Much Ado About The Lagos International Trade Fair

So the recent Lagos International Trade Fair held from the 2nd to 11th of November 2012. Okay we are reviewing it as we saw it and heard people talk about it especially at the fair. Because lets face it, at the end its supposed to be a fair of the people, by the people and for the people. Jokes aside, the people hold the power or so it should be.

For one the fair did not hold at the regular location, which is the Trade Fair Complex at Badagry because of the ongoing massive road construction taking place around there that should culminate in a ten lane express way . If it had been held there, the attendant traffic gridlock and ensuing stress to and fro the venue will have dissuaded people from participating.

Nevertheless, the state government was resilient in keeping faith with the fair by moving it to the Tafawa Balewa Square (TBS) on Lagos Island. This location perhaps contributed to the general outcry about the high cost of goods and services. We are coming to that.

The size of TBS is much smaller than that of the Trade Fair Complex at Badagry, this perhaps accounted for the low turnout on both sides (buyers and sellers). Many members of the public were not even aware that something of that magnitude was going on.

 

People who did find out about it got there to find out that the trade there was no different from going to their regular markets. Although it is worthy of mention that the fair afforded consumers the opportunity to see all kinds of products at once instead of going to specialised markets for them. The Oxford Dictionary of English defines a ‘fair’ in the sense we mean it as:

1. a gathering of stalls and amusements for public entertainment.

2. a periodic gathering for the sale of goods. an exhibition to promote particular products: the European Fine Art Fair. NORTH AMERICAN an annual competitive exhibition of livestock, agricultural products, etc., held by a town, county, or state.

 

All the above was found at the recent Lagos International Trade Fair. There were indoor and outdoor stands. The indoor stands we learnt went for two hundred thousand naira and above. The outdoor differed. The effect of this cost of acquiring a stand rippled in the prices of goods available at the fair, and may have discouraged other service providers who may have had the intent to participate at the fair and increase competition that should see momentary fall in the price of goods and services.

WHAT’S NEW?

This brings to us what was new at the fair. Not much, but a few things caught our attention. The all in all manual blender that can blend beans, yes beans, corn and the usual onions, tomato, pepper and the likes of them.

There was also this plastic bucket that had already fitted wiring for boiling water. The device is affixed to the bottom of the bucket all you had to do was plug it to the socket, no need for a boiling ring. A couple of other regular brands had a few innovations, but nothing with the wow effect.

Then we pay a visit to the special Chinese Pavilion and see displays that will meet the need of those who are building houses, in need of fittings, some highly stylised heavy-duty equipment that our eyes couldn’t discern, and some household items. What did catch our attention at their pavilion was an air conditioner that functioned like a standing fan, just like the boiling water bucket, all one had to do was plug it to a socket.

 

 

 

It is worthy of note that one of the most patronised stands was that of the Corporate Affairs Commission (CAC), many people took the advantage of their presence to quickly begin the process of registering their companies. The queue of waiting customers was quite long. It is commendable that CAC came closer to the people and tried to cut the bottlenecks involved in registering ones company or brand.

What is amazing however is the possibility of having so many unregistered businesses operate in the country? It’s quite hard to fathom a situation where those people we saw at the fair suddenly thought up those business ideas and queued up to register them. What are the implications for our business environment and practices in the country?

BUYING AND SELLING

This was the reason the fair was organised in the first place right? At this point we can say that though some traders made some handsome profit, many others were not so lucky. Speaking to one of them Mr Harrison, he noted that business was not so good as customers were not patronising them as much as expected. He blamed it on the general economic situation in the country.

One Miss Kafayat who sold women’s make-up items noted that traffic was very low, and the sales did not compensate the money spent in acquiring the stands in the first place. She said the customers priced her goods at outrageous rates, sometimes she sold it that way, so that she is not left empty handed.

One product that was present in abundance was real estate and land in particular. Realty Point Limited registered its presence particularly with the Roseberryestate bumper offer. With this offer anyone could become a landlord by buying land in the Roseberry estate. Simply by making an initial deposit of N25,000 and paying the same amount for the next 25 months. The estate located at Agbara near the regular venue of the Lagos trade fair is in high demand and sells at N650,000. The choice is yours, make a one-time payment, or pay in equal installments.

 

On the other hand, the people with the purchasing power complained of the inflated price of goods and services. Some noted that the discount some companies offered were not enticing enough. One was overheard complaining, “This one be fair at all?” One John said he has searching for a particular product for over an hour and was about to leave without making a purchase. He observed that that particular product might not be available because the usual dealers were absent.

SIDE ATTRACTIONS

Many brands used trendy, contemporary music and dancers to call attention to their stand and products. The numerous schools who brought their students for excursion allowed the students participate in dance competitions where there were give away prizes. These dance competitions caught the several people and held their attention, especially that of a cripple gyrating. This was the purpose in the first place.

Radio and TV houses were not left out, as they scuttled to speak to many people who seemed eager to be heard or caught on camera.

Religious bodies also took advantage of the large influx of people to get their various messages out.

                  

 

INTERNATIONAL TRADE FAIR?

The fair was as international as it could get. We saw stands representing countries that include: Ghana, India, Indonesia, Thailand, and China. We moved around for four hours and saw just these countries. Is this international enough? You decide.

 

LAST WORDS

The Lagos International Trade Fair 2012 has come and gone. We do not have the last words, the state of the whole fair is a summation of varied factors, factors that do not place the event in a positive light. We do hope that by the next one, next year, the road construction would have made considerable progress, and we can have more participants that will give us a true fair in every sense of the world.