3INVESTONLINE – Nigeria attracted over N205.4 billion worth of fresh investments into her retail sector in the last two years, the Minister of Industry, Trade and Investment, Olusegun Aganga, has said.

The minister, who was speaking at the inauguration of the Retail Council of Nigeria in Abuja, on Monday, identified the retail sector as a major driver of economic growth, job creation and wealth generation globally; pointing out that Nigeria had great opportunities for existing and new investors to take advantage of.

Mr. Aganga said that Nigeria was beginning a journey to strengthen and deepen one of the most important segments of the economy, adding that the retail sector was the glue that binds economic activities together, by connecting the final consumers, to products from the producers.

He said the impact of retail business in Nigeria cannot be over- emphasized, considering that anywhere in the world; it was a major driver of the economy.

“Globally retail trade accounts for 27 per cent of the world’s GDP (gross domestic product), which means we have about $19 trillion of retail sales each year,” the minister said.

“Retail sector also employs 17 per cent of the global workforce, which is about 800 million people. In the United States alone, one in every 10 people works in the retail sector. 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 added.

Nigeria, the minister said, was a retailer’s delight, pointing out that 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, Nigeria was definitely the most promising market on the African continent.

In addition, he said over 80 million Nigerians live in metropolitan areas, creating huge opportunities for formal retail to thrive, noting that over the last two years alone, the Nigerian retail market attracted over $1.3 billion (about N205.4 billion) in investments into the formal retail space, describing the pace of developments within Nigerian retail sector as breath-taking.

Mr. Aganga said that the inauguration of the RCN would accelerate the growth and development of the nation’s retail sector, adding that the Ministry of Industry, Trade and Investment would work together with all the stakeholders to grow and strengthen the sector.

2013-11-19