Nigeria has attracted investments of about N205.4billion ($1.3billion) into the retail sector within the last two years.
Also for the first time in eight years Nigeria is set to overhaul it’s national trade policy, through the review of her trade facilitation, import restrictions, tariffs, trade agreement, interagency coordination of export promotions.
These disclosures were made by the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, yesterday during the inauguration of the Retail Council of Nigeria, organised by BusinessDay Media.
According to Aganga, “over the last two years alone, the Nigerian retail market has attracted over US$1.3 billion in investments into the formal retail space.
The pace of developments within Nigerian retail has really been breath-taking.”The minister, who noted that the retail sector was a major driver of economic growth, job creation and wealth generation globally, stressed that Nigeria had great opportunities for existing and new investors to take advantage of.
Aganga said Nigeria has started “a journey to strengthen and deepen one of the most important segments of the Nigerian economy. The retail sector is the glue that binds economic activity together, by connecting the final consumers, to products from the producers. The impact of retail in Nigeria cannot be overemphasized because anywhere in the world, it is a major driver of the economy.”
He noted that globally, retail trade accounts for 27 per cent of the world’s GDP, which translates to about $19 trillion of retail sales each year. Also retail businesses employs 17 percent of the global workforce, which is about 800 million people.
The Trade and Investment minister noted that “if retail is the sector to grow, then Nigeria is the market to be. There is simply no better retail market right now than the Nigerian market.” He described Nigeria as a retailer’s delight. “With a population of 167 million people (the 7th largest in the world), consumer spending well in excess of $100 billion a year, and a fast growing middle class, this is definitely the most promising market on the continent.”
Source- oluwafreshing’s Blog
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