Business
Lagos Trade Fair Records Low Patronage At Day Three
Business activities were still at a slow pace at many stands on weekend as the Lagos International Trade Fair entered its third day.
Some visitors at the Tafawa Balewa Square venue at the fair, said the economic situation in the country could take its toll on this year’s event, though it was just in its second day.
They spoke with The Tide source in separate interviews at the venue.
Mr Dare Kelvin, a civil servant, said that the economic situation could affect the influx of people to buy goods at the fair.
“The economy is the cause why people don’t come in to buy; people are not happy.
“Happiness comes when one is buoyant and able to come out and do basic things for himself, and by the time this is not happening, this kind of situation is what you will find,” he said.
Mrs Komolafe Peters, an evangelist, said the level of unemployment in the country, could have an effect on the fair.
According to him, “Many Nigerians are not working, those who are working are not well paid or under paid and this cannot even meet their basic needs.
“ So, with which money will they come here with to buy things?”
A former Staff of Bank of Industry, Mrs Virginia Okoro, suggested that government should improve the economic productivity and create opportunities for its citizens.
“What I mean is that government should invest in human capital potential and create jobs for women and young people.
“They should also increase financial access for people,” she said.
Our source confirmed that some exhibitors were still setting up their stands at the venue as at yesterday, just as visitors to many stands were just window shopping.
Queues were, however, seen at one of the stands where free noodles were being offered and at another Maggi stand where they got freebies.
The Tide also learnt that only few banks have registered their presence at the Tafawa Balewa Square, the venue of the fair.
UBA, Stanbic IBTC and First Bank were among those with stands.
International companies like HAVILAH Processing Company, Canada, Japan Motors, SUNSHINE Group Limited had also registered their presence at the fair which is expected to end on November 10.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
