LCCI To Maximise AfCFTA Opportunities To Drive Regional Market

The Lagos Chamber of Commerce and Industry (LCCI) has expressed its willingness to fully maximize the opportunities offered by the African Continental Free Trade Agreement (AfCFTA) to open up global and regional markets for start-up brands, large industries, technology hubs and multinationals promote trade between key markets.

The chamber made the allegation during an address at a Lagos International Trade Fair 2022 (LITF) press conference

According to LCCI, the LITF 2022 edition would generate business interest and focus on market integration to allow global players to participate for optimal awareness and trade promotion while strengthening ties with overseas partners to support them.

Trade investments of African countries.

This, according to the chamber, would deepen regional markets, integrate foreign partnerships, boost start-ups and encourage local and aspiring investors to facilitate trade around the world.

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Previously, the Chairman of the Trade Promotion Board and Vice President of the Lagos Chamber of Commerce and Industry, Engr. Leye Kupoluyi stressed that foreign countries, corporate organizations, state MDAs and private operators have increasingly expressed willingness to explore the opportunities of this year’s trade release.

He explained that the global economic restrictions of the Covid-19 pandemic prevented foreign partners from attending the last two editions due to the rising wave of the global pandemic, and assured that countries like India, Japan and Ghana confirm their interest in participating had. Talks with countries like Côte de Ivoire, Burkina Faso, Zambia, Indonesia and others are already at an advanced stage, he said.

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

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Kupoluyi posited that the 2022 edition will have a strong focus on the African Continental Free Trade Agreement, adding that talks are underway with AfCFTA Executive Secretary Mr. Wamkele Mene and other stakeholders to meet exhibitor needs and more To offer opportunities for improved logistics and atmosphere.

He further assured that the LITF would guarantee stakeholders to think fully about the need to maximize AfCFTA potential, while pledging that the show will be bigger, better and more beneficial to the LITF, investors, foreign partners and the global economy.

Kupoluyi commended sponsors and partnerships of the LITF 2022 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.

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also dr Chinyere Almona, general manager of LCCI, said companies would meet the sales target, increase trading volume, eliminate market restrictions and integrate a broader market for more investment.

She said the LITF will support the AfCFTA agenda to support key African markets to engage countries around the world.

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