Saturday, August 13

11th Nigeria International Trade Fair/Expo to hold from June 21 to June 23, 2022

The 11th Nigeria International Trade Fair/Expo, 2022, is expected to hold from June 21 to June 23, 2022.

This was disclosed by Mr Innocent Ogu, the President, African Legacy International, organisers of the event, on Thursday in Abuja, according to NAN.

He stated that the event would be held at Sheraton Hotel, Abuja, and would be themed: ”Diversification as a catalyst to our National development.”

What African Legacy International is saying

The African Legacy International, stated that the event would be held in collaboration with the Office of the Secretary to the Government of the Federation (SGF), in a bid to boost development of Nigeria’s non oil sector.

Mr Ogu stated, “African Legacy International, in partnership with the Office of the SGF and Paradise Productions Ltd, will be organising the 11th Nigeria International Trade Fair/Expo in Abuja, from June 21 to June 23.

“More than 21 Ministries, Departments, Agencies (MDAs) and a lot of foreign countries from Europe, Asia and America have also indicated their interests to participate in the international Expo,”

He stated that it is high time to diversify Nigeria’s economy and begin to focus more on the nation’s non-oil sector, to fast track Nigeria’s socio-economic development, adding that there must be a conscious and direct shift from the oil sector to the non-oil sector for Nigeria to expand its revenue base and address the unemployment problem in the country.

“So, the forthcoming expo will be focused mainly on ways we can continue to diversify from the oil sector, as well as harness and showcase our non-oil products for the economic and industrial development of Nigeria,” he said.

What you should know

Recall Nairametrics reported last month that Nigeria extended its negative trade balance in the first half of 2021, as its trade deficit surged to N5.81 trillion in the period. This is according to the foreign trade report by the National Bureau of Statistics (NBS).

The report showed that Nigeria exported total merchandise valued at N7.99 trillion in the review period, opposed to a total import value of N13.8 trillion, indicating a trade balance of -N5.81 trillion between January and June 2021.

This comes on the back of recurrent trade deficits recorded in previous periods, that is, N2.25 trillion in H1 2020 and N5.12 trillion in H2 2020. However, this is by far the highest trade deficit recorded by Nigeria in any half-year period.