Business

Ecomarket unveils Ecofair to promote trade, investment in Africa

Ecomarket

Ecomarket, organisers of Ecofair Lagos, a business initiative of ECOWAS and friendly countries in collaboration with the Lagos State is set to hold its fair to enhance the goals of Intra-African trade under the Africa Continental Free Trade Area (AfCFTA).

Ejarkaminor Sylvester Riicolins, the convener of the event, in a media launch of Ecofair in Lagos, said Nigeria is on the verge of organising the fourth edition of the most prestigious regional economic platform and about to make the history of the groundbreaking event that is ready to soar very high from 6 to 15 of September 2024 at Tafawa Balewa square, TBS Lagos.

According to him, it is a four-in-one event with activities such as Lagos by night, Malaria Eradication, sales and exhibition and the African Excellence Award (AfriceAward).

He said over 10,000 potential buyers of goods and services are expected daily in the 10-day marathon event.

The second is the award he said will honour and celebrate big gurus, political and NGOs that have distinguished themselves at different levels, honour mayors from different countries that have done well in their constituency because they play key roles in African development

“The honour is to let them know that there are eyes on them so that they can do more. We will also honour some companies that have given huge employment in their companies. Those that have helped in reducing unemployment and some NGOs that have done so well too. Again on the list is the Malaria Eradication program, we are happy that our sister country, Cameroon has started the malaria vaccine which we have been working on since two years ago, so we were bringing this to the Ecofair.

“We will educate people on the cause of Malaria because some people have different perspectives on the cause. We will be sending them buses to bring people because they are mostly people of low income so they will be educated and be treated and last on the list is sales and exhibition”.
Also, Commercial First Secretary and head of the Economic and Commercial Office Embassy of the Arab Republic of Egypt, Ami Altantawy said it’s an important event that will enhance trade and investment between African countries.

He said, that African economic development is one of the top priorities to Egypt, and both Egypt and Nigeria have a strong presence and influence in all African forums and entities, stating that they can cooperate to fully implement the African Continent Free Trade Area AfCFTA to benefit from its advantages.

According to, he believes that this step will encourage trade between their countries, especially in the sectors of Food industries, agriculture, mining, energy, construction, infrastructure, textiles, health and medical industries, IT and much more.

He said regarding the economic bilateral relations, Egypt and Nigeria are the two largest economies in Africa. “Economic relations between the two countries witnessed a new level of activities during the past few years. Major Egyptian companies such as Arab Contractors, Mantrac, Elsweedy and Raya have established themselves as strong players in the Nigerian market and they participated in infrastructure and power major projects.

“Another two major Egyptian companies such as Orascom and Hassan Allam for construction are looking forward to participating in the major projects in Nigeria mainly in the power sector and construction. However, Trade volume between our countries scored in 2022 nearly US$ 143 million and it is far below the expectation and capabilities of the economies of both countries.

He disclosed that he believes that Nigeria is a major gate for West Africa and we can work together and maximize the volume of trade and investments to achieve mutual interests and benefits to Egypt and Nigeria.

Controller of Tin Can Island Port Command, Comptroller Dera Nnadi, commended organisers for coming up with this event that will run day and night saying that it will boost trade in Nigeria which will keep our ports awake, operating 24 hours without sleeping like other neighbouring ports.

According to him, most of the things that affect African trade are infrastructure and insecurity. “Lagos does not sleep so when it comes to trade and investment, Lagos should not sleep. The organisers are doing what our neighbouring ports are doing, encouraging 24-hour port operation which means that we are not supposed to sleep at all in the port. Nobody sleeps when it comes to trade. China, Europe etc their ports are not sleeping so our ports should not sleep because international trade involves communication and also movement of vessels.”

READ ALSO: Lottery Management: Lanre Gbajabiamila places Nigeria…

He also pointed out that statistics as amongst the problems in trade in Nigeria. “They are much of trade that are not recorded. The women you see every morning crossing the border carrying different items is a trade that is going on. They are insignificant to you but are significant to us but unfortunately, they don’t record that because those sectors are not educated enough in terms of trade language of what data means.”

He said statistics show that cross-border levels are mostly carried out by women. In regards to that, he urged women ambassadors present at the meeting to work towards developing capacity for women by educating them to know that what they are doing is trade. That it will contribute to the Nigerian West African Economy which will raise the data of trade in Nigeria.

About the author

DailyTimesNGR

Leave a Comment