LCCI, CFTC partner for 137th Canton Fair

The Lagos Chamber of Commerce and Industry (LCCI) has partnered with the China Foreign Trade Centre (CFTC) for the 137th Canton Fair to strengthen trade relations and explore new markets.

LCCI President, Mr Gabriel Idahosa, announced this during a news conference on Monday in Lagos.

He stated that the fair, scheduled from April 15 to May 4 in Guangzhou, China, would connect Nigerian businesses, manufacturers, and producers with their Chinese counterparts.

Idahosa expressed confidence that the partnership would create new market opportunities and foster stronger economic ties.

President of the Manufacturers Association of Nigeria (MAN), Francis Meshioye, highlighted the positive impact of international business collaborations in fostering growth and innovation.

He noted that Nigeria remains China’s largest trading partner in Africa, although the trade balance currently favours China.

“I am, however, optimistic that this will balance out as Nigeria enhances local manufacturing and adds value to export items,” he said.

Amb. Bolaji Akinremi, Director of Economic Trade at the Federal Ministry of Foreign Affairs, acknowledged the longstanding strategic relationship between Nigeria and China.

He noted that in 2024, both countries agreed to elevate their relationship to a comprehensive strategic partnership.

Akinremi added that the fair would support Nigeria’s non-oil trade ambitions, align policies, boost local enterprises, and strengthen economic diversification.

He revealed that the House of Representatives would soon pass a legislative agenda to further deepen China-Nigeria trade relations.

“More Nigerians are learning Chinese, while many Chinese are also learning Nigerian languages, strengthening trade ties in the near future,” he said.

He emphasised that the fair, as a global trade hub, would benefit Nigerian businesses by providing industry diversity and extensive networking opportunities.

“It will facilitate market expansion, bilateral economic growth, and partnership development,” he added.

Akinremi also announced that visa processes had been simplified for Nigerian business owners attending the fair.

CFTC Operations Director, Xu Jiansheng, commended Nigerian businesses for their support, noting that the fair had been held twice yearly for the past 68 years.

He stated that many companies had grown significantly through their participation, earning the fair the reputation of ‘a bond of friendship, a bridge for trade.’