Readjust Diaspora Remittance Policy, Milolar Tells FG
• Establishes more outlets across Lagos
Milolar Brand, an indigenous fashion and lifestyle company, has urged the federal government to re-adjust its diaspora remittance policy to aid Micro, Small, and Medium Enterprises (MSME) trade effectively with their customers abroad.
The company unveiled another of the brand’s physical outlets, extending its reach to the Okota axis of Lagos State, with an assurance to Nigerians that both online and physical offices remain a one-stop-shop that caters for all their fashion needs.
The founder of the company, Damilola Otubanjo made this remark at the weekend at the inauguration of another Milolar outlet designed to give customers an opportunity to interact physically and pick latest trending items to suit the right needs
Speaking with journalists, the founder noted that the extension was based on a customer’s request that the brand move its outlet to the axis to cater for the residents’ needs.
Otubanjo disclosed that business expansion in the country came with different challenges which entrepreneurs battle daily to remain in business and contribute to the country’s development through creation of employment opportunities for the youths.
While listing the challenges confronting businesses across the country, she said that the new diaspora remittance policy announced by Central Bank of Nigeria (CBN) was the new addition to numerous issues confronting entrepreneurs’ in Nigeria brought by the government even while the country is grappling to exit recession.
She canvassed that a review would assist many MSMEs especially the indigenous fashion brands to keep touch with their customers abroad specifically those that favoured Nigerian brands to others.
“A major recent challenge is a policy that has limited trading and commerce with foreign countries. The ease with which transactional funds were sent has been clamped down on by the government, stopping the inflow of funds from outside the countries, making sales to other countries pretty challenging.
“Many relied heavily on international trades made available through online platforms. And before we could understand what was happening the government has brought another policy that has affected entrepreneurs’ efforts at keeping their businesses afloat.”
She, also, urged the federal government to address the challenges of frequent hike in electricity tariff and exchange rate, which according to him, have continued to make buying and selling really difficult and unpredictable for business owners.
Otubanjo, however, attributed Milolar’s ability “to expand in spite of these challenges to acceptability the brand has received from the public, especially women, that have realised that each of outlets was one-stop-shop and have embraced the organisation.
“The Milolar Brand is a Premium and World-Class Institute committed to serving Women, and providing tangible value to our Esteemed Customers by being a one-stop-shop, that caters to all of women’s needs in the area of Fashion and lifestyle. We offer exquisite apparels for women everyday wears also for occasions and events.
“Aside from that, we offer skincare products for maintaining and improving skin appearance thereby reducing the early signs of ageing. In addition to improving the appearance and boosting the confidence of women in the area of clothing and skincare, we have a spa to offer additional services”, she added.
“These are what we have been giving our customers in all our outlets in Lagos including the new branch in Okota and Federal Capital Territory (FCT) Abuja. With the stores, we have been able to further impress on the minds of our customers our commitment to continuous service. It was easy for some of our customers to walk into the stores and get their needs solved.
She attributed the expansion to Okota to the peculiarities of the residents that have patronised the brand over the years, saying the occupants have a secluded and somewhat different lifestyle.
The fashion expert stressed that bringing the Milolar Brand to the axis would further open up the brand “to our customers within that neighbourhood and also to attract more customers and bring them to the awareness of the Milolar Company.”