In the light of the Shoprite saga Nigeria needs to introduce a Post-Coronavirus Business Retention Bill

Ayo Akinfe

(1) A minister of state for retail affairs will be appointed with a mandate to consolidate our army of petty traders into viable and competitive business concerns

(2) In every sector of the economy, small businesses will be encouraged to form cooperatives with a minimum market capitalisation of N1bn

(3) Nigeria’s Bank of Industry will set up a special fund to provide lending for management buyouts of foreign companies exiting the Nigerian market. Such loans will have single digit interest rates

(4) Nigeria’s trade minister will establish a special committee to liaise with multinational firms willing to relocate their facilities from China in the wake of the coronavirus pandemic. Industrial parks will be built to accommodate such businesses

(5) Operators in successful retail sectors such as automobile spare parts, pharmaceuticals, clothing and food will be offered interest-free loans to venture into manufacturing

(6) Any Nigerian importers who succeeds in convincing his or her foreign supplier to relocate their manufacturing facility to the country will be offered a one year tax holiday

(7) Plans will be initiated to ensure that by 2025, Nigeria is able to supply at least 80% of the raw materials and finished goods of any multinational company operating in the country domestically

(8) Local and state governments will be encouraged to take out minority stakes in private businesses concerns to enhance their liquidity and capital base

(9) Multinationals who locate their businesses to Nigeria will be the first to be considered for government contracts

(10) All foreign companies who commit to remaining in Nigeria for at least 50 years will be given 99 year land leases