Lagos to boost retail businesses with digitisation – Official

The Lagos State Government has committed to expanding its support for retail businesses, highlighting several initiatives to drive sustainable growth, inclusivity, and infrastructural development through digitisation, among others.

The Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, speaking at the African Retail Congress held recently in Lagos, underscored the role of retail in the state’s economy and outlined its government’s plans to foster a more enabling environment for retailers.

Ambrose-Medebem emphasised that retail is deeply rooted in the city’s cultural and economic landscape, from “the bustling open markets to sophisticated shopping malls,” and it contributes to bridging “cultural, social, and economic divides.”

She described Lagos as “Nigeria’s economic heartbeat,” contributing about 30 per cent to the nation’s GDP and serving as a significant hub for ambitious retail investments.

The commissioner outlined three guiding principles for Lagos’s retail policy including inclusivity, accessibility, and sustainability.

She explained that Lagos is committed to ensuring that retail growth reaches all communities, supporting both formal and informal trade sectors, and offering incentives to reduce barriers for businesses.

“In some cases, single-digit loans matter and make a huge difference,” she noted, as part of efforts to make financing more accessible through partnerships with banks.

Additionally, Ambrose-Medebem stressed Lagos’s emphasis on sustainable retail practices.

She noted the state’s long-term development vision, anchored in the Lagos State Development Plan 2052, prioritises eco-friendly packaging and waste disposal to support a cleaner environment as the city’s retail sector grows.

The commissioner revealed that the state’s 2023 budget, as part of infrastructure development with a significant allocation for capital projects, aligns with Governor Babajide Sanwo-Olu’s THEMES PLUS agenda.

Notable projects include the Blue Line Rail’s Phase 2, road improvements, and electric bus procurements, all aimed at enhancing transport for both consumers and businesses, according to the commissioner.

“Retail expansion requires strong infrastructure,” she said, noting the role of public-private partnerships in developing efficient logistics and distribution hubs across the state.

The commissioner further highlighted efforts to support digital retail, particularly through the Digital Lagos initiative, which aims to improve high-speed internet and digital literacy. “Very soon, we’re launching the Women in Tech initiative,” she announced, describing the programme’s goal of training women in digital skills to expand e-commerce capabilities in the region.

Ambrose-Medebem reaffirmed the Lagos government’s commitment to public-private partnerships to strengthen retail, adding that collaborative efforts “create a more robust and resilient retail ecosystem.”

With these initiatives, she said, Lagos aims to be a “retail capital” that attracts and retains investment, nurtures local talent, and provides diverse consumer options.

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, recognizing 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 Jij, I, which won Differentiation in Retail Award Category.

Wema Bank won the Most Innovative Retail Organisation, Cars45 won Best Retail Organisation for Omnichannel Trade, and mPharna won Best Retail Organisation in Logistics Mastery.