By Ranmilowo Ojalumo
The NDIGBOAMAKA Progressive Market Association, an umbrella body of major markets in Lagos State has expressed concern over the direction of Nigeria's economy ahead of the 2027 general elections, 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 while speaking during a media parley with members of the Maritime Journalists' Association of Nigeria (MAJAN) in Lagos on Tuesday , 16 June 2026, where he responded to questions on the state of the economy, the business environment and expectations from political office seekers.
The traders president lamented the high cost of doing business in Nigeria, saying traders were worried about the country's economic direction and the lack of engagement between policymakers and the trading community.
According to him, political actors have largely focused on power struggles 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 without adequate consultation with stakeholders, making it difficult for businesses to plan effectively.
He cited foreign exchange instability as one of the major challenges confronting importers and traders, stressing that unlike in developed economies where businesses can project years ahead, Nigerian traders operate under uncertainty.
He urged politicians seeking elective offices in 2027 to articulate concrete plans for economic growth and trade development.
"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 said.
The markets Association leader 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 has no problem. The right policies will be implemented and the economy will improve," he added.
On the challenges facing Small and Medium Enterprises (SMEs), Ukatu identified high lending rates, multiple taxation, poor infrastructure, unfriendly trade policies and lack of government support as major obstacles hindering business growth.
He said many traders are unable to access affordable credit, while poor road networks 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 said.
Ukatu 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 loans to SMEs.
According to him, such an institution would help businesses access affordable financing, expand operations and create jobs.
He also advocated greater involvement of traders in policy formulation, saying business owners should be consulted before decisions affecting trade and commerce are made.
On national unity, Ukatu said 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 accused politicians of exploiting ethnic and religious sentiments for political gains.
"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.
Earlier, President of the Maritime Journalists Association of Nigeria (MAJAN), Mr. Jerry Aguigbo, commended the NDIGBOAMAKA Progressive Traders Association for its contributions to Nigeria's economic development through trade and entrepreneurship.
Aguigbo 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 growth.
He also urged both organisations to strengthen collaboration in promoting policies and initiatives that would enhance trade facilitation, economic development and national prosperity.
Ukatu, in his welcome address, also stressed the importance of maritime journalism to the nation's economy, describing maritime journalists as key players in exposing challenges and promoting reforms in the sector.
He urged journalists to remain professional, objective and united, while warning against unhealthy rivalry among associations.
According to him, a stronger partnership between the media and the trading community would help advance policies that support economic growth and improve the business environment in Nigeria.
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