Participants at the just-concluded 20th edition of Port Harcourt International Trade Fair have threatened to boycott next year’s edition should the organisers (PHCCIMA) fail to put necessary machinery in place.
Speaking with The Tide Wednesday the last day of the trade fair, the President/Chief Executive Officer of First African Pharmaceutical Company, Mr. Paul A. Osemele, said the 2007 edition of the Fair was a total failure.
Mr. Osemele, hinted that the organisers of the programme, PHICCIMA, did not in any way justify the huge sum both the government and the participants invested on the exhibition.
According to him, about N5,000 is paid for a square metre in the trade fair and N100 on daily basis for security, but all to no avail.
He also blasted Port Harcourt Chambers of Commerce Mines and Agriculture for their in- ability to give the trade fair the required publicity which he said was the major reason behind the poor performance of this year’s edition of Port Harcourt Trade Fair.
Osemele who said that he came from US with other sister companies, regretted that he was unable to make enough sales at least to take care of his return ticket back to US.
He also called on PHCCIMA to make enough researches into government programmes in Rivers state, so that the trade fair would not coincide with any government activity.
“If there were enough logistics, enough awareness, people will come. But what we noticed was that the trade fair was going on at the same time with the Carniriv. So more people will go to the carniriv than the trade fair. They (PHCCIMA) should do something and separate the two”, he said.
Also speaking, the sales executive officer of G-F Pubec Nig Limited, Mr. Felix Aluta, said that PHCCIMA should reduce the N5000 per square metre change to N2000.
Mr. Aluta, maintained that the amount (N2000), will encourage more exhibitors to attend next year’s exhibition.
The G-F Pubec Nig. Limited sales officer, who slightly disagreed with others on the total failure of the last edition of the trade fair in Port Harcourt, blamed it on poor economy.
He revealed that people were complaining of poor economy before the trade fair, saying that the total failure of the market was not totally the fault of the organisers.
The Tide further learnt that the Port Harcourt Chamber of Commerce, Industry Mines and Agriculture failed to organise a formal closing ceremony as it promised earlier by one of its big wigs.
NSE Begins Week On Negative Note, Loses N19.49bn
The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.
… Introduces TIES To Boost Business Loan
The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.
CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions
The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.
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