Nigeria has attracted investment of about N205.4bn ($1.3bn) into the retail sector in the last two years, the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, has said.
Aganga spoke during the inauguration of the Retail Council of Nigeria, orgainsed by BusinessDay Media, in Abuja, on Monday.
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.
He said, “Indeed, today, we are starting 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 activities together, by connecting the final consumers to products from the producers. The impact of retail in Nigeria cannot be over-emphasised because anywhere in the world, it is a major driver of the economy.
“Globally, retail trade accounts for 27 per cent of the world’s GDP, which means we have about $19tn of retail sales each year. Retail also employs 17 per cent of the global workforce, which is about 800 million people.”
In the United States alone, the minister said one in every 10 people was working in the retail sector.
He added, “Nigeria is a retailer’s delight. With a population of 167 million people (the seventh largest in the world), consumer spending well in excess of $100bn a year, and a fast growing middle class, this is definitely the most promising market on the continent. In addition, over 80 million Nigerians live in metropolitan areas, creating huge opportunities for formal retail to thrive.
“Over the last two years alone, the Nigerian retail market has attracted over $1.3bn in investments into the formal retail space. The pace of developments within Nigerian retail has really been breath-taking.”
Aganga said that the inauguration of the RCN would accelerate the growth and development of the nation’s retail sector, adding that his ministry would work with all the stakeholders to strengthen the sector.
He said, “Today’s launch of the Retail Council of Nigeria is consistent with our mandate on facilitating domestic and international trade and will accelerate our national agenda to develop the retail sector. This inauguration could not have come at a better time, given the fact that, for the first time ever, my ministry recently developed strategies for domestic, African and international trade; and I am pleased to inform you that having a modern retail sector is central to our domestic trade strategy.
“Our domestic trade strategy promotes large trade aggregators and hubs, such as formal shopping malls; sizeable wholesalers; and a modernised retail sector in general. We, therefore, need to work together, both the public and private sectors, to fully develop Nigeria’s retail sector as part of this strategy.”
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