Ashiru calls for collaborative effort to rebuild consumer confidence in Nigeria
By Felicia Nwosu
Otunba Bimbo Ashiru, Group Chairman of Odu’a Investment Company Limited, has emphasized the critical need to rebuild consumer confidence in the face of current economic realities.
He stressed the urgency of addressing consumer confidence, stating that the collective efforts to improve the economy will pave the way for a more prosperous nation and thriving businesses and markets.
The top professional stressed the interconnectedness of businesses and the wider economy, highlighting that consumer confidence is deeply rooted in expectations about economic conditions and socio-environmental factors.
He made this statement recently at the annual Marketing Conference of the Brand Journalists’ Association of Nigeria. Ashiru pointed to several key areas impacting consumer confidence. Price levels and inflationary expectations are paramount, he said, noting the significant influence of factors like the naira’s value, transport, logistics, and duties on general price levels. He emphasized that price stability is crucial for improving consumer confidence, contrasting the current situation with Nigeria’s 6% growth at the turn of the 21st century, when economic growth and rising wages fueled positive consumer sentiment.
The Odu’a Group Chairman also addressed the impact of rapidly changing trends on consumer preferences. He cited the constant need for product and service upgrades across various sectors, from technology to hospitality, and highlighted emerging trends like sustainable consumption and ethical sourcing.
The seasoned executive noted the increasing competition for consumer attention in crowded markets, emphasizing the importance of positive brand engagement. Ashiru further discussed the importance of product quality and reliability, especially in an economy like Nigeria with relatively weak quality controls.
He stressed the positive impact of competitive markets with multiple consumer options and highlighted the double-edged sword of technology, which offers benefits like price discovery and accessibility but also exposes consumers to fraud and data security risks.
The prominent business figure outlined several recommendations for policymakers and advocacy groups to rebuild consumer confidence while urging the government to implement policies that support economic growth and stability, focusing on FX and price stability and fostering the growth of a robust middle class.
The passionate entrepreneur advocated for policies that build the productive capacity of the economy, encourage local production, and support new and emerging industries, including Small and Medium Scale Businesses.
As a business leader, he called for continued investment in innovation across industries and service sectors to ensure Nigerian businesses remain competitive in a global market. He also underscored the importance of consumer protection and education, advocating for robust legal and regulatory frameworks to safeguard consumers from exploitation.
The business executive stressed the need for a balance between consumer protection and fostering business growth. He also emphasized the role of transparent and ethical consumer education efforts by advocacy groups to empower consumers with knowledge about markets, industries, products, and services.
Ashiru further suggested encouraging and building transparent markets through platforms that enable price discovery, quality classification, and product/service assessment and feedback. He also proposed sponsored campaigns and engagements led by advocacy groups to connect with consumers and collaborate with stakeholders to boost confidence. He emphasized the importance of collaboration between the government and the private sector to develop effective policies and approaches to improve consumer confidence.
RECOMMENDED ARTICLES
Comment
No comments found.