THE IMPACT OF TRADE FAIR ON THE DEVELOPMENT OF THE NIGERIAN ECONOMY

THE IMPACT OF TRADE FAIR ON THE DEVELOPMENT OF THE NIGERIAN ECONOMY

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ABSTRACT

The research on “The Impact of Kaduna international trade fair on the development on Nigerian economy” under taken to ascertain the Impact of the Kaduna trade fair on the economy of Nigeria, however, the aims or objectives of the research is to find out: what effect does Kaduna trade fair have on Nigerian economy. Among the research instruments used was secondary data and personal observation which was analyzed. Based on the arithmetic means population, it was discovered from the data analyzed that trade fair have effect on Nigerian economy however not notably due to issues such as insecurities which discourages foreign participants. In conclusion, the researcher recommended that Kaduna international trade fair will contribute to the Nigerian economy when the security issues are given appropriate attention thus promoting foreign participation.

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND OF THE STUDY

In any economy, the impact of trade fair cannot be over emphasized as it play a vital role in the overall economic, social and industrial development of a nation economy. Trade fair is a periodic gathering of manufactures and producers of goods and service exhibiting their latest products for promotional and sale purposes, but it has been hijacked by Nigeria wholesale and retailers and turned into a show of already exhibiting goods for their selfish aim of selling at an exorbitant price and making as much profit as they could.

Trade fair is one of the most effective and efficient atmospheres and avenues for increasing brand awareness and also the introduction of a new product in the market (AUMA, 2013). It is a very relevant asset for generating international trade through the exchange of goods and services. It increase employment opportunities and encourages manufacturers to compete fervently for market shares. In fact, the impact of trade fair to a nation’s economy is colossal. “other objectives of trade fair participations include improving the image of companies and products, opening up new markets, market research as well as concluding business deals. Aims that reach beyond those of day-to-day business are becoming increasingly important, such as establishing new sales channels, looking for venture partners and securing new employees.” (AUMA, 2013). Organizing trade fair to expose goods and services offered by manufacturers and members of the intermediaries otherwise known as the middlemen has become very germane (Omowunmi, 1999). Trade fair is a form of promotional device (Omowunmi, 1999) that enables companies to showcase and demonstrate their products to both middlemen and ultimate consumers. According to Ebue, (2002) trade fair is an excellent means of surmounting communication barriers through demonstrations. Trade fairs are method of bringing buyers and sellers together under mutually (equal) benefit, while exhibition and books are featured at trade firs which are designed to attract immediate prospect and to create awareness. A trade fair (trade show, trade exhibition) is an exhibition organized so that companies in a specific industry can showcase and demonstrate their latest products, service, study activities of rivals and examine recent market trends and opportunities. In contrast to consumer fairs, only some trade fairs are open to the public, while others can only be attended by company representatives (members of the trade, e.g. professionals) and members of the press (Nwielaghi and Ogwo, 2013). People participation in trade fairs have the privilege to physically examine, make comparison and learn about new products, market movement, competition and new source.

Kaduna as well as the other states of Nigeria are blessed with basic natural resource and intellectually that can make any geographical unit great. But however it is very unfortunate that most of these resources and intellects are yet to be harnessed and utilized. As much that trade fair show should come to play it should be a show that could identify, help to tap and develop these resources to mark an enviable and cohesive economy. The researcher is therefore out to find out how Kaduna international trade fair has affected the economy of Nigeria.

1.2 HISTORICAL BACKGROUND OF KADUNA INTERNATIONAL TRADE FAIR

Kaduna international trade fair is the most important annual events in the calendar of Kaduna chamber of commerce and industry, the events which was first of it kind started as domestic fair emphasing on agricultural sector in 1974 on a biannual basis the event continued until 1978 respectively in1979 the trade became internationally organized on annual basis, the firs Kaduna international trade fair was held in February 1979 at Murtala Mohammed square where a total of 205 exhibitors participated, from that period, the event continued to grow bigger providing avenue for:

a. The provision and encouragement of development of industries  and industrial inputs.

b. The promotion of all aspects of economic sectors through national and international co-operation

c. The provision of access to research finding new technologies and ideas for actualization by industrialist and policy in when is through face to face interaction.

d. The creation of conducive atmosphere between Nigeria and other nation for joint venture project in all facet of the economy.

e. The provision of channel through which the government policies and programmes are made know and consequently attract international and local investors.

