Experts in the integrated marketing communication sector have collectively given their opinions on the responsibilities of government in keeping brands in business, especially at challenging times when several businesses are struggling to stay afloat.

The clarion call came on the heels of some companies’ decision to close down their operations owing to paucity of funds and daunting business environment.

In the last ten months, not less than seven multinational companies have reportedly wound down operations, citing difficulties in doing business and several other reasons for their decision. Some other brands who are believed to be doing business are currently uncertain of their fate  as to  where the economic pendulum will swing in 2024.

Speaking on the prevailing situation, leaders in the marketing communications industry who spoke exclusively to MARKETING EDGE at the 11th Annual Brands and Marketing Conference, organized by Brand Journalists’ Association of Nigeria, highlighted some areas government needs to intervene in order to keep brands in business as they inch closer to a new year.

According to Mrs. Victoria Uwadoka, Corporate Communications and Public Affairs Manager, Nestle Nigeria, what businesses need is a stable policy environment where there is an alignment between financial and monetary policies so that they can have a long term plan.

While noting that the current government has already started on a right path which is to identify where the problems are and trying to identify the issue of multiple taxations and all of that, Nwadoka disclosed that the new engagement that has started to happen between private sector and government will usher-in solution to the teething problem.

“You cannot be designing policies for businesses where the businesses are not involved in the designing of those policies. So I think the current engagement that is happening will get us to the right point. I also think that one critical thing we need to achieve is to settle this forex challenges. Once we settle that, we will be on the right path towards success. So what we need from government is stable policy environment, stable infrastructure and longtime policies so that we can plan based on that. I think that will help businesses to plan and then to succeed in the long term and attract more FDIs into the country.”

Also making her position known on the development, Mrs. Sola Salako-Ajulo, Member, representing Southwest at the Consumer Protection Tribunal stated that there is a need to know that brands are dealing with local and foreign challenges and government needs to do more by encouraging investors.

“The challenges of doing business is a global phenomenon not just in Nigeria. Nigeria has its own peculiar challenges. We are dealing with local and coupled with foreign challenges. That’s the first thing we need to find out. The government needs to do more in encouraging investors but the problem is that in encouraging investors, purchasing power also has to be increased.

“If people don’t have money to purchase what you produce, what is the essence of producing it? So our challenges are myriad. If government can put more money in people’s hands, they will purchase more and businesses will stay in business because they have a market.

“In doing business, government needs to create regulatory environment, monitoring, setting standards and enforcing those standards. The issue is multifaceted. It is very wide but the government has to be alive to its responsibilities to ensure investors in the economy stay and also attracts more. So reviewing their regulations, laws and policies around ease of doing business is going to make it easier for other businesses to stay.”

On her part, Mrs. Olubunmi Oke, CEO/Lead Consultant, Ladybird Limited harped on the need for government to have support operation packages for brand.

She said, “This is just like the situation we faced during COVID-19 era. Government in Nigeria and around the world has to look into how it can sustain brands. Operating a business requires cash flow. I would say government must have supports operation packages. It should come through organized group like manufacturing association of Nigeria, and the rest.

“Government should make it a policy that all government jobs that have to do with public relations, marketing and advertising must be given to advertisers and other registered agencies. It should not just be left to agencies that are not registered. That will help some agencies stay afloat. The point I’m bringing out is that there must be some supports from government that have impact on the operational cost.”