Intra-African trade to grow by $80bn in seven years ― Awolowo
THE Executive Director of Nigerian Export Promotion Council (NEPC), Segun Awolowo has disclosed that Intra-African trade through open market activities like trade fair is expected to increase trade volume of the continent from $170 billion in 2014 to $250 billion by 2021.
Speaking to Journalists in Abuja at the weekend in view of the forthcoming Intra-African trade fair billed to hold in Cairo, Egypt, Awolowo said: ”the Fair organised by African Export-Import Bank (AFREXIM) is expected to contribute towards the bank’s earlier objective to increase intra-African trade.”
”Over 60 companies will be showcase Nigerian products at the Intra-African Trade Fair (IATF) in Cairo, Egypt from December 11 – 17, 2018.
Products that would be on display at the IATF, the first of its kind in Africa, ranging from manufactured, agro and agro-allied, financial services, entertainment and digital and intellectual property.”
He stated that the “key objective for participating at the fair is to increase the visibility of Made-in-Nigeria products and launch new products/services into the African market in a bid to increase Nigeria’s market share in the continental market.”
Others, Awolowo noted are to establish new business partnerships and strengthen existing business relations, attract investment into the non-oil export sector as well as collation of market intelligence to assist Nigerian exporters.
”The country’s participation is also targeted at showcasing the Nigerian cultural heritage and trade policies to change the negative perspective of the international community as well as amplify Nigeria’s readiness for business through showcasing Nigeria’s trade and investment, display our tourism potential through Nigeria’s rich cultural heritage among others.
Besides, the Nigeria Country Day tagged “Niaja Day” will showcase Nigerian music, comedy, fashion, cuisine, arts and culture as part of activities lined-up for the country’s participation at the Fair.
The IATF would, therefore, bring together continental and global players to exhibit their goods and services, as well as explore business and investment opportunities in Africa,” he stated.
Apart from NEPC organizations such as Nigerian Export-Import Bank (NEXIM) and Bank of Industry (BoI), Dangote Group, British American Tobacco, Nigerian Breweries PLC, BUA Group, Forte Oil, Conoil, OandO and A-Z Petroleum Products Limited will also participate at the Fair.
Also participating are Chi Limited, Eleganza Group, Cutix PLC, Coleman Technical Industries, MicCom Cables & Wires, Julius Berger, Dantata 7 Sawoe, Brunelli Construction Company and El-Alan Construction Company, Notore Chemical Industries and Indorama Eleme Petrochemicals.
Others include Innoson Vehicles, Proforce, ASD Motors, Stallion Group, Peugeot Automobile Nigeria, Dana Drugs Limited, Emzor Pharmaceuticals, Orange Drugs Limited, Neimeth International Pharmaceuticals, Evans Medicals, Drugfield Pharmaceuticals among others.