations during the session.

    Also present were the Permanent Secretary, Ministry of Finance Alhaji Mohammed Isa Dutse, who represented the Minister of Finance, Mrs. Kemi Adeosun; and the Comptroller-General of Customs Col Hameed Ali was represented by Deputy Comptroller General of Customs in charge of T&T, Alu S.R.

     

  • Lagos set to transform TBS bus terminal into tourist attraction

    Lagos set to transform TBS bus terminal into tourist attraction

    The Lagos State Government on Friday said that arrangements had been concluded to transform the Tafawa Balewa Square (TBS’s) Bus Terminal to attract more tourists to the edifice.

    The Commissioner for Transportation, Dr Dayo Mobereola, disclosed this at a stateholders’ meeting organised by his Ministry in Lagos on Friday.

    Mobereola said that redevelopment was part of Gov. Akinwunmi Ambode’s efforts to further enhance the state’s mega-city project.

    He said: “The reason for this redevelopment is to actualise the vision of Governor Akinwunmi Ambode, in his strive to make the state a real mega-city.

    “To affirm this, there are some infrastructure that are to be in place.

    “TBS stands for Lagos State. It is a rallying point for us, so we want to beautify it more and make it a tourist centre.

    “It is very important and imperative to make the terminal a world-class edifice, so that when anyone comes to this place, they will bow and respect the state,’’ Mobereola said.

    The commissioner said that the purpose of the meeting was to seek the opinion of stakeholders and to carry them along.

    “We need your contributions to make it better. We are just going to make the place an ultra-modern terminal for the Bus Rapid Transit (BRT) buses, taxi operators and passengers.

    “What we want to do is to protect all during the rainy and hot seasons. Everyone will have its own section: Danfo drivers, BRT and taxi operators, so that passengers are not confused where to go.

    “What we are doing is for the benefits of all. When it is completed, it will be enforced,’’ he said.

    The Special Adviser to the Governor on Transportation, Mr Anofiu Elegushi, added that the purpose of the project was not to displace the operators.

    “We are ready to receive your inputs, comments and advice. Our intention is to re-arrange. It is not an intention to take over your operations, but we need your support to move the state forward,’’ he said.

    In his presentation on the project design, Mr Bolaji Bada, the Director Transportation Engineering in the ministry, said that the project would have a hightech fibre to provide shade.

    Bada said, “The weight of the material is approximately one per cent of glass, which make it light enough to withstand any weather condition. It is dust and repellant-free and can serve for 40 years.

    “This technology has the ability to transmit light when illuminated from above at night, so it will be spectacular, of high architecture and colourful, with a lot of land spacing for a standard terminus.’’

    In his reaction, Alhaji Tajudeen Agbede, the Chairman of the National Union of Road Transport Workers (NURTW), who lauded the project, urged that the government should be cautious of disrupting people’s sources of income.

    “I want to appeal that you do not displace the operators and traders when the project is eventually completed because they are of immense benefit to both passengers and their families,’’ Agbede said.

    Mr Hammed Okunuga, the Chairman, Road Transport Employers’ Association (RTEAN) in Lagos Island, said “we appreciate this as we have been looking forward to it, but let it not be that you want to take over what we feed our families with.’’

    A private Park-and-Ride operator at TBS, identified as Alfa Abolore, urged the government not to displace entreprenuers who have been making a living in the area.

    In his response, Mobereola, said, “no stakeholder should be fearful. We will not take your source of income. We must do it together.

    “We may have to relocate people that might be affected because by the time we are done with TBS, you will tell us to go and repair Obalende. Obalende is not up to standard.

    “We need your support because of the inconvenience it will bring during execution.”

    He added that the facility would include enhanced security and maintenance features such as Closed Circuit Television and a world-class toilet facility.

    The News Agency of Nigeria (NAN) reports that stateholders at the meeting included members and executives of the NURTW and the RTEAN, traders, politicians and residents, among others.

