A Must Read: Important Update on The Trade Mission and Business Delegation of Industries, Agriculture, Mines, Investment and Commerce 2021 to Asia and Europe

Trade Nigeria organization is doing all within its power to ensure that participants for the trade mission and business delegation 2021 to Asia and Europe have a safe, wonderful and eventful trade mission, but due to alleged fear of the Omicron variant of the covid-19 virus, activities towards the trade mission has been halt, adding that most of the destinations for the trade mission have placed restriction on foreigners coming into their country.

 

The restrictions placed by most of these countries in Asia and Europe as a precaution measure to understudy the virus has made it difficult for the organization to continue with its proposed dates for the 2021 trade mission to Asia and Europe precisely. However, the organization is urging all its participants for the Trade mission not to panic as they are still understudying the current happenings.

The organization has not deviated from its objective in ensuring they provide a safe environment for businesses to thrive.

 

Speaking with some press men in Abuja yesterday, the Executive Director of Trade Nigeria Organization, Hon. Nwabueze Buchi George said “for businesses to grow it is imperative for businessmen and women to operate in a safe, secure and adequate business environment”.

 

“The Omicron Variant of the Covid-19 pandemic is gathering momentum, causing fear and all sort of panic across the world, as it has not yet being ascertained if the initial vaccine repels the virus. So on this note, Trade Nigeria has kept all activities pending. Adding that the organization is understudying the process, and they are also strategizing on how to execute a better and progressive recovery plan for businessmen and women in a worst case scenario”.

 

The trade gaffer urge all participants for the trade mission to be steadfast, and remove all forms of negative thoughts as the organization will resume activities as soon as the business space is safe, secure and ready to accommodate businesspeople.

For more information on the Trade Mission and Business Delegation 2021 to Asia and Europe please visit any of the Trade Nigeria’s offices:

 

Address:

Edo House, Abuja

Suite 5-05, Fifth Floor,

Central Business District,

Abuja.

09074484983

09123680478

09123824798

 

No. 6 Omerelu Street, 

GRA Phase 1, Port Harcourt.

Rivers State.

08161261262,

09074569808,

07010882314,

 

Business: Nigeria - Poland Economic and Investment Forum 2022

 

Nigeria- Poland Economic and Investment Forum is powered by Trade Nigeria to enhance trade, business, investment and economic opportunities between Nigeria and Poland.

The relationship between Nigeria and Poland over the years has been mutually beneficial guided by trust, respect and friendly relations.

Although Nigeria and Poland business communities have recorded tremendous successes in bi-lateral trade, there is a large trade imbalance in favor of Poland as Poland exports represent some 80 per cent of the total bilateral trade volumes. This gap needs to be reduced.

Therefore, Nigeria- Poland Economic and Investment Forum is a forum that promotes mutual beneficial relationship in business transactions among Poland and Nigeria. This is projecting Nigeria not only as a consumer market alone, but as an investment destination where goods can be manufactured and consumed locally.

Nigeria- Poland Economic and Investment Forum explore ways of practical cooperation in trade, investment, finance, human resources, agriculture, fishing, and also strengthen industrial capacity cooperation in the manufacture of cars, household appliances, construction materials, textiles, food processing, and others. This is in line with Trade Nigeria focused on Growing Africa's Economy.

The aforementioned subject is brought to you, courtesy of National Mail.

National Mail is an online news platform of Trade Nigeria and Globe Chamber of commerce and Industry that focuses on business development, Investment, trade, economic exchange and development. 

Follow National Mail on twitter, LinkedIn, and Nairaland for your one stop news update! 

 

Trade Nigeria Update: About OMICRON VARIANT OF COVID-19

 

The SARS-CoV-2 Omicron variant is a variant of SARS-CoV-2, the virus that causes COVID-19. The variant was first reported to the World Health Organization (WHO) from South Africa on 24 November 2021. On 26 November 2021, the WHO designated it as a variant of concern and named it after omicron.

The variant has an unusually large number of mutations, several of which are novel and several of which affect the spike protein used for most vaccine targeting at the time of its discovery. This level of variation has led to concerns regarding transmissibility, immune system evasion, and vaccine resistance. As a result, the variant was quickly designated as being "of concern", and travel restrictions were introduced by several countries to limit or slow its international spread.

 

The World Health Organization (WHO) is concerned that the large number of mutations may reduce immunity in people who were previously infected and in vaccinated people. Then again, the omicron variant might be more ineffective in this regard than prior variants. The effects of the mutations, if any, are unknown as of late November 2021. The WHO warns that health services could be overwhelmed especially in nations with low vaccination rates where mortality and morbidity rates are likely to be much higher, and urges all nations to increase COVID vaccinations.

 

SYMPTOMS

No unusual symptoms have yet been associated with the variant and, as with other variants, some individuals are asymptomatic.

