Cars45 Market Place boss tasks FG on economy, infrastructural development
The Head, Cars45 Market Place, Patricia Duru has advised the Federal Government on the need to embark on serious policy adjustment that is capable of unlocking the growth potentials of the Nigerian economy.
Specifically, she said the government should as matter of urgency see to it that the prolonged power sector challenges in the economy are adequately addressed and road networks in the country properly fixed to serve as morale boosters in bringing large number of Nigerians out of the poverty fold.
Duru, who gave this advice in Lagos while speaking during an exclusive interview with MARKETING EDGE on TV, also embarked on a critical assessment of current economic policies of the present administration, pointing out that the Nigerian economy was going on the positive track, especially judging from recent indices which showed that Nigeria’s economy had long surpassed South African economy in terms of GDP growth.
Appearing as personality guest, interview session of Marketing Edge on TV program aired on TVC, the company boss added that the recent positive growth indications in the economy were attributable to basically the oil output figures from Nigeria, despite the fallen crude oil prices.
“I think also that the government needs to embark on serious policy adjustments to ensure that they unlock growth potentials. It’s been great so far to say that the Nigerian economy has surpassed the South African economy in terms of GDP, and this can be attributed to basically the oil output we’ve been giving even despite the fallen crude oil prices.
“But again I think the government has to invest in infrastructure. Forever we know we’ve been dealing with the power challenge and bad roads. Fixing those two major infrastructural challenges is enough to bring people out of poverty.”
Duru who also examined developmental trends across Nigeria’s marketing and advertising industry spheres, observed that growth in the sector had witnessed positive improvements judging from recent data which show that large companies alone spent about N87.5 billion in 2019 on advertising, branding and promotional activities.
According to her, such huge investment had brought about positive impacts not only on vendors across the value chain but particularly the agencies, product consumers as well as galvanised competition across business sectors, including banking, breweries and the Fast Moving Consumer Goods sectors of the economy.
“I think that the environment has been clement. For instance data have shown that large companies spent about 87. 5 billion naira in 2019 on advertising, branding and promotion, and that is huge by our own standard.
“Imagine the effect that would have on vendors, agencies and even the consumers and the entire value chain. So, I think that has impacted the industry quite a bit even if you look at it from the perspective of competition across the business sectors in view,” she said.
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