     

  • Fed Govt to raise N814b in TBs by year-end

    THE Central Bank of Nigeria (CBN) has disclosed Federal Government plan to borrow N814.78 billion ($4 billion) in Treasury bills between September 17 to December 3, this year. The bank said it would auction N215.14 billion worth of the three-month paper, N193.64 billion in the six-month debt and N406 billion worth of one-year paper.
    The total debt proposed for the fourth quarter is 6.66 per cent short of the N872.96 billion raised in the second quarter of the year, the data released by the bank at the weekend showed.
    Meanwhile, more investors could exit Nigeria’s bond market on concerns that new foreign exchange policy would hinder capital repatriation.
    The CBN restricted access to forex by importers in its bid to protect its reserves, but dealers say the measure is threatening the future of Nigeria’s bonds on JP Morgan government Bond Index. The rules curb access to forex to fund purchase of foreign shares and bonds, among others.
    Yields rose across maturities last week, spurred by the sell-off by some offshore investors cutting their risk in emerging markets and lack of interest from local pensions. “We have seen a number of offshore investors exiting their positions in the debt market in reaction to the new central bank foreign exchange measures and this trend will continue until we have a clear policy direction from the new government,” a dealer said.
    Traders said some banks are also exiting their positions in the long tenor debt market and switching to short-dated paper because of the fore control measures by the central bank. JP Morgan has threatened to eject Nigeria from its Government Bond Index (GBI-EM) by the end of the year unless it restores liquidity to currency markets in a way that allows foreign investors tracking the benchmark to conduct transactions with minimal hurdles.

  • N1tr AMCON bonds: Banks got cash, TBs as refunds

    N1tr AMCON bonds: Banks got cash, TBs as refunds

    • Full impact hits market next week

    Facts have emerged that banks that invested in the N1 trillion Asset Management Corporation of Nigeria (AMCON) bonds retired yesterday collected both cash and treasury bills (TBs) refunds. Total AMCON bonds now stands at N4.7 trillion, with N3.6 trillion held by the Central Bank of Nigeria (CBN).

    Currencies Analyst at Ecobank Nigeria, Olakunle Ezun told The Nation that most bond holders made mixed choices, sometimes 70 per cent cash, 30 per cent TBs.

    He said the impact of the refunds will be evident from Monday, January 6, when the market picks up. He said the suspension of the foreign exchange market for the year also meant that limited activities took place in the market.

    He said that the expected improvement in liquidity will trigger a drop in TBs rate to about 10 per cent in the coming weeks.

    Ezun said that prior to the redemption date, AMCON Chief Executive Officer, Mustafa Chike-Obi held meetings with all the investors who disclosed their preferred refund options. But Chike-Obi said the bonds will not have adverse impact on the economy. “I think one, the money has been sitting with AMCON for a while, so, I don’t think we will use it to buy treasury bills, and I expect that the recipients of this money will invest it. I don’t think there will be much of monetary impact,” he said.

    He however, said that redeeming the bonds has boosted people’s confidence on the corporation. “I think it sent a very positive message to Nigerian and other people across the world that we are serious with what we are doing, and that any money we get will be used to retire our liabilities, and will not be diverted. This is probably the first time, a Nigerian institution, has returned this amount of money, and reduces its liabilities, voluntarily and willingly,” he said.

    The inter-bank rate last week fell slightly, by 155 basis points , due to improved market liquidity from

    TBs repayments and lower inter-bank funding pressure.

    The call/overnight and seven-day money market rates were at 10.8 per cent and 11 per cent respectively. The three-month Nigeria Inter-bank Offered Rate (NIBOR) slowed to 11.8 per cent, though less activity were done on the tenor.

    Meanwhile, the CBN liquidity management remained active, supported by recent change to Cash Reserve Requirement (CRR), the circular issued on 1 August reviewing its guidelines for how banks access its Standing Lending Facility window and Wholesale Dutch Auction System forex auction.

  • Traders, exhibitors lament low sales at Lagos fair

    Traders, exhibitors lament low sales at Lagos fair

    Traders and exhibitors have expressed sadness over poor sales at the just-concluded Lagos Trade Fair.

