How 2016 Lagos Fair will steer SMEs, support diversification

If there is any trade fair in Nigeria that unleashes the vast potential of the micro, small and medium enterprises (MSMEs) in the country, it is the Lagos International Trade Fair, organised by the Lagos Chamber of Commerce and Industry (LCCI).

Given that over 80 percent of businesses in the country are MSMEs, it may not be surprising to find that the majority of exhibitors in the trade fair are businesses in this category.

This does not mean that large enterprises do not participate. In fact, the Lagos fair often allows large and high-job enterprises such as the Dangote Group, Erisco Foods, Innoson, Lafarge Africa, among many others, to showcase their products and dynamism.

The 2016 International Trade Fair promises to not only unleash the creative capacity of MSMEs but also support the present government’s diversification target.

The organiser, Lagos Chamber of Commerce and Industry, has always been an advocate of small businesses and always gives an importance place for businesses in this class.

In fact, at most Lagos fairs, Nigerian banks, which are often accused of doing little for small businesses, are handy to showcase their products for MSMEs. Banks such as Fidelity, Diamond, GTB, Bank of Industry and many others often devote much time to educate MSME operators on what it takes to get loans from financial institutions and how to prepare bankable proposals.

This year’s trade fair is, however, unique as it is happening at a time the Nigerian economy is in crisis and when the Federal Government is desperate to diversify the economy.

Being conscious of this, the LCCI themed upcoming trade fair, ‘Positioning the Nigerian Economy for Diversification and Sustainable Growth’ to reflect the mood of the nation.

At the public presentation of the 2016 Lagos International Trade Fair Prospectus in Ikeja, Nike Akande, president, LCCI, said the chamber would be hosting the 30th edition of the fair, having taken over the running of the fair from the Federal Government in 1986.

Akande said that Lagos fair had over the years provided a platform for promoting and showcasing the abundant resources and numerous investment opportunities in the Nigerian economy.

“There is no better time to talk about economic diversification than now. We have neglected our non-oil sector for too long. We are blessed with abundant deposits of solid minerals which have remained largely undeveloped over the years. We have rich deposits of gypsum, bentonite, tantalite, bitumen, coal, gold, gold barite, iron ore, gemstone and many more. This is the time to pay closer attention to this sector,” said the LCCI president.

She said the ongoing backward integration efforts of corporate organisations towards sourcing a large part of their raw materials locally should be encouraged, adding that the economy had the capacity to weather the current difficulties if policy contexts were appropriate and robust.

“We are optimistic that with the creation of an enabling environment, the diversification of the Nigerian economy will be realised sooner than later,” she added.

Sola Oyetayo, chairman, trade promotion board, the 2016 fair would host the general interest business-to-customer fair and exhibition from Friday 4th and Sunday 13th of November, 2016.

Oyetayo said Eko Hotel would host the corporate business-to-business (B2B) exhibition from Monday 7th to Friday 11th November, 2016. The International Investment Conference will bring together government policy makers, top CEOs and key players in different sectors of the economy between Tuesday 8th and Wednesday 9th November, 2016. There would also be Lagos Creative Industry Fair, tagged ‘Eko Akete’ between Friday 4th and Sunday 13th November, 2016.

“Interestingly, the 30th anniversary will also feature competitive essay writing by secondary school students and the event will be rounded off with the anniversary dinner on 11th November, 2016,” he said.

He said it promised to be fantastic ten days of impactful and educative activities.