CVL initiated the Economic Growth Sector Celebration to continually identify, showcase and celebrate outstanding sectors that have contributed to the growth of the economy in a particular year. The essence of the event is to celebrate and present the sector as an exemplar to others, showcasing the entrepreneurial opportunities in that sector and companies and individuals behind its achievements to enable aspiring entrepreneurs embrace these opportunities. In previous years, we have celebrated the ICT, Entertainment and Agriculture Sectors.
The 2016 edition of the sector celebration, the 4th in the series, is focused on Retail Trade which will be unfolded in a one-day event tagged: Unlocking the Potentials of Retail Trade Industry in Nigeria. In the last couple of years, retail trade has made tremendous contribution to Nigerian GDP. Nigeria’s current retail consumption is listed at $388 billion per year and could rise to $1.4 trillion per year by 2030 according to a report by Mckinsey’s Global Institute. Retail trade growth in Nigeria is fuelled by the increase in the size of the Nigerian population; more than 80 million of Nigeria’s 170 million citizens live in or close to urban areas, increasing disposable incomes by the growing middle class population and the drive by the government to modernize retailing.
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