Experts advices on how companies can survive the instability of the Nigerian economy

Prof. Pat Utomi, a political economist and management specialist, and professionals in the integrated marketing communication industry have urged businesses to reconsider their strategies and business models, as well as work within legal frameworks, in order to weather the volatility of the Nigerian economy.

This was revealed by experts during the second edition of Brandcomfest 2021, an annual gathering of stakeholders in the brand and marketing communications landscape held in Lagos.

Utomi, the event’s keynote speaker, was cited as saying that for companies to exist in a dynamic market, they must be exposed to forces that might cause creative destruction and enormous upheaval.

He believes that storytelling is extremely important in brand building at this time. “What you tell the world about your reality is what the world believes about your reality,” he remarked.

In addition, Access Bank Plc’s Director, Head of Sustainability, advised brands to embrace sustainability, adding, “Consumers want to go with brands that are ethical since sustainability is the ‘new cool’ and the focal point of the future.”

“In recent years, consumer interest in environmentally and socially conscious alternatives has expanded, and these alternatives are constantly on the rise.”

“Despite boasts of having the largest GDP in Africa, it is incontrovertible that Nigeria is deeply immersed in major economic travails, as all important economic indices point to,” stated Joshua Ajayi, Convener of Brandcomfest and Publisher of Brand Communicator, in his lecture. Worryingly, no rapid solution appears to be on the horizon.

“Even as our economic managers battle to navigate the economy from troubled waters, brand owners are not expected to fold their arms as they have to ensure that their brands survive, and even thrive as the bumpy ride to Nigeria’s economic recovery continues.”