Business

Mixed reactions trail 37th Enugu International Trade Fair performance

Published

2 months ago

April 1, 2026

Preport

Marvico Foods stand at the 37th Enugu International Trade Fair 1.jpg

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)

Related Topics:Enugu International Trade Fair performance Trade Fair

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Elon Musk becomes world’s first trillionaire as SpaceX IPO surges on debut

Published

12 hours ago

June 13, 2026

Preport

Elon Musk, the world’s richest person, has attained trillionaire status after SpaceX, the rocket, AI and satellite communications company established by him, turned a soaraway success on its first trading day, surging 20 per cent to $2.1 trillion in valuation.

SpaceX’s shares closed at $161 on the Nasdaq on Friday, compared to its initial public offering (IPO) price of $135, making it the biggest-ever stock market debut.

The IPO had earlier raised $75 billion from investors and the underwriters of the transaction before the listing.

“Liftoff! First $SPCX trade complete,” Space X wrote on X (formerly Twitter), which Mr Musk also owns.

The 54-year old now has a total net worth of $1.1 trillion, according to the Bloomberg Billionaires Index, with its stake in SpaceX standing at 42 per cent or $767.1 billion as of Friday.

SpaceX debuted with a valuation of around $1.8 trillion. Its valuation at the end of Friday’s trade makes it the sixth-largest publicly traded company in the United States.

Trading under the ticker symbol “SPCX,” SpaceX began trading shortly before noon, attracting strong investor demand.

The listing places SpaceX among the world’s most valuable companies, despite the firm reporting a loss of nearly $5 billion last year and generating significantly less revenue than many technology giants with comparable valuations.

“I gave SpaceX a 10 per cent chance of succeeding at all,” Mr Musk said shortly before the company was listed.

SpaceX, since its establishment in 2002, has evolved from an experimental rocket startup into a dominant player in aerospace, satellite communications, and AI-related infrastructure.

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Starlink, its satellite internet business, has expanded SpaceX beyond rocket manufacturing into a broader technology and connectivity platform.

Mr Musk, who now controls several companies, including Tesla, SpaceX, xAI, and X, began building his wealth by co-founding Zip2 and PayPal.

After completing the acquisition of X in October 2022 in a deal worth $44 billion, Mr Musk introduced monetisation features on the platform, which contributed to the growth of his business empire.

After selling Zip2 and later PayPal, he reinvested much of his earnings into Tesla, SpaceX, and other ventures.

Mr Musk’s wealth is now nearly equivalent to the entire economic output of Switzerland or Poland.

Business

Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms

Published

20 hours ago

June 13, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has received a four-member delegation from Kenya’s Retirement Benefits Authority (RBA) for a four-day technical study visit in Abuja, solidifying Nigeria’s position as a leading reference point for pension reform and regulatory innovation across the African continent.

The Kenyan delegation, led by John Keah, Director of Market Conduct and Industry Development at the RBA, is visiting Nigeria from June 8 to 11, 2026, to understudy PenCom’s regulatory and supervisory frameworks.

Keah noted that the engagement highlights the critical role of cross-border learning among African regulators aiming to optimize retirement systems and improve pension outcomes for citizens. He added that structural similarities between the two nations’ pension landscapes make Nigeria’s journey highly relevant to Kenya’s ongoing domestic reforms.

The RBA delegation is focusing its study on PenCom’s Environmental, Social, and Governance (ESG) initiatives, its risk-based supervision framework, and its strategies for expanding pension coverage to both the informal sector and the diaspora.

Keah particularly lauded the governance safeguards within Nigeria’s pension system and described the Diaspora Pension Arrangement as an innovative milestone capable of reducing old-age poverty and enhancing long-term retirement security.

Welcoming the delegation, the Director General of PenCom, Ms. Omolola Oloworaran, reiterated Nigeria’s dedication to regional collaboration and knowledge exchange. Represented by the Director of the Surveillance Department, Abdulrahaman Muhammad Saleem, the Director General revealed that pension assets under management in Nigeria have grown to over ₦32 trillion, representing approximately 10.4 percent of the nation’s Gross Domestic Product (GDP).

This growth, she noted, stems from continuous regulatory reforms, heightened governance standards, and rigorous supervisory mechanisms established since the inception of the Contributory Pension Scheme (CPS) in 2004.

Ms. Oloworaran also highlighted the Federal Government’s recent settlement of outstanding accrued pension rights liabilities as a historic turning point for the CPS.

The intervention, executed through the issuance of a Federal Government bond, effectively resolved a prolonged funding backlog that had previously delayed retirement benefits for public sector employees within Treasury-Funded Ministries, Departments, and Agencies (MDAs).

Under the new framework, accrued rights are transferred directly into retirees’ Retirement Savings Accounts (RSAs), granting immediate access to investment returns and eliminating lengthy waiting periods.

The technical visit, anchored on the theme “Risk-Based Supervision and ESG Integration in Pension Funds,” includes interactive departmental presentations, study tours to selected Pension Fund Administrators (PFAs), and collaborative sessions on emerging risks.

Both regulatory bodies expect the engagement to deepen bilateral cooperation and foster resilient, inclusive, and sustainable pension architectures across East and West Africa.

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