18th Abuja International Trade Fair gets underway with fanfare as FG earmarks N75b for MSMEs

The opening formalities of the Abuja International Trade Fair

By Anthony Maliki, Abuja

Nigeria’s foremost business gathering, the Abuja International Trade Fair got under way Thursday with many investors, business entities and would-be investors taking vintage opportunities to up their game.

The Fair, 18^th in the series, has as theme “Sustainable Financing and Taxation as Drivers for the New Economy.”

The premises of the Abuja Chamber of Commerce and Industry (ACCI) along Umaru Yar’Adua Expressway were a beehive of activities as stalls and other facilities are being erected.

The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite represented Kaura Irimiya
Director Commodity and Export said government has earmarked N75 billion to support up to 100,000 start-ups and MSMEs at single digital interest rates repayable over 36 months.

She said the government intends to spend N75billion by March 2024 to strengthen the manufacturing sector and provide small grants to micro businesses in each to the 774 local.

According to her, last week the government launched the National Technology Export (NATEP)programme, in partnership with Microsoft and earlier this year launched the over $600 million Investment in Digital and Creative Enterprises (iDICE) program, in partnership with African Development Bank and other partners.

President Abuja Chamber of Commerce and industry Dr. Al-Mujtaba Abubakar

The minister noted that MSMEs are an essential part of our economy and contribute significantly to economic growth and development.

Dr Uzoka-Anite said empowering MSMEs is key to empowering youth and women and enabling them to contribute to the nation’s economic development.

“The growth of MSMEs has a positive impact on the economy as it enables individuals to support their families and add value,” the minister explained.

Minister of the Federal Capital Territory (FCT), Nyesom Wike expressed the administration’s readiness to collaborate with the private sector to reposition economic and business activities in the city.

DG, Abuja Chamber of Commerce and Industry, Dr Victoria Akai reads her speech at the opening ceremony

Represented by the Mandate Secretary, Economic Planning in FCT, Mr Chinedu Elechi, Wike solicited the cooperation of the private sector, especially in the area of taxation toward boosting the FCT internally generated revenue.

The President Abuja Chamber of Commerce and industry Dr. Al-Mujtaba Abubakar said Abuja International Trade Fair (AITF), is a prestigious multi-sectoral event in Nigeria, offering domestic and international exhibitors a platform to showcase new products, access untapped markets, forge valuable business relationships and stay ahead of emerging trends in Africa.

He said the Fair will showcase innovative products and solutions in sectors such as Fintech, tax collection, payment systems, e-health, food processing, and environmental safety.

According to him, the Trade Fair brings together diverse industries, facilitating exchanges between national and international stakeholders and fostering interactions between businesses and government agencies.

The president said this edition features foreign representations, trade missions, and international organizations presenting their businesses, economic cooperation projects, and featured products and technologies.

Dr. Abubakar noted that AITF has served as a trusted global trade destination, attracting over 500,000 consumers and providing a platform for business relationships, trade opportunities, and ideas.

He explained that as a leading Chamber of Commerce and Industry, it continuously strive to improve the quality of its trade events and has added side attractions such as rewards, free jollof rice tasting, and a fashion runway to enhance the Fair’s appeal.

Dr. Abubakar said other sideline events include business networking, B2B, B2G, B2C meetings, special days, raffle draws, virtual and physical games, free fashion masterclass, free business compliance and ethics trainings and more.

He said ACCI promotes small businesses and has collaborated with Zenith Bank Plc to provide free stores for women-owned businesses at the Fair.

In a goodwill message, representative of Dangote Group, Alhaji Hashem Ahmed said in just three years, Dangote Sugar, Dangote Cement and Dangote Salt paid a staggering N474billion to the Federal Government.