BY CHIKA OKEKE, Abuja
In line with the African Continental Free Trade Area (AfCFTA) agreement, the Federal Government has sought investments that strengthen domestic production, deepen value chains, create jobs, transfer skills, technology and position Nigerian enterprises to participate more competitively in regional and global markets.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole on Tuesday at the opening ceremony of 21st Abuja International Trade Fair (AITF) organised by the Abuja Chamber of Commerce and Industry (ACCI) with the theme: “Resilience: Trade, Taxation and the Economy.”
The AfCFTA, which covers 55 member states of the African Union, aims to unite all African countries to create a single market for goods and services, targeting a combined Gross Domestic Product (GDP) of about $3.4 trillion.
Oduwole said: “Our businesses must therefore produce competitively and must meet the required standards, must understand the target market, and they must be able to move goods and services and distributors, explore export markets, build partnerships, understand the standards required for their next market, and importantly, convert these conversations into transactions.”
She noted that AfCFTA represents an important opportunity for Nigerian businesses to reach customers across the continent, adding that Micro, Small, and Medium Enterprises (MSMEs) are central to Nigeria’s $1 trillion economy target by 2030.
“Across Nigeria, entrepreneurs are producing, innovating, and creating employment. Our responsibility is to help more of these businesses move from survival to sustainability, and from small-scale production to scale, from serving local markets to competing across borders,” she said.
The Minister assured improved access to finance, standards, technology, information, and markets, adding that the market available to Nigerian businesses is no longer defined by national borders.
She promised that the ministry will continue to work with private sector to make trade easier, investment more attractive and Nigerian enterprises more competitive, praising the ACCI for sustaining the trade fair as a platform to promote trade and investment in Nigeria
President of ACCI, Chief Emeka Obegolu, SAN, was optimistic that the fair provides opportunities for business-to-business and business-to-government engagements, product exhibitions, investment networking, policy dialogue, fashion and creative displays, cultural activities and consumer interaction.
He pointed out that Nigeria cannot build a sustainable and competitive economy without producing more of what it consumes, processing more of its raw materials and exporting more value-added goods and services.
Obegolu pointed out that the AITF serves as a bridge from products to markets, ideas to investment, and entrepreneurship to prosperity, encouraging exhibitors to build relationships, find customers, explore partnerships, meet investors and pursue opportunities within Nigeria, across Africa and in the global marketplace.
He stated that through the opportunities presented by the AfCFTA, Nigerian businesses can expand their reach into African markets, while responsible investment can strengthen their productive capacity, deepen value addition and position Abuja as a hub for commerce and enterprise.
The President pleaded with the international partners and members of the diplomatic community to see Nigeria not only as a large consumer market, but also as a strategic destination for production, investment and regional trade.
First Deputy President and Chairman of the 21st AITF, Prof. Adesoji Adesugba was pleased with the diversity of exhibitors and the range of activities, which further strengthened the fair as a platform for commercial engagement.
He pointed out that sustainable business growth requires an enabling environment, access to finance and markets, supportive policies, infrastructure and effective partnerships between the public and private sectors.
Director-General of ACCI, Mr Agbaidu Jideani described the fair as a dynamic platform where businesses connect with customers, investors, distributors, government institutions and international partners, providing an avenue for enterprises to showcase their products and services, explore new markets, build strategic partnerships and unlock new opportunities for growth.
ACCI remains committed to being a strong voice for the business community and a dependable partner in Nigeria's economic development.
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