Industry stakeholders have canvassed more public-private partnership (PPP) initiatives to foster sustainable growth in the retail industry.
They made the call at the Africa Retail Congress 24, held at the Lagos Business School. The commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem said the retail sector was a vibrant engine of economic growth, employment generation and social development.
She said Lagos State showcases a robust retail environment that serves as a symbol of innovation, resilience and opportunity, which has fueled its commitment to harnessing the potential of the sector.
According to her, retail business has woven itself into the very fabric of Lagos, bridging cultural, social and economic divides. From the bustling open markets to sophisticated shopping malls, to digital trade, Lagos showcases a robust retail environment that serves as a symbol of innovation, resilience and opportunity.
Ambrose-Medebem also stated that the commitment to economic growth through retail goes beyond welcoming retailers; it involves creating policies and frameworks that encourage sustainable and inclusive expansion.
“We understand that when retail thrives, the ripple effect is felt across numerous sectors; from manufacturing, to logistics, to finance. The presence of a robust retail industry in Lagos has fostered a network of Micro, Small and Medium enterprises that supports its operations for the backbone of our economy.
“Therefore, the role of policy is pivotal. Policy is the foundation on which any sustainable retail is built. In Lagos, we have made it our mission to initiate policies that create a conducive environment for retail enterprises both large and small.”
Chair of the African Retail Congress, Prof. Louis Nzegwu, praised Lagos’s retail expansion policies, urging African retailers to embrace technology and innovation.
Also speaking at the congress, Lagos Business School Dean, Prof. Chris Ogbechie, emphasised the significance of the retail sector as one of the continent’s largest employers, advocating for cross-border expansion to boost growth.
The event concluded with awards to outstanding brands in the retail sector, recognising their achievements in categories such as sustainability, innovation, and logistics.
Brands that emerged winners include Bland2Glam (Deterge Nigeria Limited), which won Best Retail Organisation in Range Excellence; Medplus, which won Most Sustainable Retail Organisation; and Jiji, which won Differentiation in Retail Award Category.
Wema Bank won the Most Innovative Retail Organisation, Cars45 won Best Retail Organisation for Omnichannel Trade, and Pharna won Best Retail Organisation in Logistics Mastery.
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