• Monday, June 24, 2024
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BusinessDay

Lagos International Trade Fair complex revenue soars to N430m in Q1 2024 – Minister

FG inaugurates committee to strengthen Intellectual Property rights, drive industrialisation

Doris Uzoka-Anite, minister of Industry, Trade and Investment has disclosed that the Lagos International Trade Fair Complex has recorded significantly increased revenue to the federal government in the first quarter of 2024 amounting to 430 million naira against the revenue of 2023 was just 17 million naira.

She disclosed this at the ongoing ministerial sectoral update for the Tinubu-led administration on Tuesday.

The minister also disclosed that the ministry will host the Lagos International Trade Fair which was last hosted 14 years ago in 2010.

“With this massive increase and with the increasing face lift, the ministry will be hosting the Lagos International Trade Fair, we are now set to host a popular Lagos International trade fair. This trade fair was last hosted 14 years ago in 2010 and this trade fair will reestablish our country as a market hub of West Africa.” She said

According to her, the revival of this trade fair symbolizes the government’s unwavering commitment to reclaiming its position as a regional market powerhouse in West Africa.

Anite added that the resurgence of the Lagos International Trade Fair will not only reestablish Nigeria as a regional market hub but also amplify market linkages for manufacturers, suppliers, farmers, and traders nationwide.

She said the revitalization is poised to catalyze economic activities across various sectors, from tourism to manufacturing, while creating much-needed job opportunities and fortifying food security.

Concurrently, she said transformative reforms at the Nigerian Commodity Exchange aim to unlock equitable opportunities for farmers and miners in national and international markets as fruitful bilateral engagements with countries such as Qatar, the UK, India, and the UAE have further bolstered Nigeria’s market access and trade prospects.

To expedite export processes and mitigate rejections, Anite said the government is set to establish the one-stop export processing centres across geo-political zones to streamline operations with stringent regulations mandating exports against inward letters of credit aim to safeguard Nigeria’s natural resources while bolstering its currency and economy.