Business
7TH ECOWAS trade fair officially closed in Accra
ABUJA – The curtains fell on the 7th ECOWAS Trade Fair in Accra, the Ghanaian capital on Monday 11th November, 2013 after 12 days of showcasing of culture and products coupled with sales and business to business networking by traders, manufacturers, industrialists and investors.
Speaking during the official closing ceremony, Ghana’s Deputy Minister of Trade and Industry Nii Lantey Vanderpuye commended the more 600 exhibitors from 11 ECOWAS Member States and outside the region at the fair and expressed the hope that the exchanges would “yield positive returns and progressive demand and supply relationships for the benefits of our numerous stakeholders.”
“The ECOWAS market is so important to all Member States, and we must do all we can to keep it open, growing and developing,” the deputy minister said, adding: “All our governments therefore need to cooperate to ensure that all technical barriers to trade are removed.”
He lamented that “road blocks and unauthorized tariff/road toll collection on our trunk roads,” impeded the smooth movement of persons and goods across the region’s borders and onto the markets, with negative impact particularly on the profitability of exports and severest consequences on trade in perishable foodstuffs and other agricultural commodities.
As a solution, the minister suggested constant review of “our corporate governance and quality service monitoring systems for the Customs and Immigration officers,” to ensure reduction to the barest minimum, delays at various border posts.
He also called for the facilitation of the construction and commissioning of the “long-held dream of a seamless railway line connecting Nigeria, Benin, Togo, Ghana and Cote d’Ivoire,” to resolve most of the problems associated with the overland haulage of agro-produce and other raw or unprocessed commodities across the region’s borders.
Mr. Felix Kwakye, who spoke on behalf of the ECOWAS Commissioner for Trade, Free Movement and Tourism, Mr Hamid Ahmed, said the wide variety of products displayed during fair “attest to the vast potential of our region with a combined market of more than 350 million consumers.”
This potential, he said, “should be harnessed for the industrial development of West Africa, to reduce poverty and improve the living standards of our people.”
The Commissioner said the Accra fair “lived up to its billing as a veritable platform not only to showcase made-in-ECOWAS goods and projection of our industrial and investment potential, but also to give expression to the cherished vision of the Community which is moving from an ECOWAS of States to an ECOWAS of people.”
The Commissioner said the ECOWAS Commission had taken note of the concerns expressed by some traders in relation to the challenges they encountered in the intra moving their products from one member state to the other. He assured that the Commission will continue to work with other stakeholders to improve knowledge of the ECOWAS protocols and texts on the free movement of goods and persons with a view to ensuring that citizens moved freely in accordance with the tenets of the ECOWAS Revised Treaty.
He thanked the Government and people of Ghana for the warm hospitality extended to the exhibitors and Community citizens, as well as their immense contribution to the success of the fair.
The chairman of the Fair’s Regional Organizing Committee, Mr. Johnson Kueku Banka of Togo and Mr. Nana Ofori Amanfo, the Exhibition Director and Deputy Chief Executive of the Ghana International Trade Fair Company, both commended the exhibitors and expressed the hope that lessons learnt from the Accra event would help improve subsequent outings.
The speeches were followed by the lowering of the ECOWAS and Ghana’s flags followed by the rendition of the National and Regional Anthems by the Ghana Police Band, to formally draw activities to a close.
Earlier at a Press Conference, Mr. Adou Koman of the ECOWAS Commission’s Trade Directorate reaffirmed the Commission’s commitment and determination to make the biennial fair a veritable showcase of the region’s business and trade opportunities.
He urged Member States, citizens and other stakeholders to play their roles effectively towards the realization of the goals of regional integration and economic development using trade as one of the key platforms.
Ghana’s President His Excellency, Dramani Mahamma, represented by a member of the National Council of State Honourable Christopher Dewornu, declared the fair officially opened on 31st October 2013 at the Ghana International Trade Fair Centre, under the theme: “Regional Integration through Trade.”
ECOWAS Commission Vice President Dr. Toga McIntosh represented the Commission’s President His Excellency Kadre Desire Ouedraogo at that ceremony with Ghana’s Trade and Industry Minister Haruna Iddrisu and ECOWAS Commissioner Hamid Ahmed, among the dignitaries in attendance.
Previously held every four years, the regional Trade Fair is now a biennial event. Senegal hosted the first edition in 1995, followed by Ghana in 1999, Togo in 2003, Nigeria in 2005, Burkina Faso in 2008 and Togo again in 2011. The 8th edition will take place in 2015 at a venue to be announced in due course.
The President of Dangote Industries Limited (DIL), Aliko Dangote, has expressed support for the economic reforms of the President Bola Ahmed Tinubu administration, particularly the removal of the fuel subsidy and the liberalisation of the foreign exchange market.
The industrialist gave the commendation in Lagos on Monday at the Nigerian Exchange Group (NGX) during the formal launch of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals (DPRP).
He also commended Tinubu’s leadership and said the Dangote Refinery was supporting the administration’s efforts.
“I want to thank him for taking a lot of bold steps by removing the subsidy and democratising the exchange rate…” Dangote said.
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He assured that the Dangote Group would continue working with the government to contribute to Nigeria’s development.
“So, we thank you very much for your leadership and we will continue to partner with the government to ensure that we make this country great and we make Africa great,” he said.
