Nigeria’s Minister of Industry, Trade and Investment, Olusegun Aganga, has disclosed that over N205.4 billion worth of new investments were made into the country’s retail sector the past two years.
The minister made the disclosure during the launching of the Retail Council of Nigeria in Abuja, on Monday, while noting that Nigeria’s retail sector is a key driver of economic growth, job and wealth creation. He also noted that Nigeria is a strategic hub of investment for investors willing to take advantage of the opportunities that abound.
Mr. Aganga highlighted the fact that the retail sector is one of the core areas of any nation’s economy in the world and as such it cannot be overlooked.
“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,” he noted.
“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.
The minister pointed out that with Nigeria’s large population, seventh in the world, and with consumer spending on the rise particularly among the middle class, it is thus a choice destination for investment.