We are gathered under a tree (no I am not making this up) and, as usual, lamenting our situations as entrepreneurs in a country that does not operate to the standards or rhythms of other countries we appear to look up to. One amongst us, in the marketing business, tells the story of an employee he has to attend to who is at her desk, sobbing at her inability to deliver a summary of an article she was asked to read and pull out three to four highlights from.
He ends with the various clients, banks, telcos and others reporting hundreds of billions in revenues and hundreds of millions in profits but refusing to pay fees for as long as 60 days after the execution of briefs. The other in real estate recounts the story from one of her pals who provides a resource to another one of the most profitable companies in the country and in what is effectively a six-month cycle before he gets paid.
Her pal had never done the analysis and was stunned at how this one apparent big fish client was in fact an obstacle to her growing her business. The day ended with the report of the fire at one of Zenith Bank’s data centres. I cringed at the image of the crew of firemen directing their powerful hoses of WATER into the room where the fire was detected. A room said to house batteries powering we don’t know what. Zenith apparently blamed this fire for downtime being experienced by customers and did not give a timeline for when normal service would be restored.
Most will read the above and barely register any emotion: Top private schools in Nigeria churning out students with high grades who cannot write simple summaries, meh! Businesses not paying suppliers and service providers and said service providers having no recourse, when then?
The largest bank in Nigeria by market capitalisation potentially not having adequate fire suppression technology for its data centre or a disaster recovery regime to mitigate such occurrences, and so what? Why is this intense apathy the norm?
I believe Nigerians, across all social spectrums, have succumbed to the very aggressive tactics of FUD – Fear, Uncertainty and Doubt! FUD is a propaganda tactic used in sales, marketing, public relations, polling and cults. FUD has arguably been used in full attack mode in Nigeria over the years and a direct impact of that can be seen in the apathy of Nigerians, even in what appears to be the most pivotal elections that has been held in decades.
FUD is generally seen as a marketing tactic that is used to create negative emotions in potential customers in order to influence their buying decisions. It is often used in the public domain to scare people away from using certain products or services or to promote the use of others.
There are a number of negative impacts of the use of FUD in the public domain. First, it can lead to people making uninformed decisions about their purchases. When people are scared or uncertain, they are more likely to make decisions based on emotion rather than logic. This can lead to them buying products or services that they don’t really need, or that are not actually the best option for them.
Second, FUD can create a climate of distrust. When people are constantly bombarded with negative information about products or services, they start to become distrustful of everything. This can make it difficult for businesses to build relationships with their customers and can make it difficult for people to make informed decisions about their purchases.
Third, FUD can stifle innovation. When businesses are constantly being bombarded with FUD, they are less likely to take risks and develop new products or services. This can lead to a market that is stagnant and slow to change, which can hurt consumers in the long run.
Finally, FUD can be harmful to public health. When people are scared about using certain products or services, they may avoid them altogether, even if they are safe and effective. This can lead to people not getting the care they need, which can have serious consequences for their health.
Overall, the use of FUD in the public domain is a harmful practice that can have a number of negative impacts. It is important to be aware of FUD when you are making purchasing decisions, and to be critical of the information that you are being presented with. If you are unsure about whether or not something is true, it is always best to do your own research and talk to a trusted expert before making a decision.
Read also: Unparalleled leadership in times of uncertainty
Here are some tips for avoiding FUD:
Be aware of the source of the information. Is it from a credible source? Or is it from someone who is trying to sell you something?
Do your own research. Don’t just take someone’s word for it. Look for information from multiple sources.
Talk to a trusted expert. If you’re not sure about something, ask someone who knows more than you do.
Don’t be afraid to ask questions. If something doesn’t make sense, ask for clarification.
Remember that fear is a powerful emotion. Don’t let it cloud your judgment.
Mordiwas previously chief operating officer of Carbon (a lending fintech) and immediate past head of digital lending at Access Bank. Twitter: @epmordi
