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The Economy & You

The Economy & You - Temilola Adepetun

Thu 14th Apr 2016

The retail sector is the glue that binds economic activities together because it connects the final consumers to products from the producers. The impact of retail in Nigeria cannot be over-emphasized 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 and in the last two years , the Retail Market attracted about N205.4bn ($1.3bn) investment in Nigeria , according to the former Minister of Trade and Industry. With Nigeria‘s current attraction to foreign companies and multinationals, consumers are exposed to a wider range of products—including the private labels of some of the biggest companies. However, demand for the basics are still far greater than items perceived to be luxury goods and the question being asked is, how many percentage of all the processed foods produced within and imported into the country are registered with the appropriate regulatory body / council before they mount the shelves in our malls and supermarkets or been distributed to the end users. In this first episode of the Retail sector, our guest, Mrs Temilola Adepetun, the founder of School Kids Shop a facilitator on soft skills for SMEs and a Consultant specializing in training, development, will help us understand the importance of the retail sector the economy and the need for both the public and private sectors to work together so as to fully develop Nigeria’s retail sector.

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