Nigerians have been advised to make the most out of every ‘bad’ situation as this is one of the ways to surmount the present economic situation in the country. To do this, Nigerians must undertake a holistic assessment of the situation and see what kind of changes to make to improve not only their economic status but also how to impact the economy.

Group Chairman of Odu’a Investment Company Limited, Otunba Bimbo Ashiru, gave the charge in his keynote address at the 12th Annual Brands & Marketing Conference of Brand Journalists Association of Nigeria (BJAN) on Friday December 6, 2024 at Oriental Hotel, Victoria Island, Lagos.

Ashiru, a banker, investment and strategic management expert, who spoke on the theme; “Rebuilding Consumer Confidence: Addressing Policy Impact & Market Realities”, said this was imperative on account of present economic realities.

Citing the Zoom app as an example, Ashiru, a two-time Commissioner of Commerce and Industry in Ogun State, 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 it’s continued relevance till 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, 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, also a two-term Commissioner for Commerce and Industry in Ogun State, said 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 government must enhance and support SMEs through funding and structure as the SMEs are the economic driver of any economy.

In his reaction during the panel session, Adetola Odusote, Partner, CMC Connect LLP, 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 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.”

Damola Salvador, CEO of Digisplash, 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 regulation with human face rather than strangulating policies.

One of the consumers are the industries which are at the centre, says Victoria Uwadoka, Corporate Communications & Public Affairs Manager at Nestle Nigeria.

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

“As consumers it seems like nobody was thinking about us or our businesses or how we can even operate with such policies. And we have been impacted negatively but one thing that has helped us is that we have associations like MAN, 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, Akonte Ekine, CEO of Absolute PR, noted the need for consumers to get the right messages at all time.

“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 remarks, Clara Okoro, BJAN’s immediate past chairman who was the moderator of the panelists’ session, explained that the conference aimed to discuss challenges posed by government policies and offer solutions to rebuild consumer confidence and foster economic growth.

“This is not about laying blame, but about finding ways to address policy shortcomings and rebuild consumer confidence,” she said.

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.