Economy
Nigeria to Leverage IATF 2027 to Deepen Africa-Wide Trade, Investment—Oduwole
By Adedapo Adesanya
Nigeria will position the Intra-African Trade Fair 2027 (IATF 2027) as a major catalyst for accelerating trade and investment across the continent under the African Continental Free Trade Area (AfCFTA) framework.
This was disclosed by the Minister of Trade and Investment, Mrs Jumoke Oduwole, while speaking at the IATF 2027 Hosting Signing Ceremony in Lagos on Monday.
Representing President Bola Tinubu at the landmark event, she noted that preparations for the 2027 Trade Fair came as Nigeria marked more than five years since the commencement of AfCFTA implementation, adding that the country became the first AfCFTA state to complete its five-year implementation review in 2025, in line with obligations under the agreement.
Setting some expected benchmarks for the event, Mrs Oduwole noted that the event would witness strong performances, with over 100,000 physical and virtual attendees projected to take part in the trade fair, and will top that of the 2025 edition.
The fourth edition of the fair (IATF 2025) was held in Algiers, Algeria, from September 4 to September 10, 2025, and recorded $48.3 billion in trade and investment deals.
“We’re expecting to host over 100,000 physical and virtual guests. We’re expecting to have over $50 billion worth of deals from IATF 2027.
“The IATF has made connections with the Caribbean and the diaspora, and we are positioning Nigeria to lead economically in this renaissance,” she stated.
Mrs Oduwole noted that in line with President Tinubu’s Renewed Hope Angle, the fair will provide an important instrument for advancing economic cooperation, boosting intra-African trade and fostering shared prosperity across the continent.
She described the trade fair as a major platform for advancing the objectives of the African Continental Free Trade Area (AfCFTA), which aims to create a unified African market.
The Minister added that the Federal Ministry of Industry, Trade and Investment (FMITI) is leading the coordination efforts for the event, working with agencies such as the Nigerian Export Promotion Council (NEPC) and other stakeholders to ensure successful delivery.
Also speaking at the event, Nigeria’s former president and Chairperson of the IATF Advisory Council, Mr Olusegun Obasanjo, said the hosting of the fifth edition of the Intra-African Trade Fair 2027 in Lagos represents a major milestone for the country and the continent’s drive toward deeper economic integration.
Mr Obasanjo noted that the agreement formally grants the country the right to stage the trade fair, which is scheduled to take place from November 5 to November 11, 2027, in Lagos.
“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 IATF 2027 will surpass all previous editions in both scope and impact as we advance our shared goal for a unified African marketplace under the AfCFTA,” he remarked.
Also speaking at the event, the President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Mr George Elombi, expressed confidence that hosting IATF 2027 in Lagos, Nigeria.
He noted that the trade fair has generated an average of $40 billion in deals across its previous four editions.
Mr Elombi said such success stories demonstrate the transformative power of the trade fair in creating partnerships, driving innovation, and improving Africa’s global economic image.
“Nigeria’s vibrant entrepreneurial spirit gives us confidence that IATF2027 in Lagos will be a remarkable event that strengthens trade and investment across the continent. The trade fair is about building a strong pan-African single market and expanding intra-African trade beyond the levels we see today,” he said.
As the host, Lagos State Governor, Mr Babajide Sanwo-Olu, said the event would be a defining time for Africa to take its rightful place in the comity of nations, assuring that Lagos State would put every necessary thing in place to ensure the event would be the best IATF to be hosted in Africa.
Business Post reports that while the fair will hold next year, Lagos will also play host to Afreximbank’s Creative Africa Nexus (CANEX), scheduled for November 5-8, 2026
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
