MIPAN BOS 2023 identifies industry challenges, opportunities
By Abimbola Mohammed
The Media Independent Practitioners Association of Nigeria (MIPAN) has held its 9th edition of Business Outlook (BOS) with the theme: “2023 Nigeria Economic Trajectories: Can Digital Marketing Brave the Storm?” The BOS also featured a Town Hall meeting.
The two-in-one event, which was held at Marriott Hotel, Ikeja, Lagos, had members of MIPAN and industry leaders such as Dr. Lekan Fadolapo, DG, Advertising Regulatory Council of Nigeria (ARCON); Heads of Sectoral groups, practitioners from Integrated marketing communications, Taiwo Oyedele (Guest Speaker), Fiscal Policy Partner & Africa Tax leader, PwC; Dr. Tayo Oyedeji, CEO, Insight Publicis; Juliet Ehimuan, Director, West Africa, Google; Nnenna Onyewuchi, Co-founder, Halo & YRB; Femi Oshinlaja, Chief Commercial Officer, Airtel Nigeria as panelists, and Dozie Okafor, Managing Director, PHD Nigeria as moderator.
Femi Adelusi, the President of MIPAN, while giving the opening remark, pointed out that the Nigerian economy remains the focal point, especially in an election year. He added that every year, MIPAN prepares its members, businesses and agencies for what is coming in the year ahead.
“A lot of people have already described our country as a VUCA (volatility, uncertainty, complexity, and ambiguity) environment and when you add elections to that, it becomes more serious. This occasion is an opportunity for us to learn. There is a lot being shared on social media generally in terms of the state of our economy. For those who follow closely, we’ll see that we are in an era where fact checking is very important, particularly in the election campaigns ahead. So, it is very important to have this discussion with our speakers and panelists who will share with us about the economy of Nigeria.”
Speaking on the importance and the learning to take away from this year’s BOS, Adelusi said: “It is for us to be very optimistic about Nigeria’s economy, but it is also important to understand the numbers and the trajectory so we can hopefully, scientifically and deliberately move forward. We need to be intentional, and I do believe the insight gained will help us to position our business strategically because of our unique role as agencies that serve clients in various sectors.”
“It is important for us to know that a lot of agencies are digital in their thinking, so we have a digital unit and department but beyond having a digital department we need to think deeper as to how content and technology can help to drive not just our business and business process but also helping to keep the best of our talents so that we can continue to add the best value to the account whose businesses we manage,” he added.
In the same vein, Mr. Oyedele, who spoke on the theme of the event and the role of the government in shaping the economy of Nigeria, said Nigeria needs to budget better and spend more efficiently for the greater good.
According to him, to overcome the VUCA economy in Nigeria, the government at all levels need to prioritise spending to tackle poverty by providing basic amenities (Maslow’s Hierarchy of Needs). He added that the key factors that will shape the Nigerian economy in 2023 are debit and tax, politics and policies, geopolitics and subsidies.
“For instance, access roads to farms should be prioritized over flyovers in the cities, healthcare centres and schools over airports. Nigeria’s rising debt profile is a symptom of underlying problems (low revenue and high spending),” he said.
He added that Nigeria is borrowing for debt service, capital expenditure and partly to fund recurrent expenses. He raised questions around zero-based budgeting, budget revision, accounting for variances, budget Performance, etc.
Speaking on the role of technology in shaping the industry, Mr. Oyedele said everything will be disrupted faster than people think or imagine.
Highlighting the future and what will shape the IMC industry, he mentioned that metaverse, virtual reality, augmented reality, 41R, loT, blockchain, virtual currencies, artificial intelligence, 3D printing, drones, robotics, big data, analytics, genetic engineering and quantum computing are the new tools to embrace.
Advising practitioners on the way forward, Mr. Oyedele said the best way to predict the future is to create it.
“Leverage data for insight, engage and advocate for policy changes and business enabling regulations. You need to be prepared and well positioned for opportunities and upskill every member of the association,” he said.
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