The International Africa Trade Fair has been a key event that has helped boost trade in Africa. No other event brings together more professionals under one roof. In 2021, IATF’s theme focused on the newly-launched African Continental Free Trade Area (AfCFTA) – a single market for goods and services across 55 countries, aimed at boosting trade and investment.
Different exhibitors showcased their works from different sectors and countries across Africa. It served as a unique platform where investors sought for investment, forged agreements and promoted international cooperation. IATF2021 was a haven for the curious and innovative minds. With four streams – arts & crafts, film, music, fashion – visitors explored the gigantic creative know-how of the continent with artists from across Africa.The one quick win for participants is development of market access for export customers. Following the inaugural IATF in Cairo in 2018, the connections at the 2021 edition is quite an eye opener.
The Nigerian Export Promotion Council, one of the participating organisations, sold Nigeria to the African continent. The NEPC anchored Nigeria’s participation at the Trade Fair held in Durban. The Council took several Nigerians along and also gave them platforms to exhibit and showcase their products. The council had done its homework, meeting the requirements of the market and the buyers. The Council showed how export-ready it was. And had prepared its terms of legal requirements, standards, product & packaging requirements, promotion requirements, sales and delivery, price competitiveness etc. NEPC ensured that each exhibitor had unrivalled opportunities to present his business to thousands of buyers and stakeholders from the African continent and beyond. The trade fair presented Nigerians, especially those who participated in the event, the opportunity for partnerships, collaborations and knowledge transfer. Over hundreds of Nigerians who participated in the IATF 2021 secured product off-take contracts and partnership deals in excess of million dollars because of the ease of doing business and opportunity they got at Durban.With this, it is obvious that Nigeria can be the biggest beneficiary of the African Continental Free Trade Area (AfCFTA) with improved ease of doing business and enterprise competitiveness.
According to a financial Expert, the IATF is one of the key levers of the AfCFTA in driving regional trade integration in Africa. On take-off, the AfCFTA will help to connect Nigerian businesses to the continental and global manufacturing value chain.Attendees made spontaneous deals, not just connections. IATF aims to boost trade and investment across Africa and beyond, with international trade organisations and agencies providing routes into markets outside Africa. Being its second edition, the Intra Africa Trade Fair (IATF 2021), took place in Durban, KwaZulu-Natal, in South Africa. It obviously raised the hope of Africa, and was etched on stronger bilateral trade between Nigeria and other African countries, just as it closed with business deals worth $36 billion.President Muhammadu Buhari, in his speech during the opening ceremony of the second Intra African Trade Fair 2021, assured the organisers that Nigeria would take advantage of the Intra Africa Trade Fair to boost its trade relationship with other African countries, with a view to improving Nigeria’s exports. Presenting the preliminary report at the close of the IATF 2021 in Durban, the Managing Director of Afreximbank’s Intra African Trade Initiative, Mrs. Kanayo Awani, reported that 11,828 people attended the event physically, while over 27,000 did so virtually via the IATF Virtual platform, which streamed the event live and offered other features that replicated the physical trade fair, bringing the total number of participants to about 39,000. Participants at IATF 2021 came from 128 countries around the world, Nigeria inclusive.According to reports, Former Nigerian President Chief Olusegun Obasanjo, Chairman of the IATF Advisory Council, described IATF as a movement towards an economically reliable Africa.
Chief Obasanjo complimented Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, Mrs. Kanayo Awani and all those who played a role in the success of the event, which was rescheduled to Durban, after Kigali, the initial host, was curtailed in its preparations due to the COVID-19 Pandemic.Durban had only four months to prepare for the event, whose opening ceremony was graced with the presence of seven Heads of State and Government, including President Cyril Ramaphosa of South Africa, President Muhammadu Buhari of Nigeria, President Lazarus Chakwere of Malawi, President Hakainde Hichilema of Zambia, President Emmerson Mnangagwa of Zimbabwe, Hon. Hussein Mwinyi of Zanzibar and the Rwandan Prime Minister, Hon. Edouard Ngirente, all whose presence Chief Obasanjo described as “proof of commitment to the IATF at the highest level.”
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
