The Executive Director of the Lagos International Trade Fair Complex, Barr. Vera Ndanusa, has explained why the Lagos International Trade Fair is essential for ensuring the socio-economic growth of the country.

Speaking with journalists, she noted that the planned trade fair aims to boost economic growth, attract investments, create jobs, and stimulate economic activities.

She explained that, in order to fulfil President Bola Tinubu’s campaign mantra, “The Renewed Hope Agenda,” the government has carefully organised the “mother of all trade fairs,” which targets revamping the economy and regaining the trust of the people.

She added that the trade fair, slated for November 15, 2024, and tagged the Commercial and Industrial Trade Fair, aligns with the ongoing quest to revamp the economy after a long decade of mismanagement. This remains the focus of President Tinubu, and her office is determined to actualise it.

“The Fair, among other activities, focuses on increasing trade volume and exhibitions to facilitate business-to-business (B2B) and business-to-consumer (B2C) transactions. It promotes exportation by showcasing Nigerian products aimed at increasing export potential as well as encouraging foreign investments. International participation attracts foreign direct investment (FDI),” she said.

Ndanusa proudly stated that the Fair, which will last for 11 days, took 14 years to return to the Complex Arena at Badagry Expressway, Lagos. The efforts put an end to revenue loss to the federal government.

“This Fair has returned to status quo, being the purpose it was established in November 1977 by the then Military Head of State, Lt. Gen. Olusegun Obasanjo, and, like I have said in several fora, it will be a yearly event,” she said.

“The sustenance of the Fair at its original site will restore industrial development,” Ndanusa continued, adding that entrepreneurship and industrial capabilities will be reborn through the yearly event.

“It will also showcase local talents, foster collaboration, and encourage partnerships between local and international businesses.”

She stated that technology transfer, as well as facilitating knowledge sharing and the adoption of new technologies, will boost the information technology sector of the country, which is where the world is headed.

Giving further reasons why the Fair must be sustained, the Fair CEO explained that youth development will receive a boost as the country will celebrate job creation and skills acquisition through the yearly event.

According to her, “trade fairs create temporary and permanent jobs. Workshops, seminars, and training sessions enhance entrepreneurship and vocational skills.

“It promotes national unity as people come together from diverse regions and sectors and fosters trade between Nigerian states.”

She continued: “Others include international recognition and enhanced global visibility. Trade fairs showcase Nigeria’s economic potential to international audiences, attract international organisations, and encourage participation from global bodies.

“It generates and boosts government revenue through exhibition fees, sponsorships, and taxes. This fair will promote innovation, support research, assist SMEs, and foster healthy competition,” she said.