Mixed feelings as brands, businesses jostle for consumers’ attention at LITF 2022

It is no longer news that the annual Lagos International Trade Fair (LITF) was, over the weekend, flagged off in Lagos. Perhaps, what is, however, of interest to those in attendance were the mixed feelings that greeted the official kick-off of the annual trade exhibition.

For instance, the determination to make the best out of the opportunities provided by the annual exhibition could be seen clearly written on the faces of some brand custodians, and business owners at the fair. But many others, at the fair, never shared in such optimism. For this class of people, the apprehension was palpable. The present challenges facing individuals and businesses around the globe, would, without doubt, take their toll on the ten-day event, expected to feature both local and international brands.

They believe access to foreign exchange, continued devaluation of the nation’s currency, the naira, against other foreign currencies, had not really put them in good stead to effectively do business and participate, competitively at the fair.

At the Bhojsons’ stand, visited by Brands & Marketing, one of the sales representatives of the company, who simply identified himself as Ademola, believes the inclement economic climate in Nigeria had made the products of the company, one of which was the tricycle, popularly known as Keke Marwa, at the stand, go beyond the reach of the average Nigerian they are meant for.

“For instance, the tricycle, on the stand here goes for over N1.3million just because of the current form of the value of the naira. This has not helped been inspiring at all; because it makes marketing of these items to prospective customers a bit tough. How does one explain that something that used to go for between N350,000 and N400,000 in the past, has suddenly become over N1,3m in recent times?” he asked rhetorically.

Also, at one of the DSTV stands visited, another sales representative of the brand, Tosin, explained that despite running a sales promotion and slashing the prices of some of the decoders, the marketing gesture had not made the much- desired impact. This development he attributed to the not-too-pleasant form of the nation’s economy.

“In the past we would have been experiencing some form of rush, despite today being the first day of the fair. We are, however, hopeful. We still have more than one week to go,” he stated.

But , for some brands, especially the local ones, this year’s edition of the fair is another opportunity for them to test the waters, against the international brands, to see how far and well they can hold their own against other foreign brands, especially as the African Continental Free Trade Area (AfCFTA) deal, becomes fully operational.

“This is a very good opportunity for the brands, especially the local ones, to test the waters. This is an international trade fair, and the fact remains that how well they hold themselves would go a long way in determining whether local brands stand any chance against their foreign counterparts,” argued Mr. Samson Ayomiwa, an entrepreneur, who had come to witness the opening ceremony of the fair.

Interestingly, the organisers, the Lagos Chamber of Commerce and Industry (LCCI), are there to reassure both brands and consumers participating at the fair.

Its president, Asiwaju Michael Olawale-Cole, in his welcome address, explained that the fair provides immense benefits for exhibitionists and consumers in different market segments, because of its immense clout.

This may not be farther from the truth. For instance, since its inception, the fair had grown to become the largest trade show in sub-Saharan Africa, and has attracted both national and international entrepreneurs from over 1600 companies around the globe.

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Cole explained that the decision to tag the fair, ‘Connecting Businesses, Creating Value’, stemmed from the need to underscore the importance of relationships and networking among businesses for the purpose of wealth creation.

The LCCI boss believes the fair provided the much-needed opportunity for investors to continue to demonstrate their resilience and determination to forge ahead in face of challenges.

He however used the opportunity of the event to call for a new national trade policy that could respond to the dynamics and new realities of the global trade system.

In his goodwill message, President Muhammadu Buhari, re-assured businesses of the federal government’s commitment to improving the nation’s trading environment.

The president, who was represented by the Minister of Industry, Trade, and Investment, Otunba Niyi Adebayo, stated that some of the steps include creation of special economic zones, and provision of funding, through the Central Bank of Nigeria (CBN) to encourage domestic production and exports.