MAJAN ROUNDTABLE: Indigboamaka Traders Demand Clear Economic Agenda. … Seek Creation of Traders Bank for SMEs. By Joe Njoku,

MAJAN ROUNDTABLE: Indigboamaka Traders Demand Clear Economic Agenda.
… Seek Creation of Traders Bank for SMEs.

By Joe Njoku,
Global Freight News.

The Ndigboamaka Progressive Market Association, an umbrella body of major market traders in Lagos State has expressed concern over the direction of Nigeria’s economy ahead of the 2027 general election’s , to urging political leaders to present clear economic plans that address the challenges confronting traders and small businesses.

The association made the demand through its President, Comrade Chinedu Ukatu during a media parley with members of the Maritime Journalists’ Association of Nigeria (MAJAN) in Lagos, while responding to questions on the state of the economy , the business environment and expectations from political leaders office seekers.

Comrade Chinedu Ukatu lamented the hit cost of doing business in Nigeria, saying that traders were worried about the country’s economic direction and lack of engagement between policy makers and the trading community.

According to him, political actors have largely focused on power struggle while neglecting issues affecting the economy, cost of living, and market conditions.

‘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.

Ukatu noted that many government policies affecting traders are introduced to without adequate consultation with stakeholders, making if difficult for businesses to thrive market affectively.

He cited the foreign exchange instability as a major challenges confronting importers and traders, stressing that unlike in developed economies where businesses can projected years ahead, while the Nigerian traders operate under uncertainty.

He urged politicians seeking elective in offices in 2027 to articulate concrete plans for economic growth and trade development.

“Trade is what drives the economy. Those seeking leadership position should tell Nigerians exactly what they have in store for traders and the economy,” he said.

Comrade Chinedu Ukatu maintained that Nigeria’s challenges stem largely from poor leadership and expressed optimism that the country’s fortunes could improve significantly if competent leaders emerge in 2027.

“If we get the right leadership, Nigeria will have no problem. The right policies will be implemented and our economy will experience a robust improvement,” he added.

On challenges facing Small and Medium Enterprises ((SMEs), he identified high lending rate, multiple taxation, poor infrastructure, unfriendly trade policies, and lack of sleep government support as major obstacle hindering business growth.

He said many traders are unable to access affordable credit, while poor road network and extortion by non-state actors increase the cost of doing business.

“Most markets lack basic infrastructure. Traders build roads, provide security and even maintain facilities by themselves, yet they are heavily taxed,” he was enthused.

He further lamented the absence of meaningful collaboration between government agencies and traders, noting that many SMEs aspire to move into manufacturing and export businesses but are constrained by inadequate support systems.

As part of the solutions, he called for the establishment of a dedicated “Traders Bank” jointly owned by government agencies and traders to provide low interest or single digit loan to SMEs.

According to him, such institution would help businesses to access affordable financing, expand operations, and create jobs.

He also advocate for greater involvement off traders in policy formulation, saying that business owners should be consulted before decisions affecting trade and commerce are made.

On national unity, he said that his association had inaugurated a sensitisation committee to promote peaceful coexistence among traders across ethnic and religious lines.

He argued that commerce thrives on cooperation rather than division and accuse politicians of exploring ethnic and religious sentiments for political gainsin

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 said.

The President, Maritime Journalists’ Association of Nigeria, Comrade Jerry Aguigbo commended the NDIGBOAMAKA Progressive Traders Association for its contributions to Nigeria’s economic development through trade and entrepreneurship.

He praised the association’s role in facilitating commerce, creating jobs, and sustaining economic activities across the country, noting that traders remain critical stakeholders in national economic prosperity.

He therefore, urged both organizations to strengthen collaboration in promoting policies and initiatives that would enhance trade facilitation, economic development, and national security.

Ukatu, in his welcome address, stressed the importance of maritime journalism to nation building, describing maritime journalists as key players in exposing challenges and promoting reforms in the sector.

He urged journalists to remain professional, objectives and united, while I warning against unhealthy rivalry among associations.

According to him, a stranger partnership between the media and the trading community would help to advance policies that supports economic growth and improve the business environment in Nigeria.