The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) said it was in discussion with the African Export-Import Bank (Afreximbank) on the possibility of Nigeria hosting the 2017 Inter-African Trade Fair (IATF), an Afreximbank initiative that seeks to promote trade and investment in Africa.
Making this known at its Fourth Quarter Press Briefing in Lagos, on Tuesday, NACCIMA National President Ide JC Udeagbala said the move was because of the Fair’s beneficial multiplier effects on the host country, which include foreign exchange earnings, infrastructural development and reviving of dying Small and Medium Enterprises (SMEs).
NACCIMA’s quarterly press briefings review socio-economic issues of interest to the business community, which NACCIMA represents, and the private sector in general. The briefings review the state of the economy and the association’s suggestions on how to foster an investor-friendly environment and engender economic growth.
Speaking during the event, Udeagbala said the hosting of the Fair by Nigeria was long overdue and the time to express her strong interest and bid for hosting rights is now, hence his recent visit with his team to Cairo, Egypt, to discuss with Afreximbank on the possibility of Nigeria hosting the 2017 edition of the IATF.
Udeagbala said upon arrival in Cairo, Egypt, his team was well-received by the President/Chief Executive of Afreximbank, Professor Benedict Oramah. He said his team was duly informed that the African Union (AU) had taken the IATF under its wing and the African Heads of State now have the final say on the country that hosts the Fair.
Organised by Afreximbank in collaboration with the AU and the African Continental Free Trade Area (AfCFTA) Secretariat, IATF supports the implementation of the AfCFTA. The initiative marks an important step to sustainably addressing the gap in trade and market information for the successful realisation of the AfCFTA objectives.
The inaugural edition of the biennial IATF was held in Cairo, Egypt in 2018, where trade and investment deals worth $32 billion were concluded, and more than 1,000 exhibitors and 2,500 conference delegates from over 45 countries participated.
This resulted in an unprecedented platform for businesses to exponentially grow their interests through Africa, and it was followed by the 2021 IATF in November 2021, in Durban, South Africa. The 2023 IATF has been scheduled to hold in Abidjan, Cote d’Ivoire.
Udeagbala, while reiterating that “hosting of the Fair by Nigeria was of great interest to us at NACCIMA,” added that the Chamber was “willing to work with the government and its Ministries, Departments and Agencies (MDAs) in pursuit and achievement of this laudable economic project.”
“The economic multiplier benefits are quantum to Nigeria and this could be economic game-changer to the socio-economic challenges Nigeria is currently facing,” Udeagbala emphasized, promising that NACCIMA will set up a committee to work with relevant agencies and ministries to secure IATF hosting rights for Nigeria.
Although, hosting the IATF is open to all AU member countries including Nigeria, some of the criteria outlined by the IATF Governing Council include demonstrable capacity of the country to host the Fair, available of space, security, air traffic capacity and its road and rail networks etc.
Udeagbala, while stating that Nigeria, based on the outcome of his team’s visit to Cairo, Egypt, passed the space criteria, for instance.
With regard to other criteria, he said: “It is important that our government buy-in into the bid for the Fair as the government will need to provide a form of grant vto ensure that the infrastructure is developed in good time for the Fair.