BJAN, other stakeholders discuss consumer confidence crisis

The Brand Journalists’ Association of Nigeria (BJAN) hosted its 12th Annual Brands and Marketing Conference in Lagos, addressing the pressing theme: “Rebuilding Consumer Confidence: Addressing Policy Impact and Market Realities.”

The event convened marketing and communications experts to explore strategies for restoring trust in a marketplace grappling with economic instability and eroding consumer trust.

Clara Okoro, Chairman of BJAN, opened the conference with a rallying cry for transparency and consumer protection.

Highlighting the challenges Nigerian consumers face, she criticized practices that undermine trust, such as substandard products and unmet service promises.

“The experiences of many consumers have been daunting,” Okoro remarked. “From substandard products to unmet service promises, the Nigerian consumer is often left without a champion to fight for their interests.”

She called on businesses to adopt consumer-centric approaches to restore confidence and build a more resilient economy.

The conference featured a panel of industry leaders who provided insights into the economic and policy challenges affecting consumer trust:

Otunba Bimbo Ashiru, Group Chairman of Odu’a Investment Company, stressed the need for stable economic policies.

He highlighted the impact of inflation, currency volatility, and global economic challenges on purchasing power, urging policymakers to create predictable price levels and businesses to prioritize innovation and ethical marketing.

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Akonte Ekine, CEO of Absolute PR, emphasized reshaping Nigeria’s global image. He lamented the country’s negative international portrayal and advocated for coordinated public relations efforts. Ekine also highlighted unreliable access to basic services as a significant barrier to consumer confidence.

Damola Salvador, CEO of Digisplash, delved into how inflation and unemployment have shifted consumer priorities towards affordability. Salvador warned of the psychological toll of economic pressures and urged businesses to engage consumers in policymaking to alleviate these challenges.

The role of technology in consumer behavior was a key topic of discussion. Ashiru acknowledged digital tools as powerful enablers of transparency but warned about their potential to expose consumers to fraud and misinformation.

He called for stronger consumer protection laws and a secure digital environment to safeguard Nigerian consumers.

Adetola Odusote, Partner at CMC Connect LLP, underscored the importance of inclusive regulation that balances the needs of businesses and consumers.

He recommended leveraging social media analytics and customer feedback to foster stronger relationships and develop value-driven offerings for price-sensitive markets.

Victoria Uwadoka, Corporate Communications and Public Affairs Manager at Nestlé Nigeria, praised government efforts to include businesses in policymaking. She called for more tailored policies that address inflation and economic realities while advocating for consumer education to empower Nigerians to demand better services and products.

The conference concluded with a consensus that rebuilding consumer confidence requires a collective effort. Businesses must adopt ethical, transparent practices, while policymakers should prioritize consumer realities in decision-making. By fostering collaboration between the public and private sectors, stakeholders can create a sustainable marketplace that meets the needs of Nigerian consumers.

This year’s BJAN conference served as a critical platform for addressing the challenges and opportunities in restoring trust, emphasizing that consumer confidence is the foundation of a thriving economy