Nigeria’s rebased Gross Domestic Product (GDP) which currently stands at
$509.9 billion will significantly rise in the future when operators in the retail, insurance and health industry leverage on the full potentials available in their sectors, analysts have said.
Speaking at the TBWA Magna Carta symposium recently held in Lagos, the analysts say while opportunities abound in the economy, brands should desist from seeing the opportunities from the huge population’s perspective insisting that consumers are not just about numbers but about the ability of brands to offer products and services that create values to consumers.
“Opportunities currently abound in financial services, telecommunication industry but we believe the future of the Nigerian economy rests on sectors such as retail, insurance and health,” David Blyth, Group Managing Director, Yellowwood, told BusinessDay on the sidelines of the symposium.
Blyth who is a brand strategist stressed that the country’s current retail structure though still informal is already evolving and will eventually metamorphose into a major component of the economy.
He however pointed out that it is pertinent for players in the sector to desist from imitating what is obtainable in other parts of the world to rubber stamp in the country, adding that Nigeria has her own unique system of trade.
Citing Shoprite as a case study, Blyth maintained that the brand has excelled in Nigeria’s retail scene because of its ability structure itself to suit its environment by stocking and offering its customers what is relevant to them.
“We also believe that the insurance industry will be a major contributor to this economy in the near future because this is evidently an under-insured market,” Blyth further said, pointing out that as the growing middle class acquires more goods and services they will need to insure them.
Marie Jamieson, International Strategy director, TBWA emphasized that brands should dare to be different when marketing their products by engaging their customers with authentic, relevant, emotional and insightful ads.
According to her, the country’s advertisement industry is yet to attain its full potential, adding that several opportunities still exist in the creative industry.
“There is a dearth of creative talent in the industry, and we believe this is because in Africa, this is not a conventional career path, hence, the few available talents are not even liberated,” Jamieson said.
The analysts also noted that Africa’s lack of infrastructure should place the continent as a den of opportunity, however, adding that some of the world’s existing business models do not work in Africa, hence, the need for the continent to chart its development course with its own ideas.
ODINAKA MBONU
