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The Industry Summit 4.0: Stakeholders Urges Practitioners to Brace up for More Challenges
Stakeholders in the marketing profession have been urged by experts to prepare for a difficult time ahead in 2023.
This call was made at the just concluded The Industry Summit 4.0 with the theme: “how marketers should handle 2023″ recently in Lagos.
Speaking at the event, the chairman of the occasion who is also an authority in Nigeria’s marketing communications landscape and chairman of STB-McCann, Sir Steve Omojafor disclosed that, the outcome of 2023 election petitions and national population census (NPC) will impact how Marketers will handle 2023 and subsequent years, noting that, how positively or negatively, remains a matter of conjecture.
The marketing expert further stated that, “what we do know, however, is that the Marketing Communication Industry in Nigeria, will not be immune from both local and global trends.”
For example, he continued, “the World Bank in its Global Economic Prospects (January 2023) makes it clear that the pronounced weaknesses of the United States, Europe and China, which are described as ‘the world’s three major engines of growth, would have ‘adverse spillovers for emerging markets and developing economies.’
According to him, “this is not hard to understand, I am not an Economist, but it is safe to say that marketers should expect a bumpy ride in 2023. In Nigeria, for instance, when you throw in a mish-mash of the country’s low crude production, weak exports, the dynamics of the workplace and importantly, a budget deficit of N11.34trillion, derived from a projected total revenue of N10.49 trillion and total expenditure of N21.83 trillion, budgeted by the outgoing Buhari administration, it is easy to infer that the picture is far from rosy either for the country’s economy or, more strongly, for us in the Marketing Communication Industry.”
While presenting the first paper at the event entitled: “Turn Data to Action: How Marketers Can Rationalize & Drive Efficiencies with Intelligence”, keynote speaker, Tolu Ogunkoya, Regional Group Managing Director, OMD West and Central Africa {WeCA} who was represented by the Executive Director, media Reach OMD, Yinka Adebayo pointed out that, ”some say, Data is Oxygen, Data is life but, for us, data is blood, adding that data is needed to address the gaps in today’s dynamic environment / everchanging landscape.”
According to him, “big data is like teenage sex: everyone talks about it, nobody really knows how to do it, everyone thinks everyone else is doing it, so everyone claims they are doing it, to sum it, business is about having foresight, agility, scale and tenacity.”
“We should learn never to waste a crisis situation because crisis will always be the best platform for good managers to excel. Your ability to showcase your potential is when you are in deep situation. If everything is going on normally everybody will thrive but when the whirlwind is putting everybody aside and one decided to put in the creative cap at the end of the day you see opportunity.” He noted.
Speaking further he said: “For example, during the lockdown, when everybody went to sleep some people made the money they have never made before. That is a crisis situation, but rather than see the cup half empty they saw it as half full”.
Also, presenting the second paper entitled: “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 pointed out that, Nigeria’s Foreign Direct Investment (FDI) has declined steadily over the last five years.
He stressed that, “some may tend to attribute the declining FDI as stated to COVID-19 issues between 2019-2020. This is not entirely true because countries like India and China saw a rapid rise in FDI in the two years despite outbreak of the pandemic. Since the mid-2000s, China and India have seen FDI soar as both countries beat the poverty trap.”
According to him, the simple reason why China and India have continuously recorded rising FDI is their policy thrust that has placed emphasis on productivity and workforce quality. The two countries have set a national work ethos that has made their citizens among the most productive on the planet.
“I have tried to lay this foundation to underscore the importance of government policy in creating a favorable business environment for FMCGs. Public policy is the foundation for business creation, growth and overall economic prosperity. Public policy processes represent the fundamental processes of governance and development. I stress on development here because public policy should be about people’s needs and for their good. Therefore, the principles should be efficiency, effectiveness and responsiveness, consensus and adequate participation of the people in a transparent and accountable process.” He noted.
Continuing, he said that, Nigeria unfortunately has been largely plagued by policy inconsistencies, reversals and lack of coherence, noting that, between 1960-2000, real income per capita grew at only 0.43% per year.
He however, stated that 2001-2006, real per capita GDP grew at an annual rate of 4.2%. The difference between the two periods is simply due to policy choices.
