As the countdown to the 2024 Africa International Investment Summit and Trade Exhibition (AITE), holding in September in New York and Atlanta, Georgia, begins, the confirmation that First Bank, Nigeria’s oldest bank, and the Bank of Industry (BOI) are participating strongly in the event as lead sponsors from Nigeria has been made by Mr. Tunde MacAlabi, the AITE chairman.
In a statement signed on Monday in Lagos by Mr. MacAlabi said: “We are pleased to announce that these key financial institutions are participating fully as major promoters of this year’s show that seeks to promote non-oil exports from Nigeria.
“Given the criticality of broadening our economic base and diversifying our foreign exchange sources, it is inevitable that the nation and all its people and organizations turn attention to non-petroleum exports.”
According to the statement, the other organizations that had earlier confirmed support to the 2024 AITE are Air Peace, Nigeria’s leading airline, Businessday, the country’s foremost business newspaper, the Asmiol Group of the United States and Cruxstone Property group of Nigeria.
He explained that the 2024 AITE is being organized in conjunction with the Federal Ministry of Industry, Trade and Investment, the United States-Nigeria Export and Investment Group, the FAMES Foundation of Atlanta, as well as the Ministry of Foreign Affairs.
“Much as the 2023 edition held on the sidelines of the 78 United Nations General Assembly in New York was hugely successful,” he said, adding “this year’s AITE is billed to be bigger and more successful.
“That’s why it is being held in two key American cities, rather than one, as was the case last year,” he said.
MacAlabi disclosed that the focus of the 2024 exhibition will be on small and medium scale businesses.
“This is because these businesses, which regrettably do not receive commensurate official attention, account for up to 85% of employment in Africa,” he said.
“Nigeria and other African nations cannot continue along this development trajectory without serious repercussions.
“It is, therefore, appropriate that we are this year focusing on these businesses, which have been neglected for too long despite their immense role in development,” he added.
He explained that with appropriate attention to the small and medium businesses, Nigeria can become a trillion-dollar economy by 2025, as envisaged by Nigerian President Bola Tinubu’s Renewed Hope Agenda.
AITE is a public-private sector initiative organised as a follow-up to the annual US-African Leaders Summit to foster commercial engagement between the United States and the African region.