O’dua Group Chairman tasks Nigerians to think positivity amidst economic challenges

From left: Partner,  CMC Connect LLP, Mr. Adetola Odusote; Group Chairman Odua group of Companies, Otunba Bimbo Ashiru;  Chairman, Brands’ Journalists Association of Nigeria (BJAN, Ms Clara Okoro and Head Branding & Communications, Odu’a Investment Company, Mr. Victor Ayetoro, during Brand Journalists Association of Nigeria (BJAN) 12th Annual Brands & Marketing Conference, recently in Lagos.

Stanley Ihedigbo

Nigerians have been urged to adopt a resilient mindset and capitalize on opportunities hidden within challenges.

According to the Chairman, O’dua Group, Group Chairman of Odu’a Investment Company , Otunba Bimbo Ashiru, this proactive approach is crucial in navigating the current economic landscape

Speaking at the 12th Annual Brands & Marketing Conference of Brand Journalists Association of Nigeria (BJAN), as keynote speaker, the former Ogun State Commissioner for Commerce and Industry, speaks on the theme; “Rebuilding consumer confidence: Addressing policy impact & market realities”, said the outlook was imperative on account of present economic realities.

Citing the Zoom app as an example, Ashiru said it was the best example of making the best out of a bad situation because of the solution it brought, especially during the COVID-19 pandemic and its continued relevance to date.

“We look at how we can make the most out of our predicament and convert it to good use,” he said.

According to him, global economic realities, especially the high inflationary environment in the wake of the COVID-19 pandemic and the immense strain it put on the global supply chain, inflation, and technology, have driven the way consumers interact with the economy.

“The Nigerian economy is known for its resilience, and the last few years have been a good test of that resilience,” he said.

Ashiru also pointed out the fact that the world we live in is rapidly evolving and constantly changing.

“Some products and services constantly have to improve and change to meet the expectations of change that the consumers have grown accustomed to.”

Identifying government policy as a factor for growth and economic stability, Otunba Ashiru advised that government policy must promote the growth of the local economy.

“Particular focus must be placed on improving FX stability, price stability, growth and the emergence of a robust middle class,” he said, adding that the government must enhance and support SMEs through funding and structure as the SMEs are the economic driver of any economy, ” he stressed.

In his reaction during the panel session, Partner, CMC Connect LLP, Adetola Odusote, urged the government to consider the plight of consumers, especially in the area of policy formulation.

“The situation with the consumers is they are at the receiving end of the failure of the system. And it’s unfortunate that because of the policy of government, brands are struggling to survive in a highly volatile economy where there are uncertainties and ambiguity. For brands to survive, unfortunately, some of them have become crooked in terms of what they dish out to consumers and their pricing is becoming out of the reach of many consumers. In the bid to make a profit, they adopt a lot of means, and the agencies of government that are to protect the consumers are either not strengthened by law to do what they are supposed to do, or they are just there, with the consumers bearing the brunt of the system.”

CEO of Digisplash, Damola Salvador, opined that Nigerian consumers have been beaten and battered and are struggling to survive in the face of the harsh economic environment.

He, therefore, charged the government to always create regulations with a human face rather than strangulating policies.

One of the consumers is the industries that are at the center, says Corporate Communications & Public Affairs Manager at Nestle Nigeria, Ms. Victoria Uwadoka.

According to her, for many years, government policies have been made without putting the consumers at the centre.

“And as consumers, it seems like nobody was thinking about us or our businesses or how we can even operate with such policies. We have been impacted negatively, but one thing that has helped us is that we have associations like the Manufacturers Association of Nigeria (MAN), Nigeria Employers’ Consultative Association (NECA), and others through which we have been able to come together and fight,” she posited.

“One thing about the policies’ impact is how attention is taken away from the things we should focus on, which are innovation, consumer insight, brand development, and follow-up to consumer needs. In all, inflation has increased the cost of doing business by no small measure because, by the time you pay all the additional taxes, your cost of doing business will be high, ” Uwadoka added.

Reacting to the issue of gatekeeping to protect consumers from exploitation, CEO of Absolute PR, Akonte Ekine, noted the need for consumers to get the right messages at all times.

“First, every one of us must see ourselves as consumers. So, if we wear the shoes of consumers, we must set our standards ourselves and work at them,” he averred.

In her opening remarks, Clara Okoro, the immediate past Chairman of BJAN, said the rationale behind the theme was not to lay blame but to bring some of the challenges resulting from government policies to the fore and to proffer solutions to them.