By Rukayat Moisemhe
President, Lagos Chamber of Commerce and Industry (LCCI), Mr Leye Kupoluyi, says the rise of indigenous supermarkets is a vital driver for Nigeria’s economic independence and inclusive growth.
Kupoluyi made the assertion at the opening of The Mart Supermarket, Isheri Branch on Sunday in Lagos.
According to him, Nigerian-owned retail chains are successfully reclaiming a sector once dominated by foreign brands.
He described the expansion as a strategic move to fill the gap left by disappearing neighbuorhood shops while providing better access to essential goods.
“This is not a corner shop. It is a full supermarket owned by Nigerians, providing everything from groceries and meat to electronics, all in one place,” he said.
According to him, such investments promote domestic economic participation by Nigerians and reduce the need for long-distance travel to access basic household needs.
Kupoluyi also noted that the supermarket would generate employment opportunities, including cashiers, accountants and other support staff, thereby contributing to job creation.
“This is how we grow the economy; by Nigerians investing for the benefit of Nigerians,” he said.
Commissioner for Industry, Trade and Investment, Ogun State, Mr Adebola Sofela said the strategic opening of The Mart regional outlets was a clear demonstration of vision, resilience and what private-sector-led investment could achieve.
Represented by a Commercial Officer, Ogun State Government, Mr Kehinde Omitogun, the commissioner said the establishment of the flagship store in OPIC was aimed at strengthening the commercial services of the rapidly growing corridors.
He said beyond providing modern retail services, the outlet would generate meaningful employment opportunities particularly for the youth, in alignment with the vision of Ogun State Governor, Prince Dapo Abiodun.
“The governor’s vision place strong emphasis on job creation, youth empowerment and private sector led economic growth.
“As a ministry, we remain committed to creating enabling environment, where businesses can thrive through investor friendly policies, infrastructure development and continuous engagement with stakeholders,” he said.
Sofela commended the management of The Mart Supermarket for creating value for the host community and empowering the youths and locals with jobs and employment opportunities.
In her remarks, Mrs ‘Layo Bakare-Okeowo, Founder, The Mart Supermarket, urged commercial banks and the Federal Government to provide genuine single-digit interest rate financing to support local manufacturers and boost Made-in-Nigeria products.
Bakare-Okeowo, also Chief Executive Officer, FAE Envelopes, expressing her passion for manufacturing, emphasised the need for sustained encouragement and patronage to improve production quality and scale operations.
She expressed concern over claims by some banks over the single-digit interest rate loan offer to manufacturers, stating that such facilities were largely inaccessible in practice.
She added that in some cases, loan approvals were communicated verbally without formal offer letters.
Bakare-Okeowo urged banks to be transparent about challenges affecting lending to manufacturers and to address them internally.
“We are not asking them to finance supermarkets. What we are saying is: finance manufacturers at single-digit interest rates,” she said.
She also called on the government to demonstrate stronger political will in supporting the manufacturing sector, particularly when businesses face operational difficulties.
While acknowledging recent exchange rate stability, Bakare-Okeowo stressed that high interest rates remained a major constraint to industrial growth.
She appealed to banks and policymakers to encourage local production, noting that manufacturing in Nigeria required resilience and strong institutional support.
“It takes the grace of God to be a manufacturer in this country. The banks should please encourage us and support Made-in-Nigeria products,” she said.(NAN)(www.nannews.ng)
Edited by Olawunmi Ashafa
