Nigerians have been encouraged to see opportunities in challenges and to make strategic adjustments to navigate the country’s tough economic landscape.
This call was made by Otunba Bimbo Ashiru, Group Chairman of Odu’a Investment Company Limited, during the 12th Annual Brands & Marketing Conference organized by the Brand Journalists Association of Nigeria (BJAN) in Victoria Island, Lagos.
Delivering his keynote address on the theme, “Rebuilding Consumer Confidence: Addressing Policy Impact & Market Realities,” Ashiru emphasized the importance of turning adverse situations into opportunities.
Drawing from global examples, such as the success of the Zoom app during the COVID-19 pandemic, he urged Nigerians to adopt a similar mindset of innovation and resilience.
“We must look at how we can make the most of our predicament and convert it into good use,” he said, adding that the Nigerian economy's resilience has been tested in recent years, especially in the face of inflation and global supply chain disruptions.
Ashiru stressed the need for government policies to support economic stability and growth, including measures to enhance foreign exchange stability, price control, and the emergence of a robust middle class.
He also highlighted the critical role of small and medium-sized enterprises (SMEs) in driving economic development, urging the government to provide adequate funding and structural support for SMEs.
Panellists Echo the Need for Consumer-Focused Policies
The conference featured a panel discussion where industry experts shared their perspectives on consumer challenges and policy impacts.
Adetola Odusote, Partner at CMC Connect LLP, criticized the government for policies that leave consumers at the receiving end of systemic failures.
“Brands are struggling to survive in a highly volatile economy, and some resort to questionable practices to stay afloat.
“Meanwhile, government agencies meant to protect consumers are either powerless or inactive,” he said.
Damola Salvador, CEO of Digisplash, described the current economic environment as harsh for consumers, urging the government to adopt “human-centred” policies.
Victoria Uwadoka, Corporate Communications & Public Affairs Manager at Nestlé Nigeria, emphasized the neglect of consumer interests in policy formulation.
She noted that businesses are burdened with increased operational expenses due to inflation and excessive taxation, limiting their capacity to innovate and meet consumer needs.
“Government policies often distract from priorities like innovation, consumer insight, and brand development.
Associations like MAN and NECA have been instrumental in addressing these challenges collectively,” Uwadoka stated.
Call for Consumer Advocacy
Akonte Ekine, CEO of Absolute PR, stressed the need for consumers to set standards and demand accountability.
“We must see ourselves as consumers first and work toward setting and achieving the standards we desire,” he said.
The immediate past Chairman of BJAN, Clara Okoro, said the conference aimed to highlight the challenges posed by government policies and provide actionable solutions.
“This is not about laying blame, but about finding ways to address policy shortcomings and rebuild consumer confidence,” Okoro remarked.
The conference concluded with a shared resolve among participants to drive policy changes and foster innovation to mitigate the impact of Nigeria’s economic challenges on consumers and businesses alike.
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