LCCI To Maximise AfCFTA Opportunities To Drive Regional Market

The Lagos Chamber of Commerce and Industry (LCCI) has expressed readiness to extensively maximise the opportunities of the African continental free trade agreement (AfCFTA) to boost global and regional markets for start-up brands, big industries, tech hubs and multinational companies to facilitate trade amongst key markets.

The chamber gave the assertion while addressing at a press conference of the 2022 Lagos International Trade Fair (LITF)

According to LCCI, the 2022 LITF edition would drive business interest and focus on market integration for global players to participate for optimum awareness and trade promotions while strengthening ties with foreign partners to support.

African countries trade investment.

This, the chamber said, would deepen regional markets, integrate foreign partnerships, boost startups and encourage local and budding investors to facilitate trade across the world.

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Earlier, chairman Trade Promotion Board, and vice president of Lagos Chamber of Commerce and Industry, Engr. Leye Kupoluyi maintained that, foreign countries, corporate organisation, government MDAs and private sector operators have increasingly announced their readiness to explore the opportunities of this year’s trade edition.

He stated that the global economic restrictions of the covid-19 pandemic restricted foreign partners to participate in the past two editions due to the rising wave of the global pandemic while assuring that countries like India, Japan and Ghana have confirmed interest to participate. Talks, he said, are already at the advanced stage with countries like Cote de Ivoire, Burkina Faso, Zambia, Indonesia and the rest.

In addition, he affirmed that 54 countries have been invited to this year’s LITF and many of their ambassadors were visited , and 10 have already confirmed their participation while others are still processing their participation.

Kupoluyi posited that the 2022 edition would significantly focus on the African continental free trade agreement adding that discussion are ongoing with the executive secretary of AfCFTA, Mr. Wamkele Mene and other stakeholders to meet exhibitors demands and provide more opportunities for improved logistics and ambience.

He further averred that the LITF would guarantee stakeholders to deliberate extensively on the need to maximize the AfCFTA potential while promising that the fair will be bigger, better and more beneficial for LITF, investors, foreign partners and the global economy.

Kupoluyi commended sponsors and partnerships of the 2022 LITF edition, namely, United Bank for Africa Plc, Dangote Group, Choice International Group, FEDAN Investment Limited, De United Foods, Bank of Industries and Flour Mills of Nigeria Plc.

Also speaking, director-general, LCCI, Dr. Chinyere Almona espoused that businesses would reach sales target, boost trade volume, eliminate market restrictions and integrate wider market for more investments.

She said LITF would support the AfCFTA agenda to support key African market to engage countries across the world.