VDM Tells Lagos Traders to Adapt as Chinese Retail Competition Grows
Lagos traders protesting the growing presence of Chinese retailers say cheaper imported goods are taking away their customers. They want foreign businesses to focus on manufacturing rather than retail. VDM argues that the traders are targeting the wrong problem. He says Nigeria relies heavily on imports and that many local sellers risk being displaced if they do not adapt to changing technology, e-commerce and consumer demand for lower prices. He also criticised Nigerian investors for failing to build large-scale industries around skilled local producers in places such as Aba and Onitsha. According to him, traders must modernise their businesses or risk losing out as the market changes.
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