‘Global Economic Crisis Will Affect Marketing Industry’
Stakeholders have stated that Nigeria’s marketing sector should brace up for global economic spill over effects in the year 2023.
This call was made at the just concluded Industry Summit 4.0, themed “How marketers should handle 2023” recently in Lagos.
The Chairman of STB-McCann, Steve Omojafor, disclosed that the outcome of the 2023 election petitions and national population census would impact how marketers would handle 2023 and subsequent years, noting that how positively or negatively the impact was remained a matter of conjecture.
The marketing expert further disclosed that the Marketing and Communication Industry in Nigeria, would not be immune from both the local and global trends.
He cited that the World Bank in its Global Economic Prospects (January 2023) made it clear that the pronounced weaknesses of the United States, Europe, and China, which were described as the world’s three major engines of growth, would have adverse spill overs for emerging markets and developing economies.
He said, “2023 will be a challenging year for marketers. Specifically, he cites Nigeria as an example, where factors such as low crude production, weak exports, workplace dynamics, and a budget deficit of N11.34tn (derived from a projected total revenue of N10.49tn and total expenditure of N21.83tn) under the outgoing Buhari administration will make things difficult for the country’s economy and the marketing communication industry.”
While presenting the first paper at the event titled “Turn Data to Action: How Marketers Can Rationalise and Drive Efficiencies with Intelligence”, the keynote speaker, Regional Group Managing Director, OMD West and Central Africa, Tolu Ogunkoya, who was represented by the Executive Director, Media Reach OMD, Yinka Adebayo, pointed out that data was needed to address the gaps in today’s dynamic environment and everchanging landscape.
Ogunkoya said, “We should learn never to waste a crisis because a crisis will always be the best platform for good managers to excel. Your ability to showcase your potential is when you are in a deep situation. If everything is going on normally everybody will thrive but when the whirlwind is putting everybody aside and one decides to put in the creative cap at the end of the day you see opportunity.”
Also, presenting the second paper titled “FMGC: Impact of government policy shift on the industry and the Consumer” the second keynote speaker, the Corporate Affairs and Sustainability Director, NBC, Ekuma Eze, noted that Nigeria’s Foreign Direct Investment has declined steadily over the last five years.
