MIPAN holds Business Outlook 2022, identifies growth possibility in a VUCA economic environment
By Abimbola Mohammed
The Media Independent Practitioners Association of Nigeria (MIPAN) has held its 2022 business outlook with the theme: “GROWTH POSSIBILITIES IN A VUCA ECONOMIC ENVIRONMENT: MYTH OR REALITY AHEAD OF A PRE-ELECTION YEAR.”
The event, which was held at the Radisson Blu Hotel, Ikeja, Lagos, had members of the MIPAN Exco and members, practitioners from other sectors, speakers, panelists, digital crew and the press in attendance with COVID-19 pandemic guidelines duly observed. Other participants joined the conversation via Zoom and Facebook using the link provided by the organisers.
The meeting reached a consensus that the media sector is also having its share of the effects of COVID-19, just like every other sectors, but leveraging technology, big data, change in mindset and acquiring new skills will enhance growth in the VUCA economy.
Femi Adelusi, the MIPAN President, while giving the opening remark, pointed out that the Nigerian economy comes up for discussion in most conversations from different perspectives and opinions, as to what Nigeria does well as a country and what it doesn’t. He added that a lot has been said about the management of the economy and so much will still be said on a day-to-day basis by experts, analysts, commentators, and even the man in the street.
“So much more will be said about the African economy and the global economy at large, but one thing is clear, for any business to win in Africa, the Nigerian economy will continue to play an important role,” he said.
Continuing, he said: “It is no longer news that we live in a VUCA world, a world that is volatile, uncertain, complex and very ambiguous. Yet it’s a very connected world, so sometimes it is not so much about what we do or don’t do from our Nigerian economy stand point. It’s also about what is happening globally, our actions and our inactions can affect us, but also thing that we have no influence and control about just like the pandemic.
“The one that survives or grows is the most adaptive and the most optimistic, the most resilient in identifying the key opportunities even within and in the middle of the chaos and the dynamism that we may face in our various businesses.”
He added that what matters most is not what has hit us or is affecting our industry or country, what matters most is per phase our mid set, the pace of our adaptations and how we react and the pace at which we react to the changes that happen in our environments.
The guest speaker, Taiwo Oyedele speaking on the trends in marketing communications, noted that the world is very different today than it was two years ago, adding that data, COVID-19, virtual assistant, chatbots, 5G Stream, thought marketing, storytelling, social media and influencers are reshaping how people interact.
Mr. Oyedele, while identifying the challenges in the media sector, said: “There are lots of people making more money using technology available to them, who are not even in the business of integrated marketing communications.
“Due to COVID-19 and the shift in consumer behavior and pattern of information and how they consume it, this sector is one of the highly disruptive and dynamic, so you can see it as a challenge or see it as an opportunity,” he said.
According to Mr. Oyedele, as professionals adopting new strategies for growth, change in mindset and approach, using innovation to solve problems, developing a growth mindset, personal development and staying relevant in the space, is the way out.
“With Africa Continental Free Trade Agreement (ACFTA), the Nigeria IMC expert has immense opportunity to own Africa. Look at the vibrant market in Africa; you cannot ignore Nigeria – whether it’s it to do with your, technology, innovation or entertainment, Nigeria ranks better than any almost other country in Africa despite our difficult circumstances,” he said.
Mr. Oyedele concluded by saying that practitioners should ride on the opportunity to own Africa, by having a target for their associations to expand their influence across Africa and not waiting for other African countries to approach them. “We have what it takes to lead, and seeking knowledge and acquiring new skills is also a way forward, because the skills possessed by the practitioners in Nigeria are in demand in different forms.”
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