The Executive Director, Small and Medium Enterprises, Bank of Industry (BOI), Mr. Waheed Olagunju has urged Nigerians to always patronise Made-In-Nigeria goods in order to boost the retail industry.
This was made known recently at the 5th edition of The Retail Leaders Conference held in Lagos with the theme ‘The Future of Retail In Nigeria: Innovate or Perish’ organised by Bervidson Retail Group.
Olagunju who was speaking on the topic ‘Buy Made-In-Nigeria Goods Promotion – Creating Innovative Synergy between Manufacturing and Retail’ declared that manufacturers cannot survive without retailers.
The BOI Executive Director also noted that no country in the world is as blessed as Nigeria given our abundant natural resource, adding for instance that Nigeria has more agricultural prospect than oil.
He further disclosed that Nigeria have what it takes to feed her citizens but sadly have not been able to do so. He therefore advocated that Nigeria need to add value to natural resources to reap the full benefit of our vast natural resources.
“We’ve not been able to achieve food security, we need to add value to agriculture. We’ve not been able to feed ourselves. We have what it takes to feed ourselves,” he said.
Olagunju further stated that the production circle is not complete without getting to final consumer, this arguably underscores the importance of retail in any economy. He called on manufactures to adopt collaboration with retailers as the new paradigm to achieve greater success. He however noted that most manufacturing companies have become innovative as they now get involved/monitor how their goods get to final consumer. Manufacturers know too well taht the more retailers are able to sell, the more they too will sell.
Olagunju finally provided a typology of the Nigerian econmy classifying the Nigeria economy into Primary, Secondary and Tertiary, stating that primary production involve Agriculture, Solid Minerals and Others while Secondary production entails manufacturing and processing, and Tertiary include retailing and servicing.