The improved performance between 2001-2006 was owing to comprehensive economic reform program via the National Economic Empowerment and Development
“His words: “Strategy (NEEDS). NEEDS encompassed important structural reforms designed to enhance the transparency and accountability of public sector policies and institutions. It focused on improving the macroeconomic environment, pursuing structural reforms, strengthening public expenditure management, and implementing institutional and governance reforms. This resulted in real GDP growth averaging 7.1 percent per year between 2003 and 2006, an inflation rate of 10 percent in 2006, foreign exchange reserves of US$45 billion in 2006, and total external debt of only US$5 billion in 2006. An oil price-based fiscal rule was introduced in which government expenditure was based on a prudent oil price benchmark. Any revenues that accumulated above the reference prices were saved in a special excess crude account. Government budgeting was based on conservative oil prices of $25 per barrel in 2004, $30 per barrel in 2005, and $35 per barrel in 2006, despite higher realized prices of $38.3 and $54.2 in 2004 and 2005, respectively.”
For him, adoption of this rule ensured that government expenditures are de-linked from oil revenue earnings, thereby limiting the transmission of external shocks into the domestic economy. There was a marked improvement in the government’s fiscal balance, with the previous deficit of 3.5 percent of GDP in 2003 turning to consolidated surpluses of about 10 percent of GDP in 2004 and 11 percent of GDP in 2005.
Also, he stated that, “fast Moving Consumer Goods (FMCG) as it is broadly categorized, comprises of three major segments: Household care, personal care and food and beverages. FMCGs form the largest chunk of the manufacturing sector in Nigeria, which is the fourth largest sector of Nigeria’s economy, creating employment for over 3 million Nigerians.”
“The FMCG industry in Nigeria is worth about US$20 billion. In Q3, 2022 Nigeria’s Gross Domestic Product (GDP) grew by 2.25 per cent (year-on-year) in real terms, representing a 1.78 per cent decline compared to the 4.03 per cent growth recorded in Q3 2021, according to the National Bureau of Statistics (NBS). The manufacturing sector contributed 8.59 per cent to GDP, lower than 8.96 per cent in Q3 2021, as well as 8.65 per cent in Q2 2022.” He added.
He further disclosed that, the declining performance of the manufacturing sector according to the NBS data is indicative of the realities of the operating environment characterized by high lending rate, forex illiquidity, high energy cost and adverse effect.
In his opening remark, Goddie Ofose, convener of The Industry Summit stated that immediately the CBN governor announced the cash swap policy on November 2022, it was very certain that the first quarter of 2023 would be difficult for marketers.
According to him, “the theme encapsulate what has transpired in the first quarter of this year, therefore, the remainder of the year should be much easy if marketers have taken lessons from the happenings of first quarter.”
He also stressed that, “besides cashless policy challenge, general election and population census pose another huge challenge for the imc industry because during every election circle, the marketing vehicles which are media and it’s channels are usually being taken over by politicians. This makes very difficult for marketers to compete because politicians would always outspent brands during this time.”
“Brands are conscious of their adventure because new government usually come with new policies. It is my believe that the outcome of the summit would better put marketers in a good stead to manage their expectations in the remainder of the quarters in 2023.”
The Industry Summit is an annual event put together by The Industry Newspaper to promote marketing value and heritage in Nigeria. In recent times, it has become an avenue to encourage marketing practitioners to have first-hand information on marketing.
The summit which is in its fourth edition has recorded tremendous success in bridging the knowledge in Nigeria’s marketing landscape.
Board and management of Communication Week Media Limited, publishers of Nigeria CommunicationsWeek, at the weekend announced that this year’s Africa’s Beacon of ICT Merit and Leadership lecture will focus on Impact of AI and IoT on business operational efficiency.
Africa’s Beacon of ICT Merit and Leadership lecture, widely regarded as the most prestigious annual event available in the ICT industry in Nigeria is in its 17th year.
The lecture holds on May 30, 2026 at Oriental Hotel Lekki, Lagos, according Ken Nwogbo, editor-in-chief of
Nigeria CommunicationsWeek the organizers of the event.
He said that this year’s event “is digital transformation edition” to recognise and celebrate organizations and individuals in the ICT industry that have impacted in digital transformation of the economy.
