Nigerian businesses are well-positioned to lead intra-African trade growth and expand their footprint across the continent, according to experts at a high-level business roadshow held in Lagos, Nigeria on September 13, 2023.
The event, which was organized by the African Export-Import Bank (Afreximbank) in collaboration with the Nigerian Export Promotion Council (NEPC), brought together government officials, business leaders, and other stakeholders to discuss the opportunities and challenges of intra-African trade under the African Continental Free Trade Agreement (AfCFTA).
In her opening remarks, Mrs. Kanayo Awani, Executive Vice President of Afreximbank, called on Nigeria to lead the charge of African trade. She noted that Afreximbank has invested over US$36 billion into the Nigerian economy since its creation in 1993, and is committed to contributing to the country’s economic growth.
Dr. Ezra Yakusak, Executive Director & Chief Executive Officer of NEPC, spoke about how the NEPC is spearheading Nigeria’s participation at the Intra-African Trade Fair (IATF2023), which is being held in Cairo, Egypt from November 9-15, 2023. He extolled the benefits of the trade fair to Nigerian businesses, and encouraged them to participate.
The roadshow also featured two panel sessions on the topics of “Growing intra-African trade amidst increasing regional and global geopolitical challenges” and “What must Nigeria do to take advantage of the AfCFTA?”
Panellists discussed a range of issues, including the need to localize manufacturing with quality products conforming to international standards, improve transport infrastructure, and develop the financial services sector. They also called on banks to support SMEs with easier access to finance.
In his closing remarks, Mr. Amr El Tantawy, Head of the Egyptian Commercial Bureau of the Embassy of the Arab Republic of Egypt, Nigeria, reminded delegates that IATF2023 is a prime event on a trade and economic level for African countries. He said that events like this are a true reflection of the strong commitment to materialise economic development, which should be given a boost through the full implementation of the AfCFTA.
Nigeria has much to gain from IATF2023, having played a huge role in the successful outcome of IATF2021 in Durban, South Africa. In 2021, Nigeria accounted for 39% of the total trade and investment deals signed; 14.1% of the visitors and 15.8% of the exhibitors. The expectation is that Nigeria will surpass this at IATF 2023 where it is forecast to conclude $17.2 billion (40%) of the total trade and investment deals, account for 10,500 (30%) and 400 (25%) of the visitors and exhibitors respectively.
The event provided an informative prelude to the third Intra-African Trade Fair (IATF2023) for the Nigerian business community. IATF2023 is being held from 9 to 15 November 2023 in Cairo, Egypt. It is forecast to result in US$43 billion of trade and investment deals being agreed, and to attract over 1,600 exhibitors and more than 35,000 conference delegates and trade visitors.
To register and be part of IATF2023, interested exhibitors, buyers, trade visitors and delegates should visit www.intrafricantradefair.com for their place at the event.
