Brands in Nigeria’s path to economic growth

Stories by Godwin Anyebe

There is no doubt about the fact that it is a period of renaissance for Nigeria’s economic and indeed the economic development of African region.

At the time of millennium, it seem though, some form of cosmic force spark off to energise what some analysts describe as a natural desire for change within Nigeria’s economic environment. Perhaps, the spark could be attributed to persistent hunger growing in dimension, or increase in awareness among the people.

Like other parts of the world, the desire for economic development and manifestation of change in the economic space is total in Nigeria.

It is also worthy of note that the force behind this evolution is cohesive. More Nigerians are becoming literate and educated in line with global standard. Creativity and competitiveness is growing among small but steadily growing population of men and women in Nigeria.

However, The Daily Times findings reveal that, the change Nigeria is experiencing is still within the traditional frame work of based economic engagement, against global economic development based on technological advancement, super human capital equipment, aggressive innovativeness, economic diversification and national alignment. The findings also revealed that, what Nigerians has experienced cannot be described as enduring and impactful.

Another factor that Analysts says could be a call for concern is the basic nature of Nigerian economic engagement. For these Analysts, Nigerian resources are open to exploitation by technologically superior economies. So, the explorative tendencies of developed economies and emerging market desire deepen the weakening power of Nigerian economic.

To this end, there is no gain saying the fact that, every competitive economic of the world is driven by private sector. On this note, the President of the Advertising Association of Nigeria (ADVAN), Osamede Uwubanwmen told Daily Times that, “marketers in Nigeria put in about two hundred billion naira every year into the Nigerian economic by way of advertising.

This according to him is done by engaging the services of the integrated marketing communications sector who deploy their arsenal to ensure brands are exposed to the larger society.

Report, however, shows that, brands in Nigeria have made some good statement in the establishment of economic structures with potentials to stimulate and propel inherent potential towards productivity and gainful engagement.

While speaking to The Daily Times on this issue, a brands management consultant, Gbenga Lawrence said; “brands in Nigerian have shown deliberate efforts resultant upon efforts policy adjustment in reflection of the global trend. It is a country with an immense regional and global responsibilities, Nigeria assumes a strategic position that compels carefulness, tact and extreme commitment in drive for development in keeping with its vision and in a quest for deepening the national implementation.”

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According to him, “critical to Nigeria’s economic development is the engineering sector, which has long stood as a major driver of growth and an essential solution in addressing the country’s infrastructural deficiencies.

The aim for Nigerian policymakers, as is the case with many other emerging markets, is to capitalise on the opportunities that have come as a result of rapid economic growth and focus first on improving the building blocks on which long-term prosperity depends.”

While reacting to what brands need to do before investing in this period of economic instability, he posited that; “due to the rapid changes in today’s marketplace and new emerging business practices in Nigeria, it is easy for an organization to fall behind if it does not analyze its macro-environment such as demographic, economic, social-cultural, natural, technological and political-legal environments before it plans to invest in an economy that is not stabilized.”