    Companies’ executives also berated the huge amount of money they paid in acquiring spaces to exhibit their goods at the fair ground at the Tafawa Balewa Square (TBS), Lagos.

    An exhibitor at the Abia State stand, Mr Cosmos Onyeibe, told The Nation that their stand was too small to accommodate about 17 exhibitors that came with the state government.

    It was learnt that over 1,000 companies, several traders and hawkers participated in the fair, which held between November 1 and 10.

    Investigation by The Nation revealed that to rent a square metre of space at the fair cost as much as N8,000.

    The Sales Representatives, Eteleson Group, Mr Clement Odo, said the company recorded low patronage and sales for its products, saying that the fair should have been held at the usual Trade Fair Complex along Mile 2/Badagry Expressway.

    Also, the Manager, Seven Stars Company, which specialises in selling toiletries, Mr Chuks Ohams, said the company was faced with challenges at the fair and had low sales after paying N340,000 for a space.

     

     

    Ohams also condemned the shifting of the fair ground from Trade Fair Complex to TBS.

    “Badagry area is the main place for event like that, but maybe they brought it TBS because of bad road. But there was traffic congestion along the TBS area also. I can confirm to you that we run at a lost at the fair,” he said.

    Assistant Marketing Manager, Zenon Laboratory Chemical Industry Segun Okulaja, said the TBS venue was too small and bemoaned the low turnout of people.

    “There was a huge drop in our sales. This venue was too small. We recorded little profit despite paying N300,000 to acquire space here. I will rate this fair 30 per cent successful,” Okulaja said.

    Also, an exhibitor at Abia State stand, Mr Cosmos Onyeibe, said the stand allocated to them was too small to accommodate about 17 exhibitors that came with the state government.

    “We are not happy with the 2013 Lagos Fair; the stand was too small; we were 17 exhibitors the came with the Abia State Government and we did not have enough room to exhibit our goods.So we are not happy at all,” he said.

    But while declaring this year’s fair closed last Sunday, the Lagos State Governor Babatunde Fashola who was represented by  the Commissioner for Commerce and Industry, Mrs Sola Oworu urged the private sector to invest more in the state’s economy, saying that that for Lagos to meet up with the mega city status, more private investment is needed in the state

    “We have long recognized that for us to achieve our dream of becoming Africa’s model megacity by 2015, there is the need to attract more private sector investments into the State in order to create jobs and increase productivity. Our development obligations as a State place on us the responsibility of developing strategies that will help us to harness public and private investments with a view to having a dynamic and expanding economy that is functional and visually attractive,” Fashola said.

  • Fairs of economic revival

    Fairs of economic revival

    For years, the Lagos Chamber of Commerce and Industry (LCCI) has held the Lagos International Trade Fair. This year’s, the 27th in the series, with the theme: ‘Harnessing trade potential for an inclusive economy’ has come and gone. What has this fair achieved over the years? Has it helped in stimulating the economy through foreign direct investment (FDI)? Or is it just an avenue for companies to exhibit products? Okwy Iroegbu-Chikezie reviews the fair.

    As usual, crowds thronged the Tafawa Balewa Square (TBS) venue of the 27th Lagos International Trade Fair held between November 1 and 10. They came mainly to buy goods at cheap prices. At trade fairs, it is generally believed that goods are cheaper, compared with their prices at retail shops. So, shoppers flocked to the fair to get things which they had been planning to have for long. But is this the goal of a fair? According to the organisers, the Lagos Trade Fair, like others, was targeted at Nigerian enterprises seeking wider access to internal and international markets as well as investors seeking joint-venture partners and markets for intermediate and capital goods in Nigeria and the Economic Community of West African States (ECOWAS) member-countries.

     

    Objectives of the fair

    The Chairman, Trade Promotion Board of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Babatunde Paul Ruwase , said the fair was to create a platform for economic growth through a deliberate exposure of the nation’s potential to the outside world.

    Other reasons were to revitalise and diversify the economy, especially non-oil exports, accelerate development of commerce and industry and encourage patronage of made-in-Nigeria products.

