Collaboration, Key To Effective Regulation In Retail Sector – Experts

Experts in the retail industry have advised retailers to collaborate so that they can effectively engage with regulators and thrive in Nigeria’s tough business environment.

This was revealed at the second edition of the Africa Retail Congress hosted by Lagos Business School’s Africa Retail Academy on November 11, 2023.

The congress, which was themed ‘Transforming Retail Barriers to Opportunities’, gathered industry experts and practitioners from across Africa, to discuss pressing issues facing the retail industry in the continent, in order to chart a path to retail success.

Haresh Keswani, CEO of Artee Group, while delivering his keynote speech, said retailers are struggling in the country because every regulator wants the modern retailer to comply with their regulations, and some of the regulations can be stifling.

“And the retailers have to comply because of the aspiration to serve their consumers. But informal retailers have nothing to worry about from taxes to compliance,” he said.

According to Patrick Akinwuntan, Faculty at Lagos Business School (LBS), retail businesses need to start creating common platforms like associations not only in Nigeria but across Africa as well because when they come together as one body to engage the regulators, they can have more impact.

Oluseyi Oyefeso, Executive Director, Retail Banking (South Division) at First Bank of Nigeria, noted that one of the biggest challenges in the retail space is multiple taxation.

“How can local businesses compete with multinationals who have expertise in managing supply chain problems better or how can they compete when faced with multiple taxes and heavy tariffs,” he said.

He added that continuous engagement with the government will inform them of the things that would help retailers in their business and harness the opportunities in Africa.