LOCATION AND ADDRESS:
Trade Fair Complex,
P.M.B. 0199, Festac Post Office,
The enterprise embark on Estate Management (Renting out offices), organization of exhibitions and trade fairs, publication of information booklets on trade fairs, and renting out facilities like halls, and open spaces for seminars, conferences and weddings.
The Federal Government of Nigeria wholly owns Lagos International Trade Fair Complex. It is operated as a parastatal under the supervision of the Federal Ministry of Commerce.
PRIVATISATION PLAN: CONCESSION
The concession arrangement provides for a single Concessionaire/Facility Manager with 20-year duration in the first instance that would pay a fixed concession fee for the entire period as well as annual rents, which is subject to review every 5 years.
CONCESSIONAIRE’S QUALIFICATIONS AND REQUIREMENTS
- Strong management team,
- Adequate experience in related industry,
- Adequate investment/rehabilitation plan and appropriate timeline for the assets,
- Good sources of finance –Equity/Debt mix with evidence of required financial
- Resources to rehabilitate and enhance the performance of the asset, and
- Good future plan for open land mass.
Lagos International Trade fair Complex has the largest trade exhibition arena in the country and located at the commercial nerve-center of Nigeria. However, Kaduna and Enugu Trade Fair Complexes are the present comparable operating trade fair complexes in terms of size and status in Nigeria.
- 12 exhibition Halls, of an average of 1,050 sq. metres each
- An office/administration complex with Banking halls, auditorium, and reception halls
- A Motel Complex with 100 chalets
- A luxurious park restaurant with artificial lake
- A mini stadium
- A warehouse complex
- Standard lawn tennis courts and football pitches
- Staff quarters complex with airstrip
- Open Land spaces for further development.
SUMMARY OF COMPETITIVE ANALYSIS OF THE ENTERPRISE
|LITFC||National Theatre, Iganmu||Golden Gates Restaurant||MUSON
|Federal Palace Hotel||UNILAG|
|Total Seating Capacity||5,570||8,400||1,415||1,537||1,110||7,700|
|Total Open Space for hire||821,872||–||–||–||–||–|
|Location||City Suburbs||Non Business -Urban Centre||Business district||Business district||Business district||University Campus|
|Revenue generation per staff (N)||12,919,000||61,490,000||N/A||651,817,000||N/A||N/A|
POST CONCESSION ATTRACTIVENESS
The International Trade Fair Complex has strong commercial value, which has not been optimised over the years. Consequently, the successful bidder will have the advantages of:
- Large expanse of land with prime commercial development potentials – more than 3, 085,620 square metre with good road network, strategically located along the Trans-ECOWAS highway, leading to major commercial cities in the sub-region,
Multipurpose complex, with various facilities to accommodate multiple functions at the same time, little competition, some level of private sector participation already in place.
The Complex is replete with a history of mismanagement, poor maintenance and unprofitable operations. Various facilities are in an obvious state of disrepair and abandonment. Trade Fair Complex
A bustling mini city with trade and convention facilities, sports arenas etc,
- Signature venue for meetings & conventions,
- Excellent location that provides perfect setting for products exhibition, and
- A generally memorable events venue comparable to world standard.