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Retail Consumption Hits $388b Yearly



  • Retail Consumption Hits $388b Yearly

The Founder, Centre for Value Leadership (CVL), Prof. Pat Utomi, has disclosed that Nigeria’s current retail consumption is estimated at $388 billion annually and could rise to $1.4 trillion by 2030.

Speaking during the fourth CVL Economic Growth Sector Celebration Series, he noted that “retail trade growth in Nigeria is fuelled by increase in the size of the Nigerian population. More than 80 million of Nigeria’s 170 million citizens live in or close to urban areas, increasing disposable incomes of the growing middle class population and the drive by the government to modernise retailing.”

With the theme: “Unlocking the potentials of Retail Trade Industry in Nigeria,” he further stated that bringing the goods needed by families and the men and women of the modern era to their awareness and easy reach at affordable prices is part of the miracle of the modern retail trade. That magic has progressively shifted from analogue to digital.

The Consultant, Franchise Business Development Services, Chigozie Nwizu, listed some importance of franchise to retail to include: reducing risks of failure, access to propriety, products or services; bulk buying advantages; industry know how; shared marketing, advertising and launch campaign costs.

The Managing Director, Proshare Nigeria, Femi Awoyemi, who spoke on “Financing Retail Trade in Nigeria”, noted that everyone must accept the limitations of our financial markets and help them create new appreciation for the retail trade ecosystem. This posits that all growth will be reflected in the commerce that takes place; work with companies, that is, manufacturers to design effective credit schemes that ameliorate the limitation of owner capital.

Also, the Executive Director, World Trade Centre Lagos, John Adeleke, who spoke on the ‘significance of the rebirth of Nigeria’s formal retail sector’ said the federal government and its agencies must support the emergence of the formal retail sector with a better harmonised policy and regulatory regimen.

Similarly, the Group Managing Director, Artee Group, Haresh Keswani, who discussed ‘Retail Revolution – An opportunity’, said retailing is the major mass employment driver for Nigeria with the lowest barrier to employment for youths.

He noted that one shopping plaza employs around 8,000 people directly or indirectly; and retail revolution has the capability to make Nigeria self-sufficient with an effective and efficient workforce and can propel Nigeria towards an export oriented economy.

On his part, the President, Retail Council of Nigeria, Asiwaju Solomon Onafowokan, said government should review restrictions on banned products that are not manufactured in Nigeria, and urged it to encourage Local Direct Investment in order to get the benefits of Foreign Direct Investment.

Some of the companies that were honoured included: Ikeja City Mall, Jumia, Spar, Shoprite, Ebeano, Chellarams, GT Bank, Adiba, National Agency for Food, Drug Administration and Control (NAFDAC), Persianas Group, Ministry of Industry, Trade and Investment, and Lagos State Government.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Company News

Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year



Lafarge Africa - Investors King

Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.

The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.

In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.

Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.

However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.

Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.

He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.

Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.

The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.

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South African Billionaire Christo Wiese Predicts Return of Major Players to Nigeria Despite Recent Exodus



Christo Wiese

South African billionaire Christo Wiese remains optimistic about Nigeria’s economic prospects, predicting the eventual return of major players despite a recent exodus from the West African nation.

In an interview with Bloomberg TV, Wiese explained that it is impossible to ignore Nigeria’s large and growing population, “how do you ignore an economy like this?”

Wiese, the former chairman of Shoprite Holdings Ltd., acknowledges the challenges faced by businesses in Nigeria, where recent currency woes and policy missteps have contributed to an exodus of international companies.

Procter & Gamble Co. and Shoprite are among the global conglomerates that have announced their departure from Africa’s most populous nation.

However, Wiese sees the recent exits as temporary setbacks rather than a long-term trend. He believes that the allure of Nigeria’s vast consumer market and its economic potential will eventually draw major players back.

Despite the current uncertainty, Wiese remains confident in Nigeria’s future, emphasizing the need for governments to adopt correct policies and for investors to exercise patience.

While acknowledging Nigeria’s single-commodity economy vulnerabilities, Wiese highlights the resilience of the nation’s economy and its potential for growth and development.

He suggests that foreign investors, including South African ones, are adopting a wait-and-see approach, anticipating a time when the economy stabilizes and favorable policies are in place.

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Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director



Seplat Energy Plc - Investors King

Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.

In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.

Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.

He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.

Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.

In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.

Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).

The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.

Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.

In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.

The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.

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