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Mixed reactions trail 37th Enugu International Trade Fair performance

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A cross-section of participants at the 37th Enugu International Trade Fair have expressed mixed reactions over patronage and visitation to the fair.

While some participants complained about the low turnout of exhibitors and visitors, others commended the “sterling performance” of the Enugu Chamber of Commerce, Industry, Mines and Agriculture.

They attributed the low turnout and patronage to the dwindling economy occasioned by the recent fuel hike.

Other participants who thumbed up the fair’s performance noted that it demonstrated the resilience of Nigerian businesses, notwithstanding economic downturns.

One of the participants, Caleb Ezenwa, who works with the cosmetics arm of the Ekulu Group of Companies, said he was happy to be at the fair but lamented that patronage was still low this year compared to previous years.

Another participant, Friday Olabisi, who deals in textiles, noted that the fair was well-organised but could be improved with wider publicity.

Mr Olabisi urged the fair’s management to invest more in advertising through radio jingles, television, and newspapers to build a strong audience and attract more participants to the next trade fair.

A shopper, Uchechukwu Ikegwuonwu, said she was at the fair to buy goods and that buying there was less stressful than in the open market.

Mrs Ikegwuonwu applauded the chamber for creating a conducive environment for shoppers, especially with the newly built, fully air-conditioned 3000-square-metre tent.

On his part, Solomon Ani said he came to the fair to see some innovations and ideas, as well as to interact with manufacturers, which he did.

A dealer in body spray and perfume, John Udekwe, said that although the turnout at the fair was initially not encouraging, his company still managed to make modest sales.

Responding, the Director-General of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Uche Mba, attributed the fair’s moderate attendance of exhibitors and visitors to the current socioeconomic situation.

Mr Mba said that some companies that earlier declared their intention to participate in the fair withdrew due to the current high cost of petroleum products nationwide.

The director-general, however, said this year’s fair was an improvement over last year’s despite the socioeconomic challenges.

He noted that there were new offerings, including free business-class for youths and start-ups, a daily lottery, and free transportation, which helped increase participation and made them more active at the fair.

He enumerated some of the challenges faced at the fair, including power outages and the high cost of diesel for the generators at the fairground.

The fair, with the theme “Empowering Micro, Small and Medium Enterprises for Global Competitiveness,” kicked off on 21 March and was meant to last for 10 days.

However, it was extended by two days, bringing its closure to 1 April after organisers granted the request of most exhibitors, who appealed for more days to make more sales ahead of the Easter festivity.

(NAN)

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Business

Nigeria, Russia move to replace 59-year-old aviation agreement

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Nigeria and Russia have agreed to replace a 59-year-old aviation agreement, aiming to update air transport relations and create opportunities for stronger connectivity between the two countries.

The agreement to renegotiate the Bilateral Air Services Agreement (BASA), which dates back to 1967, was reached during a meeting between Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Russian officials on the sidelines of the Third Russia-Africa Summit in Moscow.

Mr Keyamo disclosed the development in a post on his X account on Friday, saying both countries had agreed to complete negotiations within six months and sign a new agreement in Saint Petersburg, Russia, in April 2027.

He said the Nigerian delegation met with Dmitry Stanislavovich Zverev, the State Secretary and Deputy Minister of Transport of the Russian Federation.

“We resolved to renegotiate our last Bilateral Air Service Agreement that was made in 1967. We set a timeline of six months to conclude the negotiations and sign a new one in Saint Petersburg in April 2027,” Mr Keyamo said.

He added that both countries had formed negotiating teams to begin work toward an agreement within the agreed period.

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The proposed renegotiation is expected to update the framework governing air transport between Nigeria and Russia, reflecting changes in the international aviation industry over the past six decades.

What the agreement means

A Bilateral Air Services Agreement provides the legal framework for scheduled air services between two countries. It generally sets out the conditions under which airlines from both countries can operate international flights, including routes, traffic rights, designated airlines and other operational arrangements.

Nigeria’s Ministry of Aviation and Aerospace Development says its Air Transport Management Department negotiates and reviews new and existing air services agreements and monitors their implementation.

The ministry also works with the Nigerian Civil Aviation Authority and other aviation agencies to facilitate international air links and regulate airline operations.

The proposed replacement of the Nigeria-Russia agreement could therefore create opportunities for improved air connectivity and cooperation between their aviation sectors.

However, neither Mr Keyamo nor the ministry disclosed proposed flight routes, designated airlines or the frequency of possible operations under the new agreement.

Wider cooperation

Beyond the aviation agreement, Mr Keyamo said the meeting also examined other areas of cooperation between Nigeria and Russia.

He said both sides had resolved to explore additional opportunities in the coming months.

The Nigerian delegation included the Director-General of the Nigerian Civil Aviation Authority, Capt: Chris Najomo, and the Registrar of the Nigerian College of Aviation Technology, Dr Danjuma Adamu Ismaila.

Directors from the Federal Ministry of Aviation and Aerospace Development and the NCAA also participated in the discussions.

ALSO READ: Nigeria sends low-level delegation to Russia-Africa summit

Nigeria and Russia have maintained diplomatic relations since shortly after Nigeria gained independence in 1960. Their relationship has included cooperation in areas such as defence, trade, science and technology.

According to the Nigerian Embassy in Russia, the Soviet Union provided political and military assistance to Nigeria during the 1967–1970 Civil War. Cooperation between the two countries has also extended to space technology, including the launch of Nigeria’s satellites aboard Russian rockets in 2011.

The planned aviation agreement is expected to form part of broader efforts to deepen bilateral relations and identify further areas of cooperation.

Both countries are expected to begin negotiations through their respective teams, aiming to conclude the process and sign the new agreement in Saint Petersburg in April 2027.


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Business

Sovereign Trust Insurance Up Profit By 296% to N256.4 million Nine Months in 2026

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BY NKECHI NAECHE-ESEZOBOR—Sovereign Trust Insurance Plc has recorded 296 per cent growth in profit after income tax for nine months ended September 30, 2026,

A notice filed by the company on the Nigerian exchange limited shows that profit after income tax rose by from ₦64.7 million in September 2025 to ₦256.4 million in September 2026.

Profit before income tax  for the company stood at  ₦301.7 million, as against  ₦75.9 million reported in 2025, reflecting a 296 per cent increase.

However, Insurance revenue declined by 19 per cent  to stand at ₦32.31 billion, when compared with ₦40.13 billion achieved by the company in September 2025.

Insurance service expenses also came down to ₦14.35 billion from ₦18.31 billion, while net expenses from reinsurance contracts held declined to ₦16.11 billion from ₦20.12 billion.

Insurance service result appreciated  to ₦1.85 billion from ₦1.71 billion in the corresponding period of the previous year.

Investment return increased to ₦1.73 billion from ₦1.38 billion, representing a 26 per cent growth.

Total assets went up from 24.47 billion in September 2025 to ₦41.27 billion as at September 30, 2026, representing a 69 per cent increase.

Total liabilities rose to ₦19.75 billion, compared with ₦10.10 billion in same period of 2025 while total equity increased to ₦21.53 billion from ₦14.32 billion, representing growth of 50 per cent.

The company’s basic earnings per share remained unchanged at seven kobo in both reporting periods.

The financial highlights show improved profitability, investment returns and balance-sheet growth, although insurance revenue declined during the period under review.

The post Sovereign Trust Insurance Up Profit By 296% to N256.4 million Nine Months in 2026 appeared first on Business Today NG.

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