Dangote, a former president of the Nigerian Exchange, also expressed surprise at the transformation of the bourse, saying he had not expected it to reach its current level.
“I was the president of this exchange. Even when I was inviting people to come and help me turn the exchange around to make it a world-class exchange, I never thought this exchange would be at this level in 2026,” he said.
He revealed that a more grand ceremony would be held with Tinubu in attendance.
The refinery’s IPO, which opened on Monday, offers 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is scheduled to close on 13 October 2026, subject to the terms of the prospectus.
President of Dangote Industries Limited, Aliko Dangote, has described the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals as a “People’s IPO” as the N2.15tn offer officially opened on the Nigerian Exchange on Monday.
Dangote sounded the gong at the NGX trading floor in Lagos to formally open the offer, marking a major milestone for Nigeria’s capital market.
The IPO comprises 4.1 billion new ordinary shares priced at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
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The offer, which opened on September 14, 2026, is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
Speaking after sounding the gong, Dangote said the offering was aimed at widening public participation in the ownership of the refinery.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started.
“It’s not only about the refinery.”
The Dangote Refinery IPO is the first refinery offering to investors on the Nigerian stock market in the 66-year history of the Nigerian Exchange.
The offer is open to retail, institutional and eligible African investors, providing members of the public with an opportunity to acquire an interest in one of Africa’s largest industrial projects.
Dangote also disclosed that the IPO was part of a broader plan by the Dangote Group to list more of its companies on the capital market.
He said the group intended to list every company that would operate under its umbrella in the future.
“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” he said.
The businessman added that the Nigerian Exchange would provide a platform for the group to pursue listings on other international exchanges.
“From this exchange, then we can go to any other place.
“So, Nigeria and Africa is our base. We want to make sure that we join our continent.”
The Dangote Refinery, located in the Lekki Free Zone, Lagos, has been positioned as a major investment in Nigeria’s domestic refining capacity and efforts to reduce dependence on imported petroleum products.
The opening ceremony was attended by Lagos State Governor Babajide Sanwo-Olu, NGX Group Chairman Umaru Kwairanga, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, Zenith Bank founder Jim Ovia and other dignitaries.
The N2.15tn IPO will remain open until October 13, 2026, subject to the terms contained in the prospectus.
A 0.4 percent increase from the 1.67 million bpd recorded in July saw Nigeria’s crude and condensate production rise to 1,677,777 barrels per day in August 2026.
The growth, disclosed in a statement by Head, Media and Corporate Communications, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Eniola Akinkuotu, on Sunday.
Another interesting aspect of the report is that it shows Nigeria’s consistent compliance with the Organisation of Petroleum Exporting Countries (OPEC) crude oil quota for the fourth consecutive month.
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According to the regulator, crude oil production, excluding condensates, stood at 1,500,190 barrels per day in August.
The report revealed that Nigeria meeting her OPEC quota for the fourth consecutive month, reflects continued efforts by operators to restore affected production capacity and address operational bottlenecks.
The latest increase followed the resolution of operational challenges involving the Single Buoy Mooring at the Erha field, which had affected production performance in the preceding month.
The NUPRC said the restoration of normal evacuation and production operations at the asset contributed positively to the overall output recorded during the month.
The statement read, “The NUPRC attributed the modest improvement in August production largely to the resolution of the Single Buoy Mooring operational challenges at the Erha field, which had adversely impacted production performance in the preceding month.
“The restoration of normal evacuation and production operations at the asset contributed positively to overall production volumes during the period under review.”
The regulator added that production activities across most other producing assets remained relatively stable, with operators sustaining measures aimed at improving efficiency, maintaining asset integrity and reducing operational disruptions.
According to the commission, the lowest daily crude oil and condensate production recorded in August was 1.64 million bpd, while the highest stood at 1.71 million bpd.
A breakdown of production by terminals and streams showed that the Bonny Terminal recorded the highest average output during the month, accounting for 320.04 thousand bpd.
Forcados Terminal followed with 317.40 thousand bpd, while the Qua Iboe Terminal recorded an average of 171.72 thousand bpd of crude oil and condensates.
Escravos Oil Terminal posted a daily average of 131.71 thousand bpd, while Bonga ranked fifth among the leading producing terminals with an average of 92.50 thousand bdp of crude oil.
The August output represented an increase of 6,777 bpd from July’s 1,671,000 barrels per day, based on the rounded July figure. It was also 57,621 bpd, lower than the 1,735,398 bpd recorded in June.
The June figure represented a decline of about 3.3 per cent in August when compared with the latest available June production data.
The NUPRC said the August performance reflected the industry’s continued efforts to resolve operational constraints and restore affected production capacity.
It stated, “While the increase recorded in August was modest, it reflects the industry’s continued efforts to address operational bottlenecks and restore affected production capacity.
“Stakeholders remain focused on enhancing asset reliability, improving operational resilience and advancing intervention programs to support sustained production growth in the coming months.”
The regulator further emphasised the importance of timely intervention, effective asset management and collaboration among industry stakeholders in safeguarding the country’s crude oil production capacity.
Nigeria’s oil production has remained a major focus of government efforts to increase revenue, improve foreign exchange earnings and strengthen the country’s ability to meet its OPEC production quota.
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