Lagos: President of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Leye Kupoluyi, has emphasized the significant role indigenous supermarkets play in propelling Nigeria towards economic independence and inclusive growth. Kupoluyi made this statement during the inauguration of The Mart Supermarket’s new branch in Isheri, Lagos.
According to News Agency of Nigeria, Kupoluyi highlighted the successful reclamation of the retail sector by Nigerian-owned chains, which had previously been dominated by foreign brands. He described this expansion as a strategic initiative to replace vanishing neighborhood shops and provide better access to essential goods. Kupoluyi noted that the supermarkets offer a wide range of products, from groceries and meat to electronics, all under one roof, thus reducing the need for long-distance travel for basic household needs.
Kupoluyi further explained that such investments not only enhance domestic economic participation but also create employment opportunities for various roles, including cashiers and accountants, thereby contributing to job creation. He emphasized that the growth of the economy relies on Nigerians investing for the benefit of fellow Nigerians.
The event also featured remarks from the Commissioner for Industry, Trade and Investment of Ogun State, Mr. Adebola Sofela. Represented by Mr. Kehinde Omitogun, a Commercial Officer with the Ogun State Government, Sofela praised the opening of The Mart’s regional outlets as a testament to the vision and resilience of private-sector-led investments. He stressed that the establishment of the flagship store in OPIC aims to strengthen commercial services in the rapidly developing corridors, while also generating meaningful employment opportunities, particularly for the youth.
Sofela reiterated the Ogun State Government’s commitment to fostering an enabling environment for business growth through investor-friendly policies, infrastructure development, and stakeholder engagement. He applauded The Mart Supermarket’s management for creating value for the host community and empowering local youth through job creation.
In her address, Mrs. ‘Layo Bakare-Okeowo, Founder of The Mart Supermarket, called on commercial banks and the Federal Government to offer genuine single-digit interest rate financing to support local manufacturers and boost Made-in-Nigeria products. Bakare-Okeowo, who is also the CEO of FAE Envelopes, expressed concern over the inaccessibility of such loans despite claims by some banks. She urged banks to be transparent about lending challenges and to resolve them internally, stressing the importance of supporting manufacturers at favorable rates.
Bakare-Okeowo also appealed to the government to demonstrate stronger political will in supporting the manufacturing sector, particularly during operational difficulties. She acknowledged recent exchange rate stability but identified high interest rates as a major constraint to industrial growth, urging banks and policymakers to promote local production and provide the necessary institutional support for resilience in manufacturing.