Industry chiefs predict better business outlook in 2024
By Felicia Nwosu
As 2024 unfolds with a mix of optimism and uncertainty, some industry leaders who spoke with MARKETING EDGE ON TV have generally predicted a better business climate in the year.
Though in their divergent projections for the year, the industry chiefs said it will be a remarkable journey of growth and transition.
It would be recalled that the International Monetary Fund (IMF) in its earlier report projected that global growth will slow to 2.9% in 2024.
They expressed hope that the economy will regain its poise while underlining the need to continue policies aimed at bringing down inflation to build consumer confidence, revive global trade and adapt fiscal policy to meet long-term challenges.
Giving a positive forecast of the year, Tolulope Medebem, President of the Experiential Marketers Association of Nigeria, EXMAN, noted that she will be taking the journey a day at a time as the year unfolds with various economic uncertainties.
“Personally, the truth about it is that for me, I am taking it a day at a time, because Nigeria has gotten to the point where projection is actually a different kettle of fish, so we are taking it a day at a time, working as best as we can, harnessing all that we can gather,as much as possible to put our best foot forward for both the clients and ourselves as an agency.”
Adedeji Bankole, Director Communication , Public Relations and route to market strategist at iPanache Communication also said he will be moving along with the economic tide and realities.
“As at last year you can boldly say you can forecast for what is actually going to happen in 2024, but in reality, even if you go to some shops, there are no price tags placed on some products because even the sellers are not sure of what would be the price tomorrow, so we will only be forecasting blindly if you really want to plan for this year, because a lot of things are not working out well for now.”
The former Publicity Secretary Experiential Marketers Association of Nigeria, EXMAN urged business leaders and professionals to follow the trend to avoid building castle in the air.
“I would advise that you don’t plan too much, go with the tide, do a two months plan not full year based on what you see, because the economy is not certain of what will happen tomorrow, but I am optimistic that things will turn around for better.”
Ndanusa Amihere, Business Development Director – Towncriers Limited, affirmed that the previous year was one filled with various pressures ranging from high foreign exchange to diverse inflationary measures.
“For the IMC, the year 2023 was a year that was full of so many uncertainties because of the anxiety caused by the elections, then there was a slow take off of the economy, the pressure on the Naira was so high that it lost so much value, but the year 2024, is looking promising because economic activities have started off and lots of companies would like to make up for what they lost in the previous years and subsequently, a lot of major activities are coming up.
“There is an anticipated increase in the minimum wage, but we don’t know how soon that will happen anyway, but this will also increase the purchasing power of the consumer. This year is looking very hopeful, tensions have come down, with the judgement of the Supreme court over the last election, we can see economic activities are taking off faster than it happened last year.”
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