“Most of these organizations and individuals have consistently being voted by our readers as leaders in their areas of operations and we have decided to reward them in this special edition, tag: ‘Digital Transformation Edition 2026’ he said,”.
He added that, Digital transformation, driven by AI and IoT, will fundamentally boosts business operational efficiency by automating complex tasks, enabling real-time data analysis, and reducing costs.
“IoT technology optimizes resources, predict maintenance needs, and enhance decision- making, allowing companies to streamline workflows and improve productivity across sectors like manufacturing and logistics.
“It is an emerging technology that has impacted lifestyles and has changed the way we think and act, and the way we interact with each other.
It has also changed the way we work as it enables very large-scale monitoring, control, and automation, and has impacted the digital transformation of organizations in different industries”, he said.
According to him, “the transformative power of Artificial Intelligence exists as a bringing force in organizational communication. AI tools perform repetitive jobs, deliver simultaneous translations, and register team communication patterns, which lead to better understanding of group interactions. AI chatbots help manage customer support inquiries thus enabling staff members to dedicate their efforts toward complex work activities”.
The Africa’s Beacon of ICT Merit and Leadership Distinguished (ABoICT Lecture 2026) is designed to explore efforts to put Nigeria on the global Information and Communications Technologies map.
The lecture series however is reserved for distinguished achievers in the ICT sector.
Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, former Managing Director, Rack Centre Limited; Prof. Adewale Obadare, chief visionary officer, Digital Encode; Dr. Oluseyi Akindeinde, founder,
Hyperspace & NeuraL AI and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, former minister of Communications and Digital Economy; among others.
Global technology markets are entering a new phase of strain as surging memory chip prices intensify the ongoing semiconductor shortage. For Nigeria, the ripple effects could translate into a 15 – 20 per cent increase in phone price levels if supply pressures persist into the next quarter.
While attention has largely focused on advanced AI processors, the sharpest escalation is occurring in memory chips, specifically DRAM (Dynamic Random Access Memory) and NAND (Flash Memory), which are essential to smartphones, PCs, and vehicles.
According to Bloomberg data, spot prices for DRAM have surged more than 600 percent in recent months. NAND prices have also climbed as artificial intelligence infrastructure expands global storage demand.
This shift reflects a structural realignment rather than a short-term disruption.
Massive AI infrastructure investments led by hyperscalers such as Amazon have redirected fabrication capacity toward high-bandwidth memory (HBM), a critical component for AI accelerators. This shift has tightened supply for conventional memory used in consumer devices.
Market analysts now describe the situation as a memory “supercycle,” breaking the industry’s traditional boom-and-bust pattern. Historically, memory cycles lasted three to four years. According to Jian Shi Cortesi of GAM Investment Management, the current cycle has already exceeded previous ones “both in length and magnitude,” with little evidence of demand momentum softening.
Financial markets reflect the divide. A Bloomberg gauge of global consumer electronics makers has fallen roughly 10 per cent since late September, while a basket of memory manufacturers has surged about 160 per cent over the same period. Shares of SK Hynix, a key high-bandwidth memory supplier to Nvidia, have climbed more than 150 per cent.
By contrast, downstream manufacturers reliant on affordable memory supplies are under pressure. Nintendo has warned of margin compression linked to shortages. Qualcomm shares declined after signaling memory constraints that could limit phone production. PC makers such as Lenovo and Dell have also retreated from recent peaks amid concerns that rising chip costs could dampen demand.
The divergence underscores a widening gap between component producers and device assemblers.
Memory is central to modern smartphone performance. Higher DRAM and NAND capacities power AI-enabled features, high-resolution imaging, and multitasking capabilities. Rising memory costs, therefore, feed directly into the bill of materials.
Even in a moderate demand environment, a constrained memory supply can limit production volumes. Qualcomm’s recent indication that memory shortages may restrict handset output highlights the risk of scarcity extending beyond price increases into availability challenges.
Compounding the issue, a foundry such as TSMC is prioritising higher-margin AI-related contracts at advanced nodes. Combined with the reallocation of capacity toward high-bandwidth memory, this limits flexibility in supplying traditional mobile processors and storage components.
