Stakeholders have called for fair competition, stronger consumer protection and structural reforms to address challenges facing Nigerian businesses amid concerns over foreign participation in retail.

They made the call at a virtual stakeholders’ meeting organised by the National Policy Advocacy Centre of the Abuja Chamber of Commerce and Industry (ACCI) on Tuesday.

The meeting, with the theme ‘Protecting Local Businesses and Promoting Fair Competition in Nigeria’s Retail Economy’, brought together regulators, business associations and other stakeholders.

The ACCI collaborated with the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

Also included were the Nigeria Investment Promotion Commission (NIPC) and the Lagos State International Trade Fair Management Board (LSITFMB).

Declaring the meeting open, ACCI Director-General, Agabaidu Jideani, reaffirmed the chamber’s commitment to fair competition, responsible investment and sustainable business development.

Mr Jideani said constructive engagement among government, regulatory institutions and the private sector was essential to developing policies supporting local businesses and promoting competitive markets.

He commended the speakers, representatives and participants for facilitating discussions aimed at strengthening businesses and promoting regional economic development.

He urged participants to contribute meaningfully to the deliberations and develop practical recommendations for improving Nigeria’s business environment.

The President of NACCIMA, Jani Ibrahim, represented by Chairman Jonathan Aremu, called for policies to improve domestic productivity and competitiveness.

Mr Ibrahim identified inadequate infrastructure, limited access to finance, skills gaps, regulatory challenges and product standards as structural weaknesses requiring urgent attention.

He said foreign investments should support local production, employment, skills development, technology transfer and domestic suppliers rather than focus primarily on raw material exports.

Mr Ibrahim stressed that shielding local businesses from competition was insufficient, advocating evidence-based trade policies to address economic weaknesses.

He urged Nigeria to enable domestic enterprises to benefit from opportunities under the African Continental Free Trade Area (AfCFTA).

Principal Legal Officer, Anti-Competition Practices Department, FCCPC,Fredrick Omatseyin, reaffirmed the commission’s commitment to fair competition and consumer protection.

He said the commitment was guided by the Federal Competition and Consumer Protection Act, 2018.

Mr Omatseyin explained that the regulatory framework covered domestic and foreign businesses operating in Nigeria, requiring compliance with established competition rules.

He warned that dominant businesses could face regulatory intervention for price-fixing, predatory pricing, restrictive agreements or practices unfairly excluding local competitors.

According to him, effective competition benefits consumers through lower prices, improved product quality, greater choice and innovation.

He added that enforcement against foreign and domestic companies promoted accountability and regulatory certainty.

The Executive Secretary of NIPC, Aisha Rimi, said partnerships between large corporations and micro, small and medium-sized enterprises (MSMEs) could promote industrial development.

She added that such partnerships could also encourage inclusive economic growth.

Ms Rimi was represented by Deputy Director, External Relations, Department of Policy Advocacy, NIPC, Zanaib Ochojila.

She said partnerships could help smaller businesses join supply chains, improve products, create jobs and enhance competitiveness.

“The relationships must be commercially viable, transparent and consistent with applicable laws. There is the need for evidence-based decisions on reciprocity and market access.

“Nigeria must protect its national interests without discouraging beneficial investments,” she said.

Ms Rimi urged the government to maintain predictable policies, strengthen indigenous enterprises and promote collaboration among agencies, investors and business associations.

The Executive Director and Chief Executive Officer of LSITFMB, Vera Ndanusa, called for fair regulatory enforcement and constructive dialogue between local businesses and foreign investors.

Ms Ndanusa, represented by her personal assistant, Nyong Nsa-Anwan, said engagements involving market representatives and Chinese businesses demonstrated the importance of dialogue.

“Businesses should have fair access to markets, opportunities and facilities within the trade fair complex,” she said.

She noted that Nigerian entrepreneurs faced limited access to affordable finance, infrastructure constraints and rising operating costs.

“Protecting local businesses should not mean discouraging legitimate foreign investment but ensuring transparent regulations and a level playing field for all businesses,” she said.

Also speaking, ACCI Vice-President, Commerce, Chijioke Ekechukwu, said foreign competition could improve product quality, service delivery and business standards.

He added that competition could encourage Nigerian enterprises to strengthen their competitiveness. 

(NAN)