The annual Lagos International Trade fair has opened in the former Nigerian capital (but still its commercial epicenter) with the theme: 'Promoting Business  Confidence to Enhance Economic Recovery.' In its 24th year, and organised by the  Lagos Chamber of Commerce and Industry (LCCI), the fair will run from Friday 5  to Sunday 14th November.

"Nigeria, like many developed and developing countries, is prepared to mainstream trade in her national development strategies not only to stimulate  sustainable economic growth but also to address the challenges of poverty, high  unemployment and under-employment," says president Goodluck Jonathan, represented by Minister of Commerce and Industry, Senator Jubril Martins-Kuye,  at the opening ceremony.

The president acknowledged the damage done to economies worldwide by the recent  economic recession but adds that such experiences should motivate nations to  think up 'pro-active strategies and measures' to re-position their economies,  which is already the case in the West. "Such strategies," he adds, "will enhance  business confidence which, in turn, will lead to appreciable increase in the  level of investment germane for economic growth".

Nigeria does need economic growth at this point in time, which is why the government has invested resources and technical know-how to revamp some of its  ailing buy vital sectors, particularly in the areas of power, banking, solid  minerals, textile manufacturing and tourism. Among its many other objectives,  the Fair focuses on enhancing small and medium scale enterprises and showcases  new products by indigenous companies, an agenda also on the front burner of the  various levels of government.

“Recent global developments have pointed out clearly that no economy in the  world can experience a sustainable level of real growth and development,” says  Dr. Simon Okolo, National President of the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), “if the necessary economic reforms and incentives that would spur and position the economy in better stead  to attract and encourage both local and foreign investors in the country, were  not put in place.” 

In his welcome address to the gathering, President of the Lagos Chamber of  Commerce and Industry (LCCI), Otunba Femi Deru, says Nigeria’s low ranking (121 out of 133 profiled) in the Global Competitiveness Report of the World Economic Forum is cause for concern. The quality of investment climate in a country, he adds, is directly proportional to investors’ confidence. “With the right mix of  of policies, attitudes and orientation, we would do better in our ranking and the generation of investment.”

Report by Pelu Awofeso.