LCCI, stakeholders highlight impact of indigenous supermarkets on national economic growth

*Leye Kupoluyi, President of the Lagos Chamber of Commerce and Industry, describes how the Nigerian-owned retail chains are successfully reclaiming a sector once dominated by foreign brands, driving economic independence and inclusive growth in the country

Isola Moses | ConsumerConnect

The Lagos Chamber of Commerce and Industry (LCCI) has described the rise of indigenous supermarkets as a vital driver for economic independence and inclusive growth in Nigeria.

Mr. Leye Kupoluyi, President of LCCI, said this at the opening of The Mart Supermarket, Isheri Branch Sunday, February 8, 2026, in Lagos.

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Kupoluyi noted the Nigerian-owned retail chains are successfully reclaiming a sector once dominated by foreign brands.

The President of LCCI described the expansion as a strategic move to fill the gap left by disappearing neighbourhood shops while providing better access to essential goods, agency report said.

Kupoluyi also stated: “This is not a corner shop. It is a full supermarket owned by Nigerians, providing everything from groceries and meat to electronics, all in one place.”

He further explained that such investments promote domestic economic participation by Nigerians, and reduce the need for long-distance travel to access basic household needs.

The supermarket, he observed, would generate employment opportunities, including cashiers, accountants and other support staff, thereby contributing to job creation.

The LCCI Chief asserted: “This is how we grow the economy; by Nigerians investing for the benefit of Nigerians.”

Commissioner: New outlet will generate employment opportunities

In his remarks at the event in Lagos, Mr. Adebola Sofela, Honourable Commissioner for Industry, Trade and Investment in Ogun State, said the strategic opening of The Mart regional outlets was a clear demonstration of vision, resilience and what private-sector-led investment could achieve in the Nigerian economy.

Sofela, represented on the occasion by Mr. Kehinde Omitogun, a Commercial Officer with the Ogun State Government (OGSG), said the establishment of the flagship store in OPIC was aimed at strengthening the commercial services of the rapidly growing corridors in Lagos.

The Commissioner said beyond providing modern retail services, the outlet would generate meaningful employment opportunities particularly for the youths, in alignment with the vision of Governor (Prince) Dapo Abiodun of Ogun State.

He further explained: “The governor’s vision places strong emphasis on job creation, youth empowerment and private sector led economic growth.

“As a Ministry, we remain committed to creating enabling environment, where businesses can thrive through investor friendly policies, infrastructure development and continuous engagement with stakeholders.”

Sofela, therefore, commended the Management of The Mart Supermarket for creating value for the host community, and empowering the youths and locals with jobs and employment opportunities.

Earlier, in her welcome address at the event, Mrs. ‘Layo Bakare-Okeowo, Founder of The Mart Supermarket, urged commercial banks and the Federal Government of Nigeria to provide genuine single-digit interest rate financing to support local manufacturers and boost Made-in-Nigeria products.

Bakare-Okeowo, who is also the Chief Executive Officer (CEO) FAE Envelopes, expressed her passion for manufacturing.

She emphasised the need for sustained encouragement and patronage to improve production quality and scale operations.

On banks’ support to manufacturing, interest rates

Mrs. Bakare-Okeowo, however, expressed concern over claims by some commercial banks over the single-digit interest rate loan offer to manufacturers.

Such credit facilities are largely inaccessible in practice, she said.

According to her, in some cases, loan approvals were communicated verbally without formal offer letters.

Bakare-Okeowo urged banks to be transparent about challenges affecting lending to manufacturers and to address them internally.

She stated: “We are not asking them to finance supermarkets.

“What we are saying is: finance manufacturers at single-digit interest rates.”

The Founder of The Mart Supermarket as well urged the government to demonstrate stronger political will in supporting the manufacturing sector, particularly when businesses face operational difficulties.

Acknowledging recent exchange rate stability, Bakare-Okeowo emphasised that high interest rates yet have remained a major constraint to industrial growth in Nigeria.

She appealed to Nigerian. banks and policymakers to encourage local production.

Manufacturing in Nigeria requires resilience, strong institutional support, Bakare-Okeowo said.

The Founder of The Mart Supermarket declared: “It takes the grace of God to be a manufacturer in this country.”

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