According to the chairperson of the South African Medical Association, Angelique Coetzee, said she had first encountered the variant in patients who had fatigue, aches and pains, but no cough or change in sense of smell or taste.

"South Africa has a young population and it is encouraging that doctors there are reporting that Omicron is causing mild symptoms with no increase in hospital admissions. But we need to see what happens when the variant moves into older age groups who are the most vulnerable to Covid” -Fergus Walsh added­.

 

PREVENTION

On 26 November, BioNTech said it would know in two weeks whether the current vaccine is effective against the variant and that an updated vaccine can be shipped in 100 days if necessary.

As with other variants, the World Health Organization recommended that people continue to keep enclosed spaces well ventilated, avoid crowding and close contact, wear well-fitting masks, clean hands frequently, and get vaccinated.

International Trade Effect on the Growth and Development of a Country

 

In our world today, nothing can be done without an exchange of some value for value, which involves money, ideas, product and technology. Because of this there is direct effect on the economy of any nation, either positively or negatively. Trade can be traced back to the need for exchange, which evolved from the barter system to the money system. Trade in Africa, however, became popular with the advent of the colonial rule that brought in their wares and made Africans their intermediaries. By this, Africans understood the need for trade both domestically and internationally.

International trade can be seen as exchange of goods and services that exists between two or more countries of the world. International trade occurs due to differences in natural resources endowments, technology, demand, existence of economics of scale in production, financial capital and existence of government policies etc.

International trade has been an area of concern to policy makers and economists. Its importance lies on the ability to obtain goods which cannot be produced in the country or which can only be produced at greater expenses. In addition, it enables a nation to sell its domestically produced goods to other countries of the world. The performance of a given economy in terms of growth rates of output and per capital income has not only been based on the domestic production and consumption activities but also on international transaction of goods and services. The classical and Neo-classical economists attached so much importance to international trade in a country’s development that they regarded it as an engine of growth

Trade is a vital catalyst for economic development most especially for developing countries like Nigeria, the contribution of trade to overall economic development is immense owing largely to the obvious fact that most of the essential elements for development such as, capital goods, raw materials and technical expertise, are mostly imported because of inadequate domestic supply. However, it is important to note that internal trade complements external trade since domestically produced goods are collected for export, while imported goods are distributed within the country, sometimes into remote areas. It also facilitates internal specialization and the division of labour between the various firms and geographical areas of the country. Therefore, the higher the level of internal trade the greater the level of specialization. This raises the level of efficiency and productivity of the various economic units.

 

Benefits

 

Foreign Trade helps in Breaking Vicious Circle of Poverty:

The underdeveloped countries are characterized by the existence of vicious circle of poverty. It implies, low income, deficiency of demand and lack of demand accounts for low supply, which in turn accounts for low income. However, international trade enables underdeveloped countries to produce more of those goods in which they enjoy greater comparative advantage.

Consequently, production, income and employment in these countries increase leading to increase in demand. This increase demand is partially met by domestic production and partially by foreign imports. In this way, exports and imports of various products help in breaking the vicious circle of poverty. Thus, it accelerates the rate of economic development automatically in the economy. 

 

Efficient Use of Means of Production:

International trade, it is felt, provides better ground for efficient use of various resources due to its comparative advantages. According to an expert, it adds to the efficiency of production. In underdeveloped economies, agriculture is backward and subsistence farming is the rule.

With the development of trade, use of latest and improved techniques of production becomes possible in agriculture as well in industrial sector.

This, in turn helps to increase, the efficiency of means of production. The commercialization of agriculture becomes possible. Similarly, many new industries come into being and some of them are meant for the production of export goods only. Therefore, efficient use of means of production leads to all-round development of the economy.

 

Widening of Market and Raising Productivity:

It is argued that the productivity gains arising out of extension of market is a consequence of international trade. Improvements in productivity result from greater division of labour, a higher degree of mechanization and greater possibility of innovation. It is said that foreign trade, by widening the extent of the market and the scope of the division of labour, permits a greater use of machinery, stimulates innovations, overcomes technical indivisibility, raises the productivity of labour, and generally enables the trading country to enjoy increasing returns and economic development. An expert has categorized them as indirect dynamic benefits arising out of international trade.

Thus international trade, by extending the size of the market, exercises a dynamic influence on the economy. In turn, it helps to raise the production at higher trade. As a result, country enjoys the benefits of external and internal economies of scale.

 

Business: List of Projects and Trade Missions For 2022

Here are a list of projects and Trade Missions to be embarked upon next year to enable Nigeria and Africa to bounce back from the negative effects of the pandemic. 

The areas to be covered will range from Asia to Europe as well as Australia.

