|Mr. Phillips Oduoza|
Group Managing Director and Chief Executive Officer of United Bank for Africa (UBA) Plc, Mr. Phillips Oduoza, has stated that Nigeria’s retail sector holds huge potential for growth.
Oduoza said this in a keynote address at the 2014 ‘Retail Leaders Conference held in Lagos.
The UBA boss, represented by the bank’s Director of Consumer Banking, Mr. Ilesanmi Owoeye, listed several factors driving the growth of Nigeria’s retail industry.
These factors, according to him, include the ongoing reforms in key sectors of the Nigerian economy aimed at bridging infrastructural gap, reducing unemployment levels, improving literacy level and improving access to funding by SMEs, which will significantly impact the level of disposable income and effective demand in the near future, affording the sector unprecedented growth opportunity.
He also identified increasing technology penetration in Nigeria as another factor driving the growth of the retail sector as this is giving retailers access to valuable market information about purchasing trends as well as segment preferences, making it increasingly easy to adapt sales and marketing approaches and improve consumer experiences.