The Lagos International Trade Fair Complex Management Board (LITFCMB) has assured Nigerian and foreign investors operating within the complex of its commitment to maintaining a fair and lawful business environment.
The assurance followed concerns raised by the Auto Spare Parts and Machinery Dealers Association (ASPMDA) over the alleged involvement of some Chinese nationals in retail trading at the complex.
Traders had protested at markets within the Trade Fair Complex along the Lagos-Badagry Expressway, alleging that some Chinese businesses were selling directly to consumers instead of operating solely as wholesalers.
The protesters said the alleged practice was affecting Nigerian retailers who claimed they could not compete with businesses able to import goods directly from manufacturers and suppliers in China. The allegations have not been independently verified.
The Executive Director and Chief Executive Officer of LITFCMB, Veronica Safiya Ndanusa, said on Thursday that the concerns raised by Nigerian traders regarding fair competition, market access and regulatory compliance deserved attention.
Ndanusa said Nigerian traders had built their livelihoods within the complex over the years, adding that the management was committed to creating an enabling environment for both local and foreign investors.
She said the board’s mandate included promoting trade and investment, managing infrastructure and supporting the development of the complex as a commercial hub.
According to her, Nigeria’s openness to legitimate foreign investment and the protection of Micro, Small and Medium Enterprises (MSMEs) were complementary objectives rather than conflicting interests.
Ndanusa said the activities of Nigerian and foreign businesses operating within the complex should complement one another and contribute to the country’s broader economic objectives.
She also assured foreign businesses operating lawfully within the complex that their investments, property and physical safety would remain protected.
The LITFCMB chief said Nigeria continued to honour its bilateral trade agreements and welcome foreign investors who operate within the country’s statutory framework.
She appealed to ASPMDA members and youth representatives to remain calm and avoid taking the law into their own hands, saying the management was engaging relevant stakeholders to find a lasting resolution to the dispute.
The Lagos State Police Command had earlier described the protest as the action of a few individuals and said the situation at the complex was peaceful. Police also assured Nigerian and foreign investors of security at the facility.
ASPMDA President Nnamdi Ngozi Emechebe also described the protest as minor and said the association had held meetings to address issues arising from the incident.