    Ruwase also said the fair was to encourage agriculture and agro-based industry, the evolution of Nigeria’s trade with the outside world, focus attention on the role of the private sector in the Nigerian economy and to explore the prospects for foreign and local investments in strategic areas.

    LCCI President Mr Goodie Ibru said the theme of the fair, “Harnessing trade potentials for an inclusive economy,” was chosen to underscore the critical importance of trade and the value of inclusiveness in the economic growth process. He said, among other things, it was to stress the fact that the quality of the investment climate and sectoral linkage have a lot to do with economic advancement of the country and the welfare of her citizens.

    Ibru stressed that the trade expo was premised on the need to ensure that there are sufficient linkages in all aspects of the economy. He listed the linkages between the oil and gas sector and the rest of the economy; the financial sector and the small businesses; large enterprises and the small businesses; between our consumption and our production and between our industries and our agricultural sector.

    His words: “There is the need to ensure that our national economic management model is structured to capture maximum value from domestic spending, foreign direct investments and other economic activities and how best can this be achieved if not through a well thought out trade fair that is well structured and inclusive of all stakeholders.”

    He observed that for a developing economy like ours, protection of our industries and firms is good and desirable, but making them domestically and globally competitive is fundamental as it is the surest path to sustainable development. The LCCI chief said the trade fair couldn’t have come at a better time than now when the government endorsed the new Common External Tariff (CET) by the Council of the ECOWAS Heads of State and Government to benefit from the economic integration of the region.

    President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Alhaji Muhammed Abubakar, said the fair would serve as a catalyst to economic development of country. It would increase FDI in information technology, oil and gas and other strategic areas in addition to promoting the value of individual linkages and inclusive growth, he added.

    The NACCIMA boss said trade fairs provide an opportunity for policy makers to appreciate the fact that the private sector needs the appropriate policy to thrive.

    He said: “No economy is an island but every economy needs the appropriate policy to be competitive. The private sector needs to be supported a great deal by government to drive the trade potentials of the country and a well planned and executed trade fair provides the platform.”

     

    Experience from the fair

    Rusawe said the over 500,000 visitors and over 1,000 stands showed that the nation’s economy is viable and attractive to the world.

    Wondering why the economy has not grown beyond the level it is, he concluded that the nation must be doing something wrong, despite its huge resources.

    According to Rusawe, the policy makers must as a matter of urgency investigate why foreigners, especially of the Asian countries stock, come here and succeed in every area of business even with something that needs no skill as pedestrian as in retail trade while our people fail. That those who participated last year came back this year in addition to huge foreign participation shows that trade fairs are a necessity in the economic growth of any nation, he said.

     

    Exhibitor’s remarks

    The Consul-General, Arab Republic of Egypt, Abdel Halim, called for increased trade and investment relations between Nigeria and his country.

    He said Egypt’s doors were open to genuine businessmen from Nigeria, adding that the relationships would provide a platform for discussing challenges that might arise in the enforcement of the Egypt Investment Promotion Act on Retail Trading.

    According to him, the Retail Trading Act is to ensure that foreigners who engage in businesses in Egypt abide by the laws of the country.

    Halim listed investment portfolios in Egypt to include tourism, energy, agriculture and fi nancial services.

    He said the Egyptian Government had provided incentives, including tax rebates, for foreign investors. He said no fewer than 10 Egyptian exhibitors participated at the Lagos Trade Fair to showcase some made-in-Egypt products.

    “All our products are natural; our perfumes on display were without any chemical addition. Some of the natural oils are medicinal and produced under hygienic condition,” he said.

    To him, the fair was an opportunity for the Egyptians to introduce more products into Nigerians.

    Patronage at Ghana, Indonesia and India stands was good in terms of sales and investors while China Pavilion was a beehive of activities with visitors and prospective investors because of mostly the cheapness of their products.

    While some of them said the sales were poor, others said they had got people interested in continuing business relationships with them after the fair.

    One of the exhibitors at Akwa Ibom State stand, Mr Godswealth Henry, managing director, Jekon Integrated Farms Nig. Ltd., producers of RIV Pam Red Palm Oil, said his outing was impressive.

