As part of efforts to drive investments in Nigeria and encourage the quick implementation of the African Continental Free Trade Area (AfCFTA), stakeholders have concluded plans to hold the fourth edition of the Ecofair.
The fair, themed ‘Economic Potential of AfCFTA on Commerce and Trade in Africa,’ will showcase goods, services and investment opportunities across African countries. The trade fair will last for 10 days between September 6th and 15th, 2024 and will be held in Lagos.
Chief Executive Officer, Ecofair, Ejarkaminor Riicolins, said the aim is to promote intra-Africa economic integration through several economic activities across the supply chain. He noted that the Ecofair was birthed in Ivory Coast and has held three previous editions, saying Nigeria will host the fourth edition, which comes with four major events.
According to him, the fair is a four-in-one event with several activities with 10,000 potential buyers of goods and services expected daily during the 10-day event.
He said for the first time, the fair will be held day and night during the period, noting that Lagos is safe enough to do business. “I found out that most parts of Lagos do not sleep but yet, are not transacting. So, we want to transition it to making money by doing business,” he said.
He revealed that not just ECOWAS countries would be present and over 40 countries would participate in the various events of the fair. He said these people will bring to the doorsteps of Nigerians, goods and services they would otherwise have sought a visa to get.
Customs Area Controller, Tincan Port Dera Nnamdi, said the Nigerian Customs considers trade a significant tool for the development of any country and they take seriously, Nigeria’s trade with the rest of the continent and the West African region, seriously, especially now when the country is looking to transition into becoming a major export power.
He stated that they are uncomfortable with the poor level of trade among African countries, which currently stands at around 14.4 per cent despite the continent accounting for 63 per cent of the global population.
“We think trade among African countries should be higher. Coming back to West Africa, we think it should be way higher than it is now, considering that adding the West African countries together, our current population accounts for the majority of the 355 million people in Africa,” he said.
He regretted that limited infrastructure and insecurity are key factors affecting regional and continental trading activities, adding that ports globally operate 24 hours and Nigeria ports should also operate 24 hours.
He revealed that vessel communication is very poor in Africa while calling on investors to invest in the area to promote vessel movements.
In his keynote address, Rwanda’s high commissioner to Nigeria, Christophe Bazivamo, said AfCFTA stands as a testament to the continent’s collective vision. A vision, he described as an Africa united in commerce as one unified trade market, empowered by increased trade among African countries, and thriving on shared prosperity, a vision of an Africa with free movement of people following the removal of visas.
Bazivamo said Rwanda, like several other African countries, recognise the immense potential that AfCFTA holds, saying it has witnessed a firsthand transformative power of intra-Africa trade fueled by the removal of tariffs.
“This is just one example of the many success stories waiting to be written across our continent. However, unlocking the full potential of the AfCFTA requires more than just eliminating tariffs. We must address the critical issue of infrastructure,” he said.
“Without robust ground, air, and water transport networks, efficient logistics will remain a dream. We must invest in modern roads, efficient railways, and revitalised ports, stitching our continent together in a seamless web of connectivity and then can trade thrive, delivering goods swiftly and cost-effectively across vast distances,” he said.
