Indigboamaka Traders Push for Capable 2027 Leadership, Robust Economic Policies, Seek for Dedicated Traders Bank at MAJAN Roundabout
Bisi Akingbade
Nigeria leaders seeking for elective offices in 2027 have been called on by the Ndigboamaka Progressive Market Association, an umbrella body of over 58 major markets in Lagos, to present a clear economic agendas capable of addressing the challenges confronting traders and small and medium -scale enterprises, SMEs.
The President, Ndigboamaka Progressive Market Association, Comrade Chinedu Ukatu, while addressing, the members of the Maritime Journalists Association of Nigeria, MAJAN, expressed concern over the country's economic direction and the apparent disconnect between policymakers and the trading community.
Ukatu said the high cost of doing business, foreign exchange instability and the absence of regular consultation with stakeholders before policies affecting trade and commerce are introduced.
According to him, political discourse ahead of the 2027 elections has been dominated by power struggles rather than practical discussions on economic growth, infrastructure development and the business environment.
Ukatu said "We are very worried about the 2027 election because what we hear from politicians is mostly about political calculations rather than how to improve the economy, infrastructure and the business environment," he said.
The traders' leader stressed that frequent policy changes and exchange rate volatility have created uncertainty for businesses, making long-term planning difficult for importers and entrepreneurs.
He urged politicians aspiring to leadership positions to clearly articulate their economic programmes and explain how they intend to support trade and expand opportunities for businesses.
"Trade is what drives the economy. Those seeking leadership positions should tell Nigerians exactly what they have in store for traders and for the economy," he added.
Ukatu maintained that poor leadership remained at the root of many of the country's challenges, expressing optimism that competent leadership in 2027 could reposition the economy for sustainable growth.
Highlighting the plight of SMEs, he identified high lending rates, multiple taxation, poor infrastructure, unfriendly trade policies and inadequate government support as major impediments to business growth.
He noted that many traders are unable to access affordable credit, while poor road networks and illegal levies imposed by non-state actors continue to increase operating costs.
"Most markets lack basic infrastructure. Traders build roads, provide security and maintain facilities by themselves, yet they are heavily taxed," he said.
Ukatu further decried the lack of collaboration between government agencies and the trading community, noting that many SMEs have the potential to venture into manufacturing and export businesses but are constrained by limited access to finance and weak support structures.
As part of measures to address the challenges, he advocated the establishment of a dedicated "Traders Bank," jointly owned by government and traders, to provide single-digit interest loans to SMEs.
According to him, such an institution would enhance access to affordable financing, boost business expansion and create employment opportunities.
He also called for greater participation of traders in policy formulation, insisting that those directly affected by economic decisions should be carried along before such policies are implemented.
On national unity, Ukatu disclosed that the association had inaugurated a sensitisation committee to promote peaceful coexistence among traders across ethnic and religious divides.
He argued that commerce thrives on cooperation and mutual prosperity, accusing politicians of exploiting ethnic and religious sentiments for political purposes.
"For traders, business comes first. Customers buy goods based on quality and affordability, not the tribe of the seller. We are preaching unity because trade is about partnership and mutual prosperity," he stated.
In his welcome address, Ukatu in his welcome address underscored the strategic role of maritime journalism in exposing challenges and advocating reforms within the maritime sector, urging practitioners to uphold professionalism, objectivity and unity in the discharge of their responsibilities.
Earlier, President of the Maritime Journalists Association of Nigeria, MAJAN, Mr. Jerry Aguigbo, commended the NDIGBOAMAKA Progressive Market Association for its contributions to national economic development through trade and entrepreneurship.
Aguigbo described traders as critical stakeholders in economic growth, noting that their activities have continued to facilitate commerce, create jobs and sustain livelihoods across the country.
He called for stronger collaboration between the media and the trading community in promoting policies and initiatives that would enhance trade facilitation and accelerate economic development.
