• Thursday, April 18, 2024
businessday logo


Upsurge in shopping malls will boost Nigerian economy, says entrepreneur


Against the backdrop of an increase in the number of shopping malls in the country in recent times, Emmanuel Efuntayo, the CEO of IbukunEfuntayo and Co,  Nigeria’s foremost real estate company and Manager of the Lagos City Mall,  has said the increase was good for the Nigerian economy.

Since the beginning of this year, more than five upscale shopping malls have opened shops in the country while some existing ones are expanding their outlets across the length and breadth of the country.

For instance, Shoprite, a South Africa mass retail supermarket, has been opening more outlets in the country, following its successful debut in Lekki, Lagos in 2005 while Spar, another hypermarket, which also begun operations in the country in the 2000s has also recently opened a new outlet in the Ilupeju area of Lagos to enhance shopping experience of Nigerians among others.

In a statement, Emmanuel Efuntayo  said the coming of the new malls signposts positive investor confidence in Nigeria’s economy. He stated that as much as the malls provided convenient shopping experience to shoppers, it will also provide job opportunities for Nigerians and boost government tax revenues.

He attributed the rise in number of shopping malls in the country to changing lifestyle as more people find it more convenient to purchase all their needs in one shop than go to different shops.

“The coming of these malls is good for our economy. It goes on to show that our economy is developing and that we have the population that can support these malls. Shopping malls provide that convenience where shoppers can buy all that they want under the same roof while being entertained at the same time, so it’s good especially for those upwardly mobile people. Beside all these benefits, the malls provide direct employment to thousands of Nigerians and that is a good development,”  Efuntayo said.

The Chief Executive Officer also hinted that the Lagos City Mall was poised to continue to offer quality shopping experience to visitors at the mall. He described the Lagos City Mall as a one-stop shopping and entertainment centre where friends and families can visit to unwind. Apart from the quality experience offered by the mall, he said the mall was strategically located for shopping comfort.