…Sanwo-Olu assures of LASG preparedness to host continent’s premier fair
The Federal Government has projected investment deals worth at least $50 billion at the 2027 edition of the Intra-African Trade Fair 2027 (IATF), Minister of Industry, Trade and Investment Jumoke Oduwole has said.
Oduwole spoke on Monday during the signing ceremony of the hosting agreement for the trade fair by the Lagos State Government at the Wole Soyinka Centre for Culture and Creative Arts.
The hosting agreement was jointly signed by the Federal Government, African Export-Import Bank (Afreximbank), African Union Commission (AUC) and the African Continental Free Trade Area Secretariat.
Oduwole, who represented President Bola Ahmed Tinubu, reiterated the administration’s commitment towards trade and investment mobilisation, noting that it is pivotal to the Renewed Hope agenda.
President Tinubu who noted that previous editions of the IATF have generated over $167 billion in trade and investment deals, with the fourth edition in Algeria alone recording $48.3 billion, assured that Nigeria hopes to surpass all expectations in next year’s hosting.
While noting that the country has played leadership role in the AfCFTA implementation, including completing its five-year review in 2025, launching the AfCFTA Air Cargo Corridor to facilitate exports, and piloting innovative digital trade solutions across the continent, Tinubu also cited the Customs Partnership for African Cooperation and Trade (CPAC) as a model for harmonising customs policies and building trust with the private sector.
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This is just as he spotlighted Nigeria’s creative economy as a key driver of continental growth, noting that it contributed $25 billion to GDP in 2025 and employs millions, with ambitions to reach $100 billion and create two million jobs by 2030.
The President highlighted initiatives such as CANEX Weekend 2026 and the Golden Jubilee of FESTAC ’77 as opportunities to integrate cultural innovation with trade and investment, by urging continental unity, stressing that IATF 2027 will be a defining moment to advance intra-African trade, foster partnerships, and drive sustainable economic growth across Africa.
“Nigeria is truly proud to host the IATF event and we’re pulling every stop to ensure a huge success and it’ll surely be the biggest ever,” said an elated he stressed.
Also speaking at the official signing ceremony, George Elombi, President of Afreximbank, said the bank expects the fifth edition of the continental trade fair to close more business deals than previous editions
According to him, the expectation is that the fair exceeds the $50 billion in deals recorded at earlier editions, while creating new partnerships and opportunities for businesses across the continent.
Elombi said the IATF which came on stream in 2018 was designed to place Africa’s economic transformation firmly in the hands of Africans by promoting trade within the continent and connecting businesses, investors and governments.
He noted that while the fair will bring excitement and global attention to Lagos, the real objective is to convert trade discussions and investment commitments into executable transactions that will expand value addition, create jobs and increase revenues for African economies.
He therefore urged Nigeria to leverage the opportunity to mobilise participation from across the country, particularly from major commercial hubs such as Alaba in Lagos, Kano in the north, and Aba, Onitsha and Nnewi in the SouthEast.
According to him, bringing together producers, traders and entrepreneurs from across Nigeria’s 36 states will be key to ensuring that the 2027 trade fair becomes a landmark event for the country and the continent.
The Intra-African Trade Fair is a flagship initiative aimed at boosting intra-African trade under the African Continental Free Trade Area.
Elombi said Afreximbank will continue working closely with the Nigerian government and Lagos State to ensure that the 2027 edition delivers stronger economic outcomes, adding that the event presents a unique opportunity for Nigeria to showcase its entrepreneurial strength and leadership in driving Africa’s economic integration.
Speaking earlier, former president Olusegun Obasanjo, the Chairperson of the IATF Advisory Council for 2027, in his opening remarks said the hosting of fifth edition of the fair in Nigeria at this time was indeed symbolic and marks an important milestone in advancing economic cooperation and trade integration across the continent.
Obasanjo noted that the event would provide a major platform for businesses, investors and governments to deepen commercial partnerships and unlock new opportunities for intra-African trade.
Going down memory lane, Obasanjo recalled that the city was the venue where African leaders adopted the Lagos Plan of Action for the Economic Development of Africa, which sought to reduce reliance on raw material exports and promote industrialisation and self-reliance across the continent.
Hosting the trade fair in Lagos therefore reinforces Africa’s long-standing ambition to strengthen regional economic integration and build a more resilient and self-sufficient economy, he stressed.
Obasanjo also reiterated the commitment of the IATF 2027 Advisory Council to work closely with the federal government and partners to deliver a successful event that will surpass previous editions in scope and impact. While expressing confidence in Nigeria’s preparedness, he advised organisers to plan for possible contingencies to ensure smooth execution, adding that the trade fair remains a critical instrument for advancing Africa’s economic renaissance and achieving the broader goals of continental integration.
Lagos governor Babajide Sanwo-Olu, while justifying the hosting rights for the IATF, said, it will afford the continent the opportunity to better position herself to the global commmunity as a hub of commerce and enterprise.
Sanwo-Olu, who assured of the Lagos State Government preparedness for the IATF, said President Tinubu was more than ever before determined to ensure that the country leads the charge for the continent’s socioeconomic development hence his charge to all the ministers to support every cause and initiatives aimed at actualising such ideas and ideals.
