The Lagos State government has unveiled plans to bolster retail businesses through initiatives focused on sustainability, inclusivity, and infrastructural development, emphasising digital transformation.
The Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, who stated this at the African Congress held in Lagos, highlighted retail’s critical role in the state’s economy.
She described retail as integral to Lagos’s cultural and economic framework, spanning “bustling open markets to sophisticated shopping malls” and bridging “cultural, social, and economic divides.”
Ambrose-Medebem positioned Lagos as Nigeria’s economic hub, contributing 30 per cent to the nation’s GDP and serving as a vital magnet for retail investments. She outlined three core principles for the state’s retail policies: inclusivity, accessibility, and sustainability.
She stressed the state government’s commitment to ensuring retail opportunities extend to all communities, encompassing formal and informal sectors. Incentives such as single-digit loans and collaborations with financial institutions aim to reduce business barriers.
The commissioner emphasised eco-friendly retail practices as part of the state’s long-term development strategy, outlined in the Lagos State Development Plan 2052.
In his speech, the Chairman of the African Retail Congress, Prof Louis Nzegwu, commended Lagos’s policies and encouraged African retailers to embrace technology and innovation to stay competitive.
The Dean of Lagos Business School, Prof Chris Ogbechie, also lauded the retail sector’s contributions and called for cross-border expansion to drive further growth.
