In a bid to expand the ‘Buy Made in Nigeria Goods’ campaign, the Federal Government has been urged to collaborate with the Retail sector.
The President, Bervidson Retail Group, the Convener of the just concluded annul Retail Leaders Conference in Lagos, Mr. Joseph Ebata said this while delivering his welcome address titled “Seizing The Momentum, Building A Retail Brighter Future”
Ebata noted that ‘Buy Made in Nigeria Goods’ campaign cannot succeed without a meaningful and active support and collaboration with Retail to grow store footprint locally (and international).
He said that retail remains manufacturing’s biggest channel of distribution and best advocates of ‘Made in Nigeria Goods’.
“As a nation, our growth strategy cannot succeed without a sincere commitment to, inclusion of, collaboration with and support for retail industry development and growth. We therefore call on all stakeholders to rise up to the task of building a strong and prosperous Retail industry and nation. In this direction, I must not fail to commend Government for signing the recent Executive Orders, particularly the ‘Ease of Doing Business’ and the most recent development at the Ports,” he said.
Nigeria is indeed a retailer’s delight with a population of about 170 million people, over 80 million people living in its urban areas.
Ebata revealed that with consumer spending well in excess of $100 billion a year and a fast-growing middle class, Nigeria is definitely the most promising retail market on the African continent.
“The retail industry in Nigeria is transforming and has become the delightsome bride of many entrepreneurs, particularly international retailers and investors seeking to do business in Africa. Nationally, there is momentum on the side of Retail to become the engine of our national economic growth especially as the government actively seek to reposition the nation with emphasis on diversification of the economy. What is required is for all stakeholders including and particularly government to support the industry and guide it along the best transformation path so retail can achieve its full potentials -contributions to national employment and GDP and growth. However, there are many challenges that the industry is dealing with,” Ebata noted.
He said that as Nigeria actively drives the diversification of the economy, Retail is driving urban regeneration with Ultra-Modern International Mall springing forth in all key cities of Nigeria, noting that with leisure and social opportunities, the Nigerian Retail landscape is evolving to provide lifestyle options that drives economic velocity and leads to urban transformation.
Modern trade according to him has remerged (grown by 12.5 CAGR over the last 15 years), while traditional trade is evolving with Open Markets becoming ultra-modern markets and growing.