Connect with us

Business

PH Trade Fair And The Economic Mix Grill

Published

on

The 5th Edition of  the Port Harcourt International Trade Fair, has made remarkable improvement when compared with previous editions. This is the opinion of some market operators and the organizers of the event, the Port Harcourt Chambers of Commerce, Industry, Mines and Agriculture (PHCCIMA).

Though, both the organisers and some of the operators share a common idea, that all sales in the Trade -Fair has over 20 per cent discount compared to the open market prices.

Some exhibitors came from far North, West and some neigbouring states, life Bayelsa, Imo, Abia and others.

In the views of the 2nd Deputy President of PHCCIMA, Dr. Renny Cookey, the 5th Port Harcourt International Trade Fair as organised by his organisation, is getting better and better over the years. The highlight of this year’s edition he said, was the opening ceremony which was formerly launched by the Rivers State Governor, Rt. Hon. Chibuike Amaechi, who was ably represented by his Commissioner for Commerce, Hon (Chief) Ogbonna Nwuke last week.

Dr. Cookey, hinted that the opening ceremony was followed by a meeting with the Minister of Commerce and Former Governor of Imo State, Chief Achike Udenwa.

According to him, Udenwa spent about two days at the  Trade Fair. He said the minister’s main campaign during his two day stay was “much noise about the promotion of made in Nigeria goods.”

The PHCCIMA boss admitted  that the patronage of made in Nigeria goods are of a low patronage, saying that they are substandard.

Another reason he gave for the low patronage of made in Nigeria goods was orientation. He argued that people still believe that anything that is imported is of a superior quality to the made in Nigeria goods.

He explained that some of the products exhibited in this year’s Trade Fair are or a better standard but people still do not like or buy them simply because it is branded made in Nigeria but when rebranded made in Japan they buy them.

“Some of the products exhibited this year are of standard. But I can tell you that some of the products are better than foreign qualities. And I can tell you that some shoes made in Aba are branded made in Japan just to gain the market and nobody has disputed the quality, and it has to do with orientation,” he said.

He boasted that he is aware of a lady here in Nigeria, who makes and exports shirts to Marks and Spencer in United Kingdom. Because the quality of the production is very high. He pointed that tht because of the high quality of workshops like Marks and Spencer,  anyone maybe willing to buy.

About the issue of enlightenment campaign for made in Nigeria goods, he said that the Ministry of Commerce has to partner PHCCIMA in the promotion of or in the encouragement of the purchase of Home made goods or getting people aware.

The  Ministry of Commerce, or Government, he said, are, not in business, but the chambers which is the representative of the organised private sector, needs be allowed more participation in the campaign for Home made goods.

He stressed that PHCCIMA has access to all market operators and manufacturers, saying that if given the platform to carry out the campaign, it will achieve a high awareness  range more than the government.

He revealed that by Wednesday December 23, 2009, when the Trade Fair will formally end, almost double of the present exhibitors are expected in the market, adding, that it has become almost a tradition in the Trade Fair where some exhibitors believe  customers patronize them more towards the end of the Trade Fair in the preparation for Christmas celebration.

To this end, he said more products ranging from cars, boats, Generators, plough  moulers and other products will be displayed. He hinted that some big market makers like Dangote, Grevok, Eastern Enamel Ware and others will hit the market.

Concerning security, there are plain and uniformed security operatives. The uniformed men,  he said are organized by Medalion, to mount surveillance and monitoring of the market are noting that, the level of security is high, and exhibitors were happy to bring in expensive products to the market without fear.

Live entertainment was also part of this year’s Trade Fair where operators and buyers relax at the end of the day’s business.

When asked whether some of the Casino stands at the Trade Fair were part of his arrangements, he said no, saying that they (PHCCIMA) are not at the place to promote gambling, adding that such activity was not part of the objectives of the Trade Fair.

Some operators like Engr. Calistus Eziudu of Geopan Nig Ltd., who also spoke with The Tide, said he was there in the market to test-run products for customers before they carry it home.

