Investment in International Trade Fairs and the Economic Returns : Current School News

Investment in International Trade Fairs and the Economic Returns to the Nation

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Investment in International Trade Fairs and the Economic Returns to the Nation.

ABSTRACT

The purpose of this study was to investigate whether the huge investment on international trade fairs in Nigeria can be justified by the economic returns from it. In pursuance of this investigation, research objectives and hypotheses were formulated in chapter one. Related literatures were reviewed in chapter two.

Research methodology describing the respondent, method of data collection, sample size and sample procedure was stated in chapter three. The researcher used survey method and stratified sampling techniques. Yamenes method of sampling was then used to determine the sample size.

The data was collected through the use of questionnaires and a sample of one hundred and twenty four (124) respondents was used. Only one hundred and ten (110) questionnaires were completed and returned. The data was analyzed and tested using Z-test in chapter four.

Discussion of findings, conclusion, recommendation, the suggestion for further studies and limitation were stated in chapter five. However, some of the findings put forward include:

(a)That international trade fairs are effective ways of promoting products or services, though Nigerian businessmen and women are yet to appreciate and make use of the opportunity.

(b)The international trade fair encouraged the transfer of technology among the participating countries.

(c)The investment committed to international trade fairs is justified when compared with the economic returns to the nation.

(d) There is no much “international” about the international trade fairs in Nigeria as most products and services exhibited in the just concluded 20th Enugu international trade fair were made in.

Sequel to the research findings, the researcher made the following amongst other recommendations:

(a) That government’s intervention in the planning and organization of trade fair is of paramount important considering the huge fund involved, rather than vesting the responsibility on the various chambers of

(b) Those organizers should provide adequate facilities (such as water, electricity extra) at the fair arena to enable exhibitors and participants to transact business without hindrances.

INTRODUCTION

It has been advocated that trades advance the economy and society and intend to be the best measure of social, economic development, and standard of living. The first organized trade fairs in Nigeria tagged “made in Nigeria exhibition” was held as far back as 1953.

The forum was expected to be an opportunity for the exhibition of local industries in Nigeria. However, available reports show that participants on the fair were scanty compared to October 1960 exhibition, which was organized as part of Nigerian independence celebration.

The first Nigerian international trade fair was held in Victoria Island Lagos in 1962 and lasted for twenty three days from October 27th to November 18th. By that time; Nigerians seemed not to have embraced the opportunity offered by international trade fairs.

Though I did not have enough report (favorable or unfavorable)about the fair, but one is tempted to assume that it was not successful for the fact that the country has to abandon international trade fair for fifteen(15)years before organizing another one in 1977.

It was argued that after the 1977 international trade fair in Lagos, Nigerians began to realize the importance of trade fairs. Trade fair became so frequent that we seem to have lost account of the number of fairs so far held since 1953, when the first trade fair was ever held.

REFERENCES

Ani, E .O. (1993). “Marketing the lifeblood of business, economic  and Social development”, 11th inaugural lecture of Enugu state university science and Technology.

ECCIMA, (2001). Evaluation report of the 9th and 10th Enugu International trade Fairs, Enugu: publication &Seminar committee.

Dogbuje,C. (1983). Advertising management for corporate Organization (a Workshop Paper for advertisement)

Ifedi, C. (1991). Promoting productive trade fairs, Business concord Nwosu,I.(2001).Marketing communication management and media (principles,Practices and strategies). integrated approach, Lagos: Dominican publishers.

Osuala,E.C.(1990).Introduction to research methodology. Onitsha Nigeria: African-rep publishers limited.

CSN Team.

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