The Executive Director of Lagos International Trade Fair Complex, Vera Ndanusa, has said the 2024 Commercial and Industrial Trade Fair will generate and boost government revenue through exhibition fees, sponsorships, and taxes.
According to her, to fulfil President Bola Tinubu’s campaign mantra, “The Renewed Hope Agenda,” the government carefully put together the mother of all trade fairs to revamp the economy and retain the people’s trust.
Ndanusa also said the aim was to boost economic growth, attract investments, create jobs, and stimulate economic activities.
Speaking with journalists ahead of the trade fair, scheduled for November 15, 2024, she said that revamping the economy from the long decade of mismanagement remains President Tinubu’s focus, which her office is determined to actualise.
“The Fair, among other activities, is focused on increasing trade volume and exhibitions to facilitate business-to-business (B2B) and business-to-consumer (B2C) transactions.
“Promoting exportation by showcasing Nigerian products to increase export potentials and encourage foreign investments. International participation attracts foreign direct investment (FDI),” Ndanusa said.
She said the Fair, which will last for 11 days, took 14 years to return to the Complex arena at the Badagry Expressway Lagos, adding that the efforts ended revenue loss due 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. As I have said in several fora, it will be a yearly event.
“The sustenance of the Fair at its original site will restore industrial development. It will also showcase local talents, foster collaboration, and encourage partnerships between local and international businesses,” Ndanusa said.
She said technology transfer, facilitating knowledge sharing and the adoption of new technologies, will boost the country’s information technology sector, which is where the world is headed.
Giving further reasons why the Fair must be sustained, the Fair CEO explained that youth development would be boosted as the country will celebrate job creation and skills acquisition through the yearly event.
She said: “Trade fairs create temporary and permanent jobs. Workshops, seminars, and training sessions enhance entrepreneurship and vocational skills.
“It promotes national unity where people come together from diverse regions and sectors and fosters trade between Nigerian states. Others are international recognition and enhanced global visibility.
“Trade fairs showcase Nigeria’s economic potential to international audiences, attract international organisations, and encourage participation from global organisations.
“It generates and boosts government revenue through exhibition fees, sponsorships, and taxes. This fair will promote innovation and research, support SMEs and foster healthy competition.”
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