Engineer Eziudu said since his company deals on generating sets, it was out of place to allow customers bear the risk of returning to the market should their purchased products fail at home.

Comparing this year’s edition of Trade Fair to that of last year, he subscribed  to the fact that there was an improvement  and an upward movement in terms of patronage.

The Geopan Nigeria Limited Engineer, who was full of praises for the organizers of the Trade Fair, explained that some people were not yet aware of the importance of Trade Fair due to lack of proper enlightenment campaign programme.  According to him, some people only came to the market due to some jingles done by some private companies, and therefore, called on PHCCIMA to do more in the areas of publicity.

The sales executive of Medic Company Limited, Joy Awuamba who was of a different view, said the market performance was poor compared to that of last year.

Agwuanba said that  the market, which has lasted about nine days as at Friday last week has little or nothing to show for it.

The sales executive officer of  Medic Company Limited, said though her products (security gadgets) are not a selling, blamed the low patronage on the yet-to be paid workers’ salaries and bonuses for the month.

She pointed out that her company reduced sales to almost 40 per cent discount but all to no avail.

Oku Perkins, who shared this view of low patronage with his colleagues, said  that the economic hardship, has affected negatively on that people’s purchasing power.

Perkins called on the organizers of the Trade Fair not to allow it coincide with any government’s function.  He argued that Friday sales was very low due to the CARNIRIV, saying that people also went there to buy as some exhibitors were reportedly seen at the venue.

In the area of s tall allocation, he regretted that the organizers take a cut-t hroat of about N400-N500 per square metre.  He said that the organizers should reduce it so that more exhibitors can come to the market.

The challenges in the Trade Fair he said, was lack of convenience, accommodation for exhibitors.  He lamented that exhibitors in the market go miles in order to have  themselves “cleaned up” and as well get dressed for the next day’s assignment.

Emiola Naturalist Care Limited, who also occupied about 120 square metres at Isaac Boro Park, venue for the 5th edition of Port Harcourt International Trade Fair, lamented that after paying upto N60,000, (electricity inclusive) for the space he booked for, the trade fair was not provided with light as promised by  the organizers of the trade fair.

Speaking to The Tide,  the company’s Principal Consultant, Mr Ayobami Adejare, noted that the company’s participation in the next year’s exhibition will be determined by a

strong  promise by the organizers to improve on the area of power provision.

Mr Adejare, regretted that after paying such a huge sum, the company still spends over N2,000 on daily basis to fuel the generating set in order to power its space at the trade fair.

He also intimated the organizers on the need  to do more on promo and announcement. He said that lack of enough promo and announcement was part of the setback the trade fair suffered this year, saying that people only started coming to the market after some companies went on air.

The product champion of Oceanic Bank Plc, Mr Sylvester, agree that there is low turn out of customers in this year’s edition of trade fair.  He said over the years,  turn out of customers have been encouraging, but could not say why this year was a different ball game.

He also admitted that customers still patronised the bank and others despite the low performance of the market.

Continue Reading

Business

33 Banks Raise N4.65tn As Recapitalisation Ends

Published

on

The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.

The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.

The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.

The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”

The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.

Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.

The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.

“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

“All banks remain fully operational, ensuring continued access to banking services for customers.”

The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.

It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.

The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.

The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.

To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.

It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.

“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.

The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.

Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.

The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.

However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.

The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.

 

 

 

Continue Reading

Business

SMEs Dev: Firms Launch N100m Loan Scheme 

Published

on

The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.

The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA),  said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.

Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.

“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.

He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.

According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.

“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.

Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.

He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.

“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.

He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.

“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.

Continue Reading

Business

Yenagoa’s Radisson Hotel Ready  December   — NCDMB, Other 

Published

on

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .
He said this while addressing visiting top executives of Edison Corporation  and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.
The Board in a statement from the Directorate of Corporate Communications said  all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.
Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.
“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.
“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.
He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery
“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”
The Board’s  Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.
In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.
“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.
“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.
Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.
The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.
“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality.  We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the   boss noted.
Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.
By: Ariwera Ibibo-Howells, Yenagoa
Continue Reading

Trending