Successful trade fairs depend on stronger economy – Japanese group

Takashi Oku, trade commissioner of the Japanese External Trade Organisation (JETRO) says the improvement of Nigeria’s economy will impact the level of participation and investment from domestic and international companies at trade fairs in the country.

Speaking to newsmen at the end of the Lagos Trade Fair on Sunday, Takashi said trade fairs were significant platforms for showcasing products and engaging in business deals.

He said though the economic challenge in Nigeria affected the trade fair, as the number of visitors decreased, some exhibitors still had the opportunity to sign some business deals.

A total of 40 Japanese companies participated in the fair which is an increase from the 33 companies that participated last year. Asked whether the number will increase next year, Takashi said that will depend on the review of their participation this year.

“Even though the economy has some challenges, certain deals were made and we want to continue to make efforts to have more concrete business contracts”, Takashi said at the fair with the theme: “Connecting businesses, creating value”.

It is believed that Nigeria’s economy, one of the largest in Africa, holds significant potential for growth on the back of abundant resources. Improvement in the Nigerian economy makes the country more attractive to foreign and local companies looking for new markets and partnerships.

Speaking earlier during the trade fair which started on November 1, 2024, Takashi told BusinessDay that more Japanese companies were showing interest in entering Nigeria.

Already, over 41 Japanese companies are operating in Nigeria and what informs the new companies’ interest in Africa’s most populous country are the opportunities, market and what they consider the fastest-growing economy in Africa.

With Nigeria’s young population, the country also offers substantial opportunities for business growth across various sectors, including fast-moving consumer goods, entertainment and technology.

Oku also described Nigeria as a gateway to the West African market. He particularly said that a beverage company with a factory in Ogun State would be starting operations next year in Nigeria.

The trade commissioner said that Japan was looking forward to collaborating with Nigerian startups to create new opportunities.

Gabriel Idahosa, president, Lagos Chamber of Commerce & Industry, said that the chamber, which organises the annual fair, was committed to providing a dynamic platform that fosters business networking, explores new market opportunities, and encourages partnerships to generate value across the economy.