The Abuja Chamber of Commerce and Industry(ACCi) had flags off the 17th edition of the Abuja International trade Fair on 4th October 2022.
The event holds at the Abuja Trade and Convention Center, km 8 Umaru Musa Ya’Adua Express Way (Airport Road) Abuja Nigeria. With the THEME: Creating An Export Ready Market Through SMEs Digitization.
The President of Abuja Chambers of Commerce and Industry (ACCI) Dr Al-Mujtaba Abubaka in his opening speech expresses delight in welcoming all participants to the 17th Edition of the Abuja International Trade Fair (AITF) Which has over the years become a platform where business across Nigeria, Africa and the other part of the world gather for business connecting and linkage.
He adds that the Fair is a standard platform for brand establishment that brings together various aspects of trade and Industry, foreign ambassadors, decision makers, business delegation, entrepreneurs and innovators, noting that Since the inception, the Trade Fair has served Nigeria with global trade destination and a potential market for over 50,000 consumers Which provides avenue for distribution of trade, investment market opportunities and ideas that would greatly help sellers, , investment and countries to promote relationship in business.
With the theme of 17th (AITF). Digitalization offers a range of opportunities for SMEs to prove performance,spur innovation, enhance productivity and compete on more even footing with larger firms, reflecting economies of scale, lower operations and transaction costs; and reduced information asymmetries.
Digital tools bring many significant benefits for firms as digitalization reduces transaction costs by providing better and quicker access to information and communication between businesses,suppliers and networks. Over the past decade, the emergence of increasing powerful digital technologies and digital infrastructures have transformed and continue to transform business processes, organizations and corporate culture with new innovation processes, marketing models and types of products/services.
It is fast becoming an increasingly central issue for companies, this explained why the objective of this fair is to create an export ready market for SMEs. The President of (ACCI) pointed out in his speech aside promoting businesses, the 17th AITF will also strengthen trade and investment opportunities in the county, thus offering a neutral and open atmosphere for blue-chip companies, trade groups/association and government. And as a Foremost Chamber of Commerce and Industry in Nigeria. Have embarked on a commitment to improving the quality of trade events, First, through improving infrastructures and then engaging expertise, with the intention to eventually upgrade the delivery of our events world-class standards and to align with current realities of business. In his closing speech he enjoined all participants, exhibitors, shoppers and visitors to leverage on this year’s trade fair for business connectivity that will improve the economy while also urging that they attends special days by different government agencies, Ministries, parastatals ,states and countries at the fair.
President Muhammad Buhari(GCFR) Was represented by The Minister, Federal Ministry of Industry, Trade and Investment(FMITI) Otunba Niyi Adebayo. In the President’s remarks he highlighted his administration’s commitment in helping the Moses achieve their full potential and developed strategic policy interventions enshrined in the laws and established institutions to create a supportive business environment for entrepreneur and MSEs.
In line with this, FMITI has developed a programme that will enhance access to credit for over 19 million MSMs at a single digits rate. Aside from provision of finance, this project will address key ecosystem issues such as development of MSMs clusters to lower operating costs as well as capacity building initiatives.
The Ministry has commenced the process of adopting a centralized automated platform for the registration of Trademarks,patents and Design. The Federal Government has also approved fiscal incentives for MSMs which includes exemption from company income Tax and Value Added Tax for enterprises with annual turnover of less than 25milliion Naira. The Pioneer status incentives also grants tax holidays for start-ups across multiple sectors.
In 2016 the Federal Government approved the establishment of the presidential Enabling Business Environment Council (PEBEC) to eliminate bureaucratic constraints to do business in Nigeria and make the country a progressively easier place to start and grow a business. He further said the Nigerian Investment Promotion Commission (NIPC) also has one stop investment centres which companies 27 government agencies. The aim is to significantly reduce the time spent in processing regulatory approvals. They provide investment facilitation services and can help with company registration and expansion.
Lastly he pointed out while the Federal Government is doing it’s part, we need to rethink our impression that MSMs are small business and focus on how they can be energized as vehicles for economic growth. As always, the Federal Government remains committed to ensuring ease of doing business and creating an enabling environment for businesses to thrive.
Honourable Minister, Federal Capital Territory. Muhammad Bello is the Chief Host.
Other guest in the eevent amongst others were Ambassadors and Members of the Diplomatic community.
The highlight of the event was declaring the 17th Edition of AITF Open/Cutting of the tape by the President of the Federal Republic of Nigeria, Muhammad Buhari,GCFR