Following the move by South African retail firm, Shoprite to divest its stakes, a local investor and Managing Director of Jifatu General Enterprises in Kano State, Alhaji Sabitu Muhammad Yahaya, on Tuesday, said the company and other local stores have the capacity to replace it.
ShopRite, disclosed its divestment plan on Monday, after nearly 15 years of operation in Nigeria.
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Yahaya said: “Government doesn’t recognise local investors even in terms of patronage as they mostly prefer foreigners above indigenes.
“We don’t get the required support from them. If after all this patronage, establishments such as ShopRite will think of leaving Nigeria, what do you think of the indigenous businesses? This portends great danger to us,” he said.
Yahaya also said the role of indigenous businesses in reducing the country’s rate of unemployment and increasing its income in invaluable.
“Our company for instance has over 13 different departments with establishments in over seven states of the country and we are ready to open businesses in all these places including South Africa’s Freetown God willing.”
The company also advised governments at all levels to support indigenous investors particularly in their patronage, adding that they have more potential to grow the nation’s economy.
