Commercial activities at the Lagos International Trade Fair Complex were disrupted on Wednesday as traders shut down the facility while protesting a proposed takeover of the market’s management by state and local government authorities.

The traders said they were concerned about the implications of the planned arrangement, including possible new levies and taxes that could affect their businesses.

Many traders insisted that the complex is a federal facility and called for further consultations before any changes to its management structure are implemented.

The development led to the closure of shops across the complex, leaving hundreds of traders gathered around parks and garages within the market premises as discussions continued.

The ASPAMDA Market within the complex—one of the largest spare parts markets in Lagos—was among the sections affected by the shutdown.

Eyewitnesses said traders began the protest early in the morning by locking up their shops and stalls to draw attention to their concerns over the proposed changes.

We are not against development, but we are concerned about the possible levies and taxes that may be introduced if the management structure changes,” a trader who identified himself as Emeka Onu said.

The Minister of Industry, Trade and Investment, Jumoke Oduwole, visited the market during the day as part of efforts to engage with traders and encourage the reopening of the complex.

Before commencing her tour of the market, the minister urged that the gates of the complex be opened to traders, stating that her visit was aimed at interacting with stakeholders and supporting the smooth conduct of business activities.

• Chief Olusegun Obasanjo, IATF Chairperson

The Nigerian government has declared its readiness to host the fifth Intra-African Trade Fair 2027 (IATF2027), scheduled to take place from November 5 – 11 in Lagos.

The host agreement signing ceremony was held in Lagos, the designated ‘host city.

Dr. Jumoke Oduwole, Federal Minister of Industry, Trade and Investment, signed on behalf of Nigeria, while Dr. George Elombi, President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank)., Francisca Tatchoup Belobe, AU Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, and Cynthia E. Gnassingbé-Essonam, Director of Private Sector Engagement and Communications at AfCFTA Secretariat, who represented Wamkele Mene, Secretary General, AfCFTA Secretariat, signed for the IATF.

While Nigeria was taking over the baton from Algeria which hosted the highly successful fourth edition that recorded US$49.94 billion in trade and investment deals, the 2027, IATF2027 is targeting over US$50 billion in trade and investment deals, 100,000 visitors, 2,500 exhibitors, and participation from more than 100 countries.

The Fair will be held under the theme “Global Africa, Smart Trade- From Market Access to Market Power”featuring diverse programme notably the trade exhibitions

In his opening remarks, Chief Olusegun Obasanjo, Chairperson of the IATF2027 Advisory Council and Former President of the Federal Republic of Nigeria, underscored the strategic importance of the Fair in shaping Africa’s economic sovereignty.

He said : “The signing of this host agreement marks a momentous milestone for Nigeria and for the continent. Bringing IATF2027 to Lagos is historically significant, as this city hosted the Lagos Plan of Action adopted in 1980, which championed Africa’s industrialisation and economic self-sufficiency. We have to work hard to keep moving towards the Africa we want. I am confident that IATF2027 will surpass all previous editions in both scope and impact as we advance our shared goal for a unified African marketplace under the AfCFTA.

Commenting on Nigeria’s expanding footprint in intra-African commerce, highlighted Nigeria’s rising contribution

Photo: Inside a sugar factory

The National Sugar Development Council (NSDC) and the Bank of Industry (BOI) have provided a N10 billion Sugar Project Acceleration Fund (SPAF) to support the development of greenfield sugar projects across the country and strengthen Nigeria’s sugar industry.

The greenfield projects beneficiary are Illaj Sugar, Brent Foods, Crystal Sugar, Legacy Sugar, Saro Sugar, Awaa, Ganic and Confluence Sugar.

In a statement the Executive Secretary and Chief Executive Officer of NSDC, Kamar Bakrin, said that the fund is designed to provide financing and project development support to viable greenfield projects in a bid to accelerate the emergence of a sustainable and competitive sugar industry.

Bakrin point out that access to capital alone does not guarantee sugar production, noting that many development finance institutions and investors already have significant funds available for agro-industrial projects.

““SPAF is NSDC’s structured pre-investment facility established to provide qualifying project promoters with the technical, financial and advisory support required to develop their projects to bankable standard.

It is not a grant programme but a facility designed to build a credible pipeline of investor-ready Nigerian sugar projects,” he added.

The Executive Director of Public Sector and Intervention Programmes at BOI, Hadiza Shuaib, said that the bank will serve as the fund manager for SPAF while NSDC will provide sector leadership and technical guidance.

“As Fund Manager, BOI will ensure that projects are properly structured, risks are effectively managed, and funds are deployed responsibly. We are also strong advocates for skills development, because financing alone is not sufficient to deliver sustainable outcomes,” she said.