“Odu’a Group Chairman Urges Nigerians to Harness Opportunities Amid Economic Challenges”

From left:Adetola Odusote, Partner CMC Connect LLP;Otunba Bimbo Ashiru, Keynote Speaker/Group Chairman Odua group of Companies;Ms Clara Okoro, Chairman BJAN and …..During the Brand Journalists Association of Nigeria(BJAN) 12th Annual Brands & Marketing Conference Theme:Rebuilding Consumer Confidence addressing Policy Impact & Market Realities in Lagos.

Nigerians have been called to reimagine adversity as a catalyst for growth, seizing opportunities even in tough economic conditions. This was the message from Otunba Bimbo Ashiru, Group Chairman of Odu’a Investment Company Limited, during his keynote speech at the 12th Annual Brands & Marketing Conference organized by the Brand Journalists Association of Nigeria (BJAN) on December 6, 2024, at Oriental Hotel, Lagos.

Speaking on the theme, “Rebuilding Consumer Confidence: Addressing Policy Impact & Market Realities,” Ashiru emphasized the importance of innovative thinking and adaptability in navigating the country’s current economic realities. Drawing parallels with the success of the Zoom app during the COVID-19 pandemic, Ashiru highlighted how innovation can transform crises into growth opportunities.

“The Nigerian economy has demonstrated resilience over the years, but we must remain proactive. By focusing on FX stability, fostering a robust middle class, and supporting SMEs with funding and structure, we can rebuild consumer confidence and drive sustainable growth,” he asserted.

Ashiru underscored the role of government policies in stabilizing the economy, urging policymakers to create an environment conducive to innovation and growth. He stressed that businesses must evolve continuously to meet changing consumer needs.

Panelists at the conference expanded on these themes. Adetola Odusote, Partner at CMC Connect LLP, criticized the adverse effects of inconsistent policies on consumers, lamenting the volatility that forces brands to adopt questionable practices to survive. “Consumers bear the brunt of poor governance, and regulatory agencies need to be strengthened to protect their interests,” he said.

Damola Salvador, CEO of Digisplash, echoed these sentiments, urging the government to implement consumer-friendly regulations. He noted that businesses, like consumers, are grappling with strangulating policies that hinder innovation and profitability.

Victoria Uwadoka, Corporate Communications & Public Affairs Manager at Nestlé Nigeria, criticized the lack of consumer-centric policies, emphasizing the need for innovation and brand development to meet consumer demands. “Inflation and excessive taxation have significantly increased the cost of doing business, detracting from our focus on consumer needs,” she remarked.

Akonte Ekine, CEO of Absolute PR, called for higher standards in protecting consumer rights, urging all stakeholders to prioritize transparency and accurate communication.

The immediate past Chairman of BJAN, Clara Okoro, in her opening remarks, highlighted the conference’s objective to address the challenges stemming from policy failures and explore actionable solutions for rebuilding trust in the market.

The event concluded with a call to action for both government and businesses to collaborate in fostering a stable, consumer-driven economy, ensuring Nigeria’s resilience translates into tangible benefits for its citizens.