LITF, opportunity for Nigeria to be part of Africa’s $29trn Economy projection —NACCIMA

THE Nigerian Association of Chambers of Commerce Industry, Mines and Agriculture (NACCIMA) has described the annual Lagos International Trade Fair (LITF) as an opportunity for businesses in Nigeria to contribute to a collective market that has the capacity to expand the size of Africa’s economy to $29 trillion by 2050.

The National President of the association, Honourable Dele Kelvin Oye, made the remarks at the flag-off ceremony of this year’s edition of the fair, in Lagos, over the weekend.

The NACCIMA boss, represented by the Director General of the association, Mr Kola Obadimu, commended the Lagos Chamber of Commerce and Industry (LCCI), organisers of the annual event, for coming up with a ‘premier’ platform that has continued to showcase the best of Nigeria’s enterprise and provide new avenues for trade and investment across borders.

Oye described the fair as an avenue for collaboration and innovation, which, he added, are vital towards achieving a thriving and resilient economy.

“By engaging in trade, sharing innovations, and exploring joint ventures, we not only expand our own reach but also strengthen Nigeria’s economic landscape and influence across Africa and beyond.

“The value generated through these connections also aligns with the African Continental Free Trade Area (AfCFTA), which opens vast opportunities for increased trade across the continent,” he added.

The NACCIMA boss assured organisers of the readiness of the association to support the platform, aimed at fostering economic growth and strengthening Nigeria’s image as a destination for investment and innovation since it is in sync with the association’s aspirations.

In his welcome address, the President, LCCI, Mr Gabriel Idahosa, stated that the fair, which runs between November 1st and 10th, this year, provides the opportunity to showcase the best of Nigerian entrepreneurship and ingenuity, and the diversity and richness of its global economic partnerships.

He believed this year’s edition of the fair, embodies the Chamber’s mantra of “Connecting Businesses, Creating Value, as it intensifies its efforts at building bridges that empower businesses, create job opportunities, and deliver value for communities, consumers, and citizens alike.

He described the 2024 edition of the fair as significant, as the country navigates an era of economic adjustment marked by challenges and opportunities.

“From the disrupting pressures of inflation rates to a volatile foreign exchange market, our economy has faced complex policy options that have pushed businesses across all sectors to build resilience, innovate, and build collaborative networks for survival.

“As an incubator of ideas and a catalyst for commerce, the Lagos International Trade Fair stands as a beacon of opportunity, offering enterprises the platform to showcase resilience-driven solutions, explore synergies, and drive sustainable growth in Nigeria and the wider region,” he added.

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