Chinese Traders: Economist, Yusuf calls for urgent policy review of Nigeria’s retail sector

Renowned Nigerian economist, Dr Muda Yusuf, has called for an immediate review of the regulatory framework governing foreign participation in Nigeria's retail sector. The economist made this call amid protests by Nigerian traders against the involvement of Chinese traders in the country's retail market.

Yusuf's remarks were made in a recent statement, where he highlighted the need for a comprehensive policy intervention to address the issues raised by the growing presence of foreign traders. The economist emphasized that while Nigeria should welcome foreign investment, there should be a balance between openness and strategic boundaries.

According to Yusuf, the presence of foreign traders in Nigeria's retail and distribution sector raises critical issues related to employment protection, fair competition, investment policy, and the integrity of the country's immigration and business permit regimes. He stressed that investment policy should differentiate between activities that bring additional capital, technology, skills, productive capacity, and exports, and those that could lead to the displacement of domestic enterprises and employment.

The economist specifically encouraged foreign investment in sectors where Nigeria requires substantial capital and technical capabilities, such as manufacturing, infrastructure, technology, agro-processing, mining, and energy. Yusuf's call for a thorough review of the regulatory framework governing foreign participation in Nigeria's retail economy underscores the importance of striking a balance between economic growth and the protection of domestic industries.