Abuja:Stakeholders have stressed the need for fair competition, enhanced consumer protection, and structural reforms to tackle challenges facing Nigerian businesses, particularly regarding foreign participation in the retail sector.
According to News Agency of Nigeria, these calls were made during a virtual stakeholders’ meeting organized by the National Policy Advocacy Centre of the Abuja Chamber of Commerce and Industry (ACCI). The meeting focused on protecting local businesses and promoting fair competition in Nigeria’s retail economy, bringing together regulators, business associations, and other key stakeholders.
ACCI collaborated with several bodies, including the Federal Competition and Consumer Protection Commission (FCCPC), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Nigeria Investment Promotion Commission (NIPC), and the Lagos State International Trade Fair Management Board (LSITFMB).
ACCI Director-General, Mr. Agabaidu Jideani, opened the meeting by reaffirming the chamber’s dedication to fair competition and sustainable business practices. He highlighted the importance of collaboration between government, regulatory bodies, and the private sector in developing policies that support local businesses and promote competitive markets.
Dr. Jani Ibrahim, President of NACCIMA, represented by Chairman Prof. Jonathan Aremu, emphasized the need for policies to enhance domestic productivity and competitiveness. He identified key challenges such as inadequate infrastructure, limited access to finance, and regulatory hurdles that require urgent action.
Mr. Fredrick Omatseyin of the FCCPC reiterated the commission’s commitment to enforcing competition and consumer protection laws, warning that dominant businesses could face intervention for unfair practices.
Mrs. Aisha Rimi of NIPC, represented by Mrs. Zanaib Ochojila, advocated for partnerships between large corporations and MSMEs to drive industrial development and economic growth. She urged the government to foster policies that protect national interests while encouraging beneficial investments.
Mrs. Vera Ndanusa of LSITFMB called for fair regulatory enforcement and dialogue between local businesses and foreign investors to ensure a level playing field. She highlighted the challenges entrepreneurs face, including limited access to finance and rising costs.
Dr. Chijioke Ekechukwu, ACCI Vice-President, noted that foreign competition could enhance product quality and service delivery, ultimately benefiting Nigerian enterprises by encouraging them to improve their competitiveness.