With the intention to impact on the distribution chain, improve market penetration for manufacturers, and connect stakeholders to global investors, Atlantic Exhibitions will hold the 2019 edition of the Retail Sourcing Fair.
Retail Sourcing Fair (RSF) is a trade-only fair focusing exclusively on retail and commercial products for the home, office, gift and textile sectors.
The trade event will hold on the 12th to 14th of November, at the Convention Center, Federal Palace Hotel, Lagos.
Welcoming guests at a press briefing on the upcoming fair, Ayo Paul Olugbade, managing director, Atlantic Exhibition, describes RSF as a platform that will connect local distributors and retailers across West Africa, and offer exposure on an unprecedented scale.
Many factors and favourable forecast may have contributed to the position that Nigeria’ retail sector now enjoys as the largest for local and international investors.
Most notably, the burgeoning population has been said by experts to be a key contributing factor.
Estimated at a population of nearly 200 million, Nigeria offers a fast growing middle and emerging middle class with a consumer spending in excess of $100billion (N36.2 trillion) a year.
Nigeria’s middle class has grown by 600 percent and now includes 4.1 million households, equivalent to 11 percent of the population, Olugbade said in his welcome address.
Further on the growth of the industry, a research by the Global Retail Development Index puts Nigeria as the leading retail market in Africa with a record of $125billion retail sales in 2016.
Nigeria’s domestic luxury market is valued at $213 million. Wholesale and retail sales are already the third largest contributors to Nigeria’s GDP, contributing 16 percent, according to the report.
Therefore, Olugbade is convinced that the planned fair “is the most cost-effective way to access the African marketplace.”
He also stated that his organisation is in partnership with Leoht Africa in order to bring the event together.
Speaking on market growth in Nigeria, the project director of Leoht Africa, co-oraganisers of the fair, and China Brand Show, Bunmi Aliyu their believe in the opportunity for future growth led to the establishment of Leoht Africa’ international office in Lagos.
She said the fair is focused at establishing a presence for manufacturers in key markets on the continent and attendees from across 12 countries including over 400 Manufacturers, 3000 trade visitors across the public and private sectors.
“We have long championed new designs and African manufacturers. Now we are excited to add Homegrown: Best of Africa pavilion, a new area focused on Manufacturers and with talent for producing extraordinarily products from across East and West Africa including Nigeria, Ethiopia, Ghana among others. This section is aimed at export and intra African Sourcing,” she said, explaining what to expect at the event.
In addition, she said the China Brand Show will make its West African debut during this year’s fair, across a wide variety of industries.
“This trade-only event will focus exclusively on connecting Nigerian and Chinese businesses, government’s bodies and institutions to have in-depth onsite discussions on Investments, business and trade opportunities.
“The China Brand Show will feature over 250 Manufacturers vetted by the Ministry of Commerce of China of the People’s Republic of China, across multiple sectors which will lead to business development with attendees,” Aliyu said.
Anthony Nlebem and Desmond Okon
