By Steve Agbota
Business managers across the country have described recession as the best period to invest in tNigeria.
This was the conclusion reached last weekend by Group Chief Executive Officer, Algorithm Media, Mr. Seni Adetu, and other industry watchers at a official launch of Algorithm Media in Lagos at a panel discussion titled: “Connecting with the Nigerian Consumer in a recession,” They argued that there was need for companies to pay more focus to consumer behaviours.
The panel revealed that Nigerians spend about N390 billion everyday due to her huge population.
Speaking at the event, Adetut said that the period of recession remained the best time to invest, adding that Algorithm was well-equipped, focused and determined to succeed despite the country’s economic hurdles, and the dynamic nature of the advertising industry.
Meanwhile, the Chairman, Fidelity Bank Plc, Ernest Ebi, who was chairman at the panel discussion segment, said the topic of discussion was very relevant against the backdrop of the economic headwinds in the country that had drastically affected consumer behaviours.
He said: “the high inflationary pressure, dollar shortage, low fiscal activities and accumulation of salary arrears, among others, have taken a toll on consumers.The issues are quite weighty and are bound to affect consumer behaviours in the country.”
For his part, the President, Coca-Cola West Africa, Peter Njonjo, identified the need for companies to invest more on affordable products during tough times, adding that the company would come out stronger and earn greater loyalty from consumers.
He added: “There is a huge population in Nigeria that is spending a lot every day. About N390 billion is spent in the country every day. About 130 million Nigerians in the E and D socio-economic class spend N67 billion daily while the C socio-economic class spend 140 billion daily. The question is: how much of that are you going to access?”
Also speaking at the event, the Chief Executive Officer, Jumia, Juliet Anammah, said in good times, brands can do without data, but in a recession it is impossible to rely on intuitive data, making it important to get deeper insight to know what the consumer is thinking.
According to her, this is because consumers would try to avoid impulse consumption in a recession, adding that spending would be mainly on fast-moving consumer goods and communication.
The Chief Executive Officer, Ebony Life TV, Mo Abudu, said, “I happen to think that the recession is actually good for Nigeria. It has made a lot of people to think about how to be creative, innovative and compete for business.
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