CPPE's Muda Yusuf Warns of Foreign Traders' Impact on Nigeria
The Centre for the Promotion of Private Enterprise (CPPE), led by Chief Executive Officer Muda Yusuf, has raised alarms regarding the rising presence of foreign traders, particularly Chinese nationals, in Nigeria's retail sector. Yusuf indicated that this trend poses a significant threat to local businesses and employment, especially in areas where Nigerian traders have established strong capacities.
The sectors affected include textiles, ICT products, automobile spare parts, and household goods. Yusuf emphasized that distributive trade is vital, accounting for approximately 27.5 percent of Nigeria's workforce, and called for urgent policy measures to address the situation.
He noted that complaints from traders and protests in major commercial markets should not be ignored. Yusuf clarified that CPPE does not oppose Chinese investment but advocates for stricter scrutiny of permits and regulations governing foreign participation in retail, ensuring it aligns with local capabilities.
He urged for better coordination among relevant authorities to address these issues effectively.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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