"This show will be modelled on SAITEX, held in Johannesburg annually for the last 18 years," say EMS MD John Thomson. This year's SAITEX show attracted almost 500 exhibitors, with 54 countries participating. "The show's many international clients have requested a similar platform to access the booming West Africa market."
WAITEX is supported by the Nigeria Trade Facilitation Office, the Nigerian South African Chamber of Commerce, the South African Nigerian Chamber of Commerce, the Foundation for the Development of Africa and the Nigerian Export Promotion Council.
He explains the rationale for hosting the event in Nigeria. "Nigeria is Africa's most populous nation and is the continent's second-biggest economy; growing at 10% per year by the time the show takes place in 2012."
Nigeria has jumped three places in global GDP rankings, rising from 44th place in 2009 to 41st this year. "EMS is well-positioned to host the WAITEX; it's one of the longest established event organisers in Southern Africa and is the one of the exhibitions companies on the continent with experience in delivering Pan African exhibition programmes."
Analysts predict that Nigeria will be the world's fastest growing economy between now and 2050. With its soaring consumer demand, a growing middle class, high net inflows of capital investment and strong growth in agriculture, distribution, telecommunications, manufacturing and the retail trade, Nigeria was recently declared one of the top three investment destinations in Africa by the independent Africa Business Panel in The Netherlands.
"The investment tide is flowing into Africa and a growing number of international companies have been spreading out into the continent," says Bill Repard, interim committee member of the Australian African Mining Group.
Nigeria garners the greatest proportion of foreign direct investment (FDI) in Africa. FDI inflows have grown enormously over the last decade, from $1.14-billion in 2001 to $11-billion in 2009, according to United Nations Committee for Trade and Development. This makes Nigeria the 19th biggest recipient of FDI in the world.
More countries are increasing their trade with Nigeria. Trade between Nigeria and China reached an all-time high this year of $7.76-billion, and Nigeria is China's fourth largest trade partner and second largest export market in Africa.
Bi-lateral trade between Nigeria and India also hit record highs in 2011, reaching $14.6-billion by year end March 31, a massive rise of over 40% from $8.7-billion in fiscal 2010.
Thomson cites the retail sector as one example offering opportunities for foreign players. "The recent lifting of the textile import ban in Nigeria has sharply expanded the scope of international retailers that are able to trade in Nigeria. The Nigerian property sector is also experiencing healthy growth, and a large component of this is the retail trade; South African retailers Mr Price, Spar and Woolworths are considering setting up ventures in the country."
Some of the leading international retailers already have a foothold in the country. Shoprite Holdings, which opened its second outlet in Lagos last year, plans to open 20 new stores in the country by the end of 2011.
Last year, Internationale Spar Centrale BV opened its first store in Lagos in partnership with Park n Shop owner Artee Industries Ltd. Walmart's recent acquisition of Massmart Holdings gives it ownership of the African retail network, including the Game outlet in Nigeria.
"Good news for South African exhibitors is that if your products have at least 35% local content, you are eligible for financial assistance from the dti," he observes. "This means you can participate in WAITEX for virtually nothing."
For more information, e-mail moc.acirfasnoitibihxe@selas or go to www.exhibitionsafrica.com.
