Intra-African Trade Fair to open Nigerian businesses to African continent ― Minister

The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, has said the Intra-African Trade Fair (IATF) will give Nigerian businesses the opportunity to expand into the African continent.

At the Nigeria Roadshow in preparation for the 2nd Intra-African Trade Fair (IATF) scheduled to hold in Durban, South Africa between November 15 and 21, 2021, Adebayo said the fair would give businesses the platform to key into regional value chains to extend their operations into the higher value segments of their industries.

Represented by the ED/CEO, Nigerian Export Promotion Council and President, ECOWAS TPO Network, Mr Olusegun Awolowo, the Minister in a keynote address said IAFT, an avenue for promoting trade and investment within the African continent, was imperative at this time as Intra-Africatrade is low when compared with other continental blocks, accounting for 12 per cent of Africa’s total global trade.

He added that IATF represents one of the key initiatives to realize the objectives of the African Continental Free Trade Area (AfCFTA), which is set to create a single market for made in Africa goods and services, with the aim of deepening economic integration amongst African countries.

Speaking on the IATF Nigeria Roadshow, Adebayo said it was an avenue aimed at creating maximum awareness in Nigeria to enhance its preparedness for the IATF event holding next month.

“Of course, as the giant of Africa, the expectation on us is not only high but worthwhile. As such, we need to sensitize all relevant stakeholders from various sectors of our economy on the fair and use it to showcase our vast resources in agriculture, solid minerals, entertainment industry, information and Communication Technology, fashion, creative arts, and other areas of investment.”

Earlier in his opening remarks, George Elombi, Executive Vice President, Afriexim Bank explained that IATF provides a platform for buyers and sellers, investors and governments, to connect, exchange trade, investment and market information and conclude business deals, while noting that the trade fair brings together continental and global players to exhibit their goods and services and to explore business and investment opportunities in Africa.

He observed that due to market fragmentation, lack of economies of scale, reliance on the export of primary commodities, among others, the Intra-African trade had been very low, however with the IATF, these are bound to change.

Speaking on the preparedness of the South Africa government to host the fair, Mr Darkey Africa, Consular General, South African High Commission in Lagos gave assurance the government has taken steps to ensure the IATF records massive success.

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