    “Visitors to our stand and patronage in terms of sales and prospective investors are encouraging.

    “I am happy to be at the 2013 Lagos Trade Fair. The idea of the Akwa Ibom Ministry of Commerce bringing us to participate is being achieved.

    “We are into edibles, that is, adding value to farm products so that it meets international standards for export.

    “Our presence at the fair is to get investors in Lagos to be able to evaluate the acceptance of the product when we start exporting them,” he said.

    Another exhibitor from Cameroon Stand and Managing Director, GIC Laboratoire Gefeh, manufacturers of herbal medicine, Mr Ngwei George, said visitors had been enlightened on efficacy of herbal products.

    “Our products are made from tree roots, leaves or seeds and we work with the Ministry of Health, Cameroon.

    “All the products on exhibition are certified by the Cameroon Government laboratories. We have different uses for cocoa seeds.

    “For example, from the cocoa butter made from cocoa seed which is medicine on its own, we produce soaps, hair creams and lotions, among others.

    An exhibitor at Abia State stand, Mr Cosmos Onyeibe, however said the sales were poor and that the stand was too small to accommodate about 17 exhibitors that came with the state government.

    “We are not happy with this year’s Lagos Trade Fair; see, this stand is too small; we are 17 exhibitors and we do not have enough room to exhibit our goods.

    Managing Director, Dusco-Designers International, Mrs Olufunmilayo Ige, a manufacturer of female hand bags, shoe and jewelry from Aso-oke and Ankara fabrics from Osun State said the state government still has a lot to do in areas of making affordable finance available for SMEs. She complained of low sales at the fair and said though she has had visitors visit her stand and appreciate her goods there has been no effective demand.

    Another entrepreneur and Curator of Genesis Arts Gallery Mr Adeyinka Fabayo from Osun State also asked for financial assistance from government to purchase the necessary machines that are capital intensive. He said the fair just like any other is good for exposure and not necessarily cash sales.

    Another entrepreneur Mrs Iyabo Oyebamiji who manufactures local fabrics also complained of low sales.

     

    Advantages of the fair

    ‘’We are excited to see business deals signed and taken to the next level which is a testament that the trade fair is a veritable ground for businesses enterprise and cooperation said Ruwase. Our efforts at putting in place a business to business meeting room at the fair was not in vain seeing the many strategic unions and engagement that came out of it.

    ‘’Many states attended the fair and displayed their products which if harnessed can take the nation to greater heights in her quest for economic prosperity, he added.

    According to him, what some of the state governments need to do is to encourage their SMEs by not only providing funding and soft loan for them, but also an enabling environment in terms of the provision of necessary infrastructure, capacity building and helping with regulatory issues.

    Rusawe said it was at the fair that the Ogun State Government disclosed that it had released N1 billion to the state SMEs to assist them in running their business. He argued that some of those the fund are meant for might not have known about it and would continue to struggle to source for funds for their businesses.

     

    Lessons learnt

    Rusawe said the announcement of President Goodluck Jonathan at the opening ceremony, on the efforts of the government concerning power generation and distribution and the hand-over of the Distribution companies (DISCO) to investors is an eye opener.

    ‘’We are in a vantage position to appreciate the efforts of the government in power generation, especially as far as the investment of the government in that area is concerned. More states have also said that they have created industrial clusters, but, unfortunately, we are not seeing the effect because when the environment is tough the poor feel it the most,” Rusawe said.

    He also noted the observations of some exhibitors and visitors and promised that next year’s event would be bigger and better.

     

    Challenges at the fair

    The most challenging part of the fair is having to construct the boots yearly and they are only useful for a week or at best two weeks. He said the chamber was clamouring for a more permanent arrangement and a purpose built complex that is suitable for trade, expos and exhibitions. Some exhibitors, however, expressed their satisfaction with the venue due to its centrality bearing in mind the poor state of the Lagos /Badagry Expressway. Some exhibitors said their challenge was poor publicity which they said made attendance to their stands poor limiting their visibility and possible sales they would have made.

