In order for
the retail industry in Nigeria to be transformed, the Federal Government has
been urged to have a vision and strategy
that is retail centric.
The
President/ Chief Executive Officer of Bervidson Retail Group, convener of ‘The
Retail Leaders Conference,’ Mr. Joseph Ebata made this known in an exclusive
interview with BRANDINFO.
Ebata said
that governments at different levels need to formulate policies in order for
retail industry in Nigeria to fulfill its potentials.
“We need policy
that will include retail business studies in our tertiary institution’s
curriculum, policy that will improve clearing of goods from the ports, policies
that will eradicate multiple taxation, policy on land use reforms to make real
estate more accessible to retailers, policies on ease of doing business in Nigeria
for foreign investors and policies that will support retail to promote the buy
made-in-Nigeria goods,” he said.
When being asked whether Nigeria retail industry is receiving
enough support from the banks, Ebata said; “the temptation would be to say no ! As a former Banker, I
would say that both retailers and Bankers should engage each other more. Bankers must develop a new mind-set borne out
of a thorough understanding of the issues, challenges and opportunities in
retail. They must understand the KPIs critical to retail success, how to
measure and use in loan assessment. They must be willing to invest in capacity
building for retailers that will in turn enhance the ability of retailers to
conduct success business operation based on best practices. The bank that is
willing to make this investment will ultimately become the bride of the retail
industry.”
“Retailers
on the other hand must engage banks with well thought through demand. They must
be willing to invest in themselves and employees to understand what banks are
looking for to become comfortable when supporting the retailer. The lip service
of being a retail bank must give way to reality.”
While speaking on 2017 Retail Leaders Conference which is
the 4th edition, Ebata explained that; “we expect this year’s edition to build on the successes of
past editions. Our focus is on
galvanising support for the retail industry from all stakeholders, particularly
the government. This year’s conference
comes against the backdrop of the current national economic challenge. With the
government actively trying to reposition the economy, this Conference will show
retail as the key sector that is set to become a key driver of our national
economic growth.”
Full interview will be published tomorrow...
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