           

Business: Strategic Planning is Key to Business Growth

There are many reasons why having a growth plan is beneficial to your business, especially in tough economic circumstances. You can be sure that your competitors will be looking to obtain your customers or your share of the market, and in the absence of a growth plan, many businesses suffer from severe knock-on effects that impact revenue growth. Building and sharing a growth plan with your team and external advisors ensures that you are sprinting in the correct direction of customer segments that most value your offerings.

Constraints of proper growth plan leads:

•     Delaying your growth;
•   Intense Competition; and
•   lack of Accountability;
•   Lack of Learning from Execution.
•   No New Thinking;
•   No Sensible Target;
•   Poor Execution;
•   Wasted Efforts;

 

Before expanding your business, you need to take time to document your growth strategy. With a well-thought-out and documented strategy in place, you can ensure that your business growth is led by informed decisions, thereby avoiding surprise pitfalls that compromise profits.

 

                                   

Growth Strategy

A growth strategy is a document that details your business goals and defines your strategies for meeting those goals. It’s a road map detailing the goals you’re striving to meet, how you’re planning to meet them, and when you’re planning to execute.

 

The most effective strategies are documented so that they can be shared across the organization. Having a documented strategy creates cohesiveness, allowing decisions and initiatives across the company to be catered to established goals. While initial planning is crucial, iterative planning is important as well. By revisiting your strategy at regular intervals, you can make strategic shifts based on new information, market changes and historical data.

 

Business Growth Strategies

There are many ways to grow a business. Which way you choose to expand largely depends on your ambition, your reasons for growth, and the opportunities and resources available. However, two crucial factors for choosing a business growth strategy are:

 

•       Products – what you currently offer, and what you’d like to offer in the future
•   Markets – where you currently sell, and where you’d like to sell in the future

 

The Four Major Growth Strategies

In the simplest terms, there are four possible strategies for growth, each with its own distinct risks. These are:

 

Market Penetration

With market penetration, you try to sell more of the same things to the same market. The risks are usually low as you focus on capturing a bigger share of your current market with the products you already have.

 

Product Development

With product development, you are introducing a new product into your existing market. You’re effectively selling something different to the same customer, potentially encountering greater risks. With product development, a business usually has one of three choices.

 

Market Development;

Another option is market development, where you try to sell an existing product in a brand new market. For example, you may want to segment your existing market or reposition your product in it or target an entirely different geographical area. Market development is a growth strategy that involves selling your existing products or services to a new group of customers.

 

 

Diversification.

Lastly, with diversification, you are aiming to sell completely different goods or services to completely different customers. This is typically the riskiest of options; it requires both product and market development.

 

Starting and growing a business requires a significant amount of time, effort and planning. Quick decisions and big investments may be appealing, but unless they translate into functional and sustainable business models, the temporary excitement can lead to very public disappointment.

Before you take steps to grow your business, you need to document your growth strategy.

 

Globe Chamber of Commerce: Africa Export Expo

 

Africa Export Expo is designated to provide participating countries, individuals, exporters and business minds the ideal platform to hear cutting-edge perspectives from wide range of trade expert and exporters, while offering the opportunity to network with industry’s top players. The Expo will provide expert’s opinion on how to further regional economic integration across Africa and the implication of policy initiatives aimed at stimulating economic diversification, stability and export growth.

Trade has been a key driver of growth in countries that have been successful in achieving high rates of growth over the past three decades, such as those in East Asia. If they are to accelerate their growth, trade will have to perform the same role for African countries.  Designing policies that promote trade and trade competitiveness must therefore be at the heart of growth strategies for African countries.

It is relevant to ask whether there are special features of Africa that would help explain the massive poverty and inequality that engulfed the continent. Weak initial conditions (such as weak institutions, human capital and extractive colonial history and its attendant institution) at the time of independence; the dependence of almost all African countries on primary commodity production and trade; lack of non-aid financial capital flows and the alarming level of aid-dependency; lack of ownership of policies which are invariably imposed on Africa by donors; prevalence of conflict and poor governance are some of the issues where possible explanations for this sever lack of progress and pervasive poverty might be found. Many countries, especially those in East Asia, extracted themselves from such massive poverty, among other things, by designing and implementing an appropriate industrial and export strategy.

So this expo will attempt to tackle and address such economic and business abnormalities, and also help to tackle the challenges of export development in Africa.

The event which will be organized by Globe chamber of Commerce and Industry (GCCI) is being planned to offer participants a platform to expand their business network, meet their competition and get fresh perspectives from a wide range of trade and export experts.

The aforementioned subject is brought to you, courtesy of National Mail.

National Mail is an online news platform of Trade Nigeria that focuses on business development, Investment, trade, economic exchange and development. 

Follow National Mail on twitter, LinkedIn, and Nairaland for your one stop news update!