    On the heels of that, Rusawe asked the Federal Government to expedite action on the transfer of the purpose-built Lagos International Fair Complex at Lagos/Badagry Expressway to the chamber as had been done for Kaduna and Enugu Chambers of Commerce.

    He said: “We are wondering why the purported concession which was adjudged to be faulty has been allowed to stand to this point in time. LCCI is impressed that government has thought it wise to go to court but not excited because the court process may drag forever.”

     

    Government remarks

    President Goodluck Jonathan said the government recognised the place of trade fairs in the economic development of the country. He said that was one reason the Federal Government was taking the legal option to take over the concessioned Lagos International Trade Fair Complex on the Lagos/Badagry Expressway because of the faulty privatisation process.

    He said his administration was poised to increase trade on three levels — international, ECOWAS and internal trade as it has realised its potential for economic growth.

    Jonathan, who was represented by the Minister of Industry, Commerce, Trade and Investment Dr Olusegun Aganga, said the government’s interest in the fair is also based on her belief that SMEs are the engine room of growth for any economy judging from the success story of the Asian Tigers.

    He noted that with 17 million SMEs, employing 32 million people, the government was on its way to economic prosperity.

    Jonathan also announced the tariff differential of 70 per cent that will make it more expensive to import when there is local alternative.

  • CBN awaits National Assembly to invest N3b ‘idle’ cash

    CBN awaits National Assembly to invest N3b ‘idle’ cash

    • No sanction for erring banks on ATM fee waiver

    The Central Bank of Nigeria(CBN) is awaiting the National Assembly’s passing of the Securitisation Bill to enable it invest the N3 billion idle funds in treasury bills (TBs), found during the mopping up of funds to reduce inflation.

    Its Director of Communication, Mr Ugo Okoroafor said CBN is pursuing the law’s enactment to avail itself of opportunities in the asset securitisation investment window.

    He also said CBN won’t sanction banks that disobeyed the Banker Committee’s directive to waive the N100 inter-bank Automated Teller Machine (ATM) charge.

    Okoroafor told reporters in Ijebu-Ode, Ogun State that the TBs were lying fallow because CBN cannot move them to other sectors of the economy. He said the idle funds could be invested in government- backed securities to enhance economic growth.

    Okoroafor said: “About N3 billion is lying fallow in the treasury bills end of the fixed-income securities market. If the money is released, it can serve investment purposes. That is why CBN is pursuing Securitisation Act in the National Assembly to enable it to invest the money in securitised assets like mortgages.”

    According to him, the reforms have recorded some achievements as evident by the changes in the banking.

    He said the industry is stabilised, stronger, robust and growth performance-oriented, noting that the establishment of the Assets Management Corporation of Nigeria (AMCON) has helped in cleaning up the bad debts of banks.

    The reforms, he said, resulted in the introduction of financial literacy programme, establishment of consumer protection unit, among other initiatives capable of increasing accessibility to banking.

    He said the CBN Governor, Sanusi Lamido Sanusi, at the last Monetary Policy Meeting, insisted that attention must be given to collation of data on various aspects of the economy.

    “Sanusi insisted that we should be getting data as at when due from the National Bureau of Statistics to encourage economic growth. When data are made available, it would assist in planning for the economy,” he said.

    The essence of having a regular data, he said, is to keep a close tab on the economy, and further benchmark it against international standards.

    He said the country’s foreign reserves are good enough, arguing that the $75 oil benchmark was arrived at to prevent Nigeria from consuming everything at its disposal at once.

    The CBN’s spokesman said infrastructure is one of the major problems in the industry, adding that banks could not lend because of infrastructural challenge, adding that another is identity, a problem which has affected the capacity of banks to lend.

    Okoroafor said CBN won’t enforce the N100 ATM charge waiver because it was the banks that agreed to stop the fee, adding that the regulator would continue to encourage and advise the banks on the need for compliance.

    The Nation’s findings showed that many of the banks are still charging customers the fee.

    The CBN’s position contrasts that of the Nigeria Deposit Insurance Commission (NDIC), which earlier warned that commercial banks that violate the policy would be sanctioned.