SPOTLIGHTS
- Businesses urged to engage the government in addressing economic challenges
- Local content development and intellectual property protection highlighted as crucial for economic growth
- Experts stressed the importance of quality, networking, and brand building for MSMEs
By Henry Uche, Lagos
Senior Advocate of Nigeria, Professor Bankole Sodipo, has called on captains of industry, renowned entrepreneurs, and other corporate leaders in the organised private sector to engage the government at all levels on a way out of the current economic predicament.
Speaking at the 2024 Marketing Conference of the National Institute of Marketing of Nigeria (NIMN) in Ibadan, Sodipo maintained that it would be in Nigeria’s interest if successful private-sector operators would identify the gaps and tell the government how to fill them if Nigerians are to experience relief.
With the theme “Empowering Nigerian Brands: Leveraging Local Content for Global Success”, the Senior Advocate added that it was high time Nigeria’s economy improved through local content development and intellectual property protection.
He advised micro, small, and medium enterprises (MSMEs) to think internationally, look beyond the Nigerian market, and do everything legally necessary to meet future opportunities and face unavoidable challenges.
“The government is promoting local content through policies and laws, but they are not doing well enough in regulation. The private sector must engage the government by identifying the gaps and telling them how they must fill those gaps. We need to maximise our local content and boost our economy with our intellectual property,” he added.
Similarly, Professor Uchenna Uzo, Faculty Director at Lagos Business School, advised local brands to excel in the quality of their products and services. He said the regulatory landscape of Nigeria’s creative industry and local content should support indigenous brands on all fronts.
Uzo counselled MSMEs to build networks with like minds as a prerequisite to soaring in business. “Networking is key; the platforms you share your products and services on determine how you internationalise your business.”
Read also: World MSME Day: 1,000 entrepreneurs to attend Niger Delta business summit
He cautioned MSMEs to avoid rushing to grow too fast; however, they shouldn’t be afraid to grow, but they should take care of their culture, people, teams, and processes to build their brands.
“Counterfeiting is a big problem in Nigeria. I believe businesses should educate their target customers on how to distinguish the original products and services from the fake ones. Knowledge in action is power. When customers are adequately informed, the businessman has nothing to fear regarding counterfeits. More so, the government should go after those who counterfeit; if this is in place, it will go a long way to protect the originality of our local brands,” he affirmed.
Earlier, in his welcome address, the President/Chairman of Council of the Institute, Mr Idorenyen Enang, urged small-scale businesses and budding brands across all sectors to value relationships as they strive to gain relevance and global recognition.
He said it is through relationships that people from both ends of the value chain can meet and that, in most cases, such connections could lead to a cross-pollination and fertilisation of ideas and concepts that could metamorphose into the big successes envisioned from the beginning.
“Relationships are key, and we must value them as marketers, brands, creators, innovators, and solution providers who aspire to grow, develop, and compete favourably in the international space for our own national economic development,” he maintained.
