CPPE's Dr. Muda Yusuf Warns of Job Threats from Foreign Traders

Dr. Muda Yusuf, the director and chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), warned that the increasing presence of foreign nationals, particularly Chinese traders, in Nigeria’s retail and distributive trade is jeopardizing jobs and displacing local businesses. He stated that the distributive trade sector employs approximately 27.5% of Nigeria’s workforce and is crucial for micro, small, and medium enterprises.

Yusuf highlighted that while foreign investment is vital for Nigeria’s development, the encroachment of foreign suppliers into retail segments where Nigerians have substantial capacity raises concerns about market structure and fair competition. He noted that reports indicate emerging concerns in various sectors, including textiles, ICT products, and automobile spare parts, with traders in major markets expressing protests and complaints.

Yusuf called for urgent policy measures to address these developments, especially given the current economic challenges facing Nigeria.