Walmart, the world number one retailer by revenue is set to enter Nigeria’s retail market. The company will be opening one of its big stores in Lagos, Nigeria’s business hotspot.
Walmart’s top executive for Europe, the Middle East, Africa and Canada, Shelley Broader, had a meeting with Governor Akinwunmi Ambode on the possiblity of opening Walmart stores in Lagos and the discussion appears to be fruitful.
Governor Akinwunmi who is excited at the coming of Walmart to Lagos noted that Walmart entry to Lagos would create job opportunities for the teeming youths in Lagos. Although this is the first time Walmart stores will be opening in Nigeria, Walmart has had business operations in Nigeria and 12 other African countries since 2011. The company brought South African general merchandise retailer Massmart. Massmart now has six outlets in Nigeria.
This move by Walmart would no doubt create some employments but at the same time, retail stores in Lagos and indeed Nigeria should get ready for some competition. The entry of big wigs like Walmart will definitely have some impacts on retail business in Nigeria.
Walmart is currently in 28 countries with over 2.2 million employees.
