Six days into the 2022 Lagos International Trade Fair, exhibitors have decried low patronage of their wares, linking the development to low purchasing power of the people and harsh economic effect.
The 2022 Lagos International Trade Fair, the 36th in succession, organised by the Lagos Chamber of Commerce and Industry (LCCI) commenced on November 4, 2022 and to end on November 13. 2022.
LCCI said the 2022 edition of the Lagos International Trade Fair is being organised on the premise of its generic theme for its annual fair, which is ‘Connecting Businesses, Creating Value,’ saying, “This theme underscores the importance of relationships and networking among businesses for the purpose of wealth creation. The theme also underlines the value of interactions between producers and service providers and end-users. This is the cardinal objective of the trade fair.”
The traders blamed the poor turnout and low patronage on low purchasing power of the people and harsh economic effect. They also did not rule out the forex situation and insecurity, which have slowed down many businesses and caused some others to close shop.
Chigozie Ogwanba, the owner of Sharp Kitchen, stated that, business has been so dull, less than expectations, saying, “this is as a result of dollar increment affecting prices. When customers come and hear the price, many do not buy. LCCI performed excellently but we cannot blame organisers for no sales.”
The CEO of MaryGold Global Concepts, dealers of Jewelries, accessories, Mrs Mary Gold Adeeme said, ‘her expectations were not met, as there was low turnout of visitors and sales.’
She added that the turnout and sales last year was better compared with this years’ experience, attributing the poor sales to low turnout as a result of economic factors, naira depreciation and low purchasing power of the consumers.
She hoped that new year exhibitors will be better with great turnout of buyers and improved sales.
Also, Aseyi Bakah, a beauty brand seller from Ghan, said, “Our good did not come early. Buying and selling is picking up small. We hoped that from now till Sunday, business will pick up.”
She added that, “this year’s sales are poor, people are not coming, there is no patronage, only a few come and go, they only seek to know the prices of products, test and go away, they do not buy.”
Speaking at the opening of the fair, the president of LCCI, Dr. Michael Olawale-Cole stated that, the economic conditions have been challenging even as the economy sustains recovery from the Covid-19 pandemic and now navigating through the shocks from the Russia-Ukraine war, and recently climate change shocks in the form of devastating floods across the country.
“While the Nigerian economy has recorded some impressive growth figures this year showing a sustained recovery of the economy, there are heightening fears of recession, food insecurity and more climate change impacts. As investors, we need to continue to demonstrate our resilience and determination to forge ahead despite these challenges,” he said.
According to Olawale-Cole, “As a chamber, we have strong confidence in the Nigerian economy, and we believe we would meet our growth target for this year. The LCCI’s trade fairs, specialised exhibitions, and several business events are some of the many ways we support trade and commerce in the economy.
“The Lagos Chamber of Commerce & Industry is committed to the vision of the current administration in respect of economic diversification and self-reliance. It is encouraging to note the efforts of the Ministry of Industry Trade & Investment in reviewing Nigeria’s National Trade Policy last updated in 2002. We are expecting a new national trade policy that can respond to the dynamics and new realities of the global trade system in terms of the evolution of global production networks and global value chains.
“We recognise the imperative of non-oil sector development and the need to add value to our primary products in order to improve earnings for both the public and private sectors of the Nigerian economy. This trade fair provides a platform to identify non-oil alternatives and highlights the significance of value addition. The trade fair equally serves as an avenue to boost economic and commercial activities.”
Gaming, Gambling Addiction, A Growing Societal Burden Needing Urgent Attention