Popular Nigerian economist and financial analyst, Dr Muda Yusuf, has said the participation of Chinese and other foreign traders in Nigeria’s retail and distribution sector demands urgent policy intervention.
He made this disclosure in a statement on Sunday.
His comment comes as Nigerian traders protested against the participation of Chinese traders in Nigeria’s retail market.
The development has been trailed by mixed reactions over the past week.
Giving an expert perspective on the development, Yusuf said the trend raised important issues around employment protection, fair competition, investment policy, and the integrity of the country’s immigration and business permit regime.
According to him, Nigeria should remain open to foreign investment, but openness should not mean an absence of strategic boundaries.
He called for a comprehensive review of the regulatory framework governing foreign participation in Nigeria’s retail economy.
“Investment policy must distinguish between activities where foreign participation brings additional capital, technology, skills, productive capacity and exports, and activities where unrestricted foreign participation could unnecessarily displace domestic enterprises and employment.
“Foreign investment should be particularly encouraged in manufacturing, infrastructure, technology, agro-processing, mining, energy and other sectors where Nigeria requires substantial capital and technical capabilities,” he stated.
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