SMEs Are Bleeding: Lagos Traders DemadE Traders Bank Policy Consultation Before 2027 Election
Economic Voice” — NDIGBOAMAKA Progressive Market Association President, Comrade Chinedu Ukatu, addresses MAJAN at a media parley in Lagos, demanding a clear 2027 economic agenda and creation of a Traders Bank for SMEs.
SMEs Are Bleeding: Lagos Traders DemadE Traders Bank Policy Consultation Before 2027 Election
By Success Okezie
As Nigeria edges toward the 2027 general elections, the NDIGBOAMAKA Progressive Market Association — the umbrella body for major markets in Lagos State — is raising urgent concerns about the country’s economic direction. The traders are asking political leaders one question: What exactly is your plan for the economy, for trade, and for small businesses?
The demand came from the Association’s President, Comrade Chinedu Ukatu, during a media parley with members of the Maritime Journalists’ Association of Nigeria, MAJAN, in Lagos on Tuesday, 16 June 2026. The session focused on the state of the economy, the harsh realities of doing business in Nigeria, and what traders expect from those seeking power in 2027.
Ukatu said traders are worried because political conversations ahead of 2027 are dominated by calculations for power, not solutions for the economy. According to him, issues like rising cost of living, infrastructure decay, and market conditions are being pushed aside.
“We are very worried about 2027 because what we hear from politicians is mostly about political permutations rather than how to fix the economy, build infrastructure, and improve the business environment,” he stated.
He stressed that many government policies affecting trade are rolled out without consulting stakeholders. The result: uncertainty that makes it impossible for importers and traders to plan. Forex instability was singled out as a major threat — unlike in developed economies where businesses can project for years, Nigerian traders wake up daily to new exchange rate shocks.
“Trade is what drives the economy. Anyone seeking leadership in 2027 must tell Nigerians clearly what they have in store for traders and for economic growth,” Ukatu charged.
The traders’ leader painted a grim picture of SMEs, which form the backbone of Nigeria’s economy. He listed the biggest obstacles: double-digit lending rates, multiple taxation from government and non-state actors, poor roads, unfriendly trade policies, and lack of real government support.
“Most markets lack basic infrastructure. Traders build the roads, provide security, maintain facilities with their own money, yet government still taxes us heavily,” he lamented.
He also noted that many traders want to scale from buying-and-selling into manufacturing and exports, but poor access to credit and weak support systems keep them trapped at the micro level.
To break the cycle, Ukatu proposed the creation of a dedicated “Traders Bank” — jointly owned by government agencies and traders’ associations. The bank, he said, should offer single-digit, low-interest loans that SMEs can actually access without collateral bottlenecks.
Such a financial institution, according to him, would unlock capital for expansion, create jobs, and strengthen Nigeria’s productive base. He also called for structured dialogue between policymakers and the trading community before any trade-related policy is made.
Beyond economics, Ukatu spoke on national cohesion. NDIGBOAMAKA has set up a sensitisation committee to promote peace among traders across ethnic and religious lines.
“For traders, business comes first. Customers don’t ask your tribe before buying — they ask about price and quality. We preach unity because trade thrives on partnership, not division,” he said. He accused politicians of weaponizing ethnicity and religion for votes while traders bear the cost of instability.
MAJAN President, Mr. Jerry Aguigbo, commended NDIGBOAMAKA for its contribution to commerce, job creation, and national economic activity. He described traders as critical stakeholders and urged stronger collaboration between journalists and the trading community to push policies that support trade facilitation and growth.
Ukatu, in his welcome address, also highlighted the role of maritime journalists in exposing challenges and driving reforms. He urged the media to remain professional, objective, and united, warning against rivalry that weakens the industry.
For NDIGBOAMAKA, 2027 is not just about who wins power — it’s about whether Nigeria gets leadership that understands trade, respects SMEs, and implements policies that work. With the right leaders, Ukatu believes Nigeria’s economic fortunes can turn around fast.
Economic Voice” — NDIGBOAMAKA Progressive Market Association President, Comrade Chinedu Ukatu, addresses MAJAN at a media parley in Lagos, demanding a clear 2027 economic agenda and creation of a Traders Bank for SMEs.
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