1.3     STATEMENT OF THE PROBLEM

The Kaduna trade fair, both domestic and the international trade fair are about thirty eight years old today with the Kaduna international trade fair celebrating 34th years anniversary last march 2008.

As old as it seems to be, Kaduna trade fair is embedded with the following problems

1.  The inability of the organizers to enlighten other state of the federation to participate in the fair so as to show case their potentialities.

2.  The inability of Kaduna trade fair to encourage the exhibition of new products and technology, is not different from what is obtainable in the central market.

3.  The organizers have failed to educate the manufacturing and producing firms on the value and benefit associated with these fair.

1.4     OBJECTIVE OF THE STUDY

The objective of this research will be to find out the followings

1.  To examine the impact of Kaduna international trade fair on the Nigerian economy

2.  To find out whether Kaduna trade fair have succeeded in creating on avenue for the introduction of new products into the market

3.  To ascertain whether Nigeria small and medium scale enterprises have been participating at the Kaduna international trade fair.

1.5     SIGNIFICANCE OF THE STUDY

The research work if successfully concluded will be relevant to the following group.

a. Manufacturing and producers of goods and services

It is important to this group because it will enlighten them on how to take advantage of trade fair shows in Nigeria by exhibiting what they have in stock, their creativity and innovation in other to attract both local and foreign investors whom may want to invest in them, convincing them and of course it will lead to a boost in the economic development.

b. The State

This research work will also be important to the state because it will educate them on how to show case their abundant resources to attract foreign investors.

c. The Researcher

The research will broadened the knowledge of the researcher on the trade fair and its impact on the Nigeria economy

c. The Trade Fair Organizers

The research will be important to the organizers because it will make them to realize that their duty is not only to provide exhibition space, lay down rules of the show and provide security, but are equally responsible for organizing workshops, seminars e.t.c. to both state and other exhibitors on what trade fair is all about and how to go about it if it must contribute any value to the economy of Nigeria.

1.6     RESEARCH QUESTIONS

1.  Has there been any impact of Kaduna international trade fair on the development of Nigeria economy?

2.  To what extent has Kaduna international trade fair create an avenue for the introduction and exhibition of new products?

3.  Has Nigeria small and medium scale enterprises benefit in their participation at the fair?

1.7     SCOPE OF THE STUDY

The research topic” the impact of Kaduna international trade fair on the development of the Nigeria economy” will focus more on the years 2002 to 2010 it is for data and information generation, Also the research will focus more on trade fair and other relevant and related subjects.

1.8     LIMITATION OF THE STUDY

The researcher encountered some problem during the conduct of the research, below are some of the problems.

a. Lack of co-operation from the respondents: Some of the respondents were not ready or willing to respond as expected, this they do by asking the researcher to call back some other time, some pay little attention while others delay the filling of the questionnaire

b. Financial constraint: Due to the economic situation in the country, financial support and so on the researcher was faced with the problem and lack of enough educational materials, transportation like and other inputs needed to carry out the research work, this went a long way in affecting the research will.

1.9 DEFINITION OF TERMS

Trade fair: Is exhibition of manufacturers produced and occasion when manufacturers and producers of goods exhibits their products are take to potential customers.

Manufacturers: They are producer of goods, is factory person or organization that produce finished goods, from raw material.

Wholesaler: A wholesaler may be defined as the trade who buys, goods in large quality to the retailer, the wholesaler is also called the middleman because he is in between the manufacture and the retailer.

Economy: Is the realized economic system of a country on other area, it includes the production, exchange, distribution and consumption of goods and services of that area.

Development: means provision of infrastructures and increase in per capital income or group. It is the improvement of product techniques, level of output and the general welfare of the people


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