The Chief Executive Officer of FoodCo Nigeria, Ade Sun-Basorun, has urged the Federal Government to prioritise policy support for the modern retail sector, calling it a powerful tool for reducing inflation, creating jobs, and boosting government revenue.
Reacting to recent data showing a slight drop in Nigeria's inflation rate to 22.22% in June, Sun-Basorun argued that modern retail—when supported with the right infrastructure and incentives—can deliver major economic gains.
He explained that formal retail systems, which rely on digital payments, promote pricing accuracy and eliminate the rounding up common in informal markets. This efficiency, he noted, could translate into substantial savings for consumers and help ease inflation across millions of daily transactions.
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Sun-Basorun praised the government's digitalisation and forex reforms but stressed the need for deeper structural support. He called for access to affordable financing, simplified regulatory processes, and tax incentives that encourage local sourcing—especially from rural farmers.
"Retail is a proven growth engine around the world. With the right support, Nigeria's modern retail sector can drive inclusive growth, expand job opportunities, and generate more revenue for national development," he said.
He added that strengthening the sector would empower small businesses, lower consumer prices, and boost the government's capacity to fund essential infrastructure such as schools, hospitals, and roads.
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