For Nigeria, the likely outcome is not immediate widespread stockouts, but gradual upward revisions in retail pricing.
Nigeria’s electronics market remains heavily import-dependent, with minimal semiconductor manufacturing capacity. Retailers are therefore exposed to global cost shifts and supply volatility.
Distributors in major commercial hubs such as Lagos’ Computer Village are closely monitoring global trends. Some are securing inventory ahead of anticipated adjustments, while others are maintaining leaner procurement cycles to manage uncertainty.
Duration risk remains a key concern. Fidelity International’s Vivian Pai recently observed that while markets may be pricing in normalization within one to two quarters, industry tightness could persist through the rest of the year. If that proves accurate, manufacturers will have limited room to absorb higher component costs without passing them through to consumers.
Mid-tier smartphones, especially those balancing affordability with competitive performance, are likely to face the greatest pressure. Manufacturers may respond by offering lower base storage variants, delaying feature upgrades, or raising prices incrementally across product lines.
Parallel imports could increase if global scarcity intensifies, potentially raising concerns about warranty coverage and after-sales support.
Globally, firms are attempting to mitigate exposure by locking in long-term supply contracts, raising product prices, or redesigning devices to use less memory. However, semiconductor fabrication is capital-intensive and slow to scale. New fabrication plants require years to build, and expanding high-bandwidth memory output involves complex processes that cannot be rapidly accelerated.
For Nigeria, the episode underscores the importance of strengthening digital resilience. While domestic chip fabrication remains unlikely in the near term, expanding local device assembly, promoting repair ecosystems, and supporting component recycling could help cushion future supply shocks.
If projections hold, Nigerian buyers may begin seeing incremental price adjustments within weeks. Mid-range Android devices are likely to record the most noticeable changes, while premium models, already positioned at higher price points, may see more measured increases.
As it stands, AI’s explosive growth is reshaping semiconductor allocation patterns, and memory, once viewed as a product with prices that rise and fall in cycles, is behaving like a sustained constraint.
The widening gap between stock market winners and losers reflects the magnitude of this transition. As AI infrastructure spending accelerates globally, consumer electronics markets, including Nigeria’s, must adjust to a new cost environment.
Whether the squeeze proves temporary or evolves into a prolonged recalibration will depend on how quickly semiconductor capacity expands. For now, the trajectory suggests continued upward pressure on global electronics pricing, and Nigeria’s phone price expectations may have to adjust accordingly.
African law enforcement agencies arrested 651 suspects and recovered over $4.3 million in a joint operation targeting investment fraud, mobile money scams, and fake loan applications.
As INTERPOL revealed on Wednesday, Operation Red Card 2.0 identified 1,247 victims between December 8 and January 30 while targeting cybercrime operations linked to over $45 million in financial losses.
Authorities across 16 countries also seized 2,341 devices and took down 1,442 malicious websites, domains, and servers during this joint action coordinated by the African Joint Operation against Cybercrime (AFJOC).
In Nigeria, police officers dismantled an investment fraud ring that was recruiting young people to run phishing, identity theft, and fake investment schemes, taking down over 1,000 fraudulent social media accounts in the process.
They also arrested six members of a Nigerian cybercrime gang that used stolen employee credentials to breach a major telecom provider.
Kenyan investigators also apprehended 27 suspects while investigating fraud networks that used social media and messaging platforms to lure victims into fake investment schemes.
In Côte d’Ivoire, 58 suspects were arrested as part of a crackdown on predatory mobile loan apps that targeted victims with hidden fees and abusive debt-collection practices.
“These organized cybercriminal syndicates inflict devastating financial and psychological harm on individuals, businesses and entire communities with their false promises,” said Neal Jetton, the head of INTERPOL’s Cybercrime Directorate.
“Operation Red Card highlights the importance of collaboration when combatting transnational cybercrime. I encourage all victims of cybercrime to reach out to law enforcement for help.”
One year ago, African law enforcement arrested another 306 suspects in the first stage of this INTERPOL-led operation targeting cross-border cybercriminal networks.
This is the latest INTERPOL operation targeting African cybercrime, with thousands of arrests and multiple multimillion-dollar operations disrupted or dismantled in recent years, following Operation Serengeti and Operation Africa Cyber Surge.
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