Business
PH Trade Fair And The Economic Mix Grill
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.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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