Business
Trade Fair, Booster Of Economic Activities
The 5th Edition of Port Harcourt International Trade Fair, 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.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.
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