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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.
Payaza Africa, a payments infrastructure company, has earned strong credit ratings from four major rating agencies, reinforcing its growing reputation as a resilient and credible player in Africa’s financial services ecosystem.
The payment company recorded upgrades across the board, with DataPro raising its rating from A to AA-, Intelligence Africa assigning it an A- investment-grade rating, Agusto upgrading it from BBB to A-, and GCR, an affiliate of Moody’s, also moving it from BBB to A-.
A credit rating reflects a company’s financial strength and its ability to meet debt obligations, indicating how safe it is for lenders and investors to extend credit.
In a statement on Monday, the company described the achievement as a validation of its disciplined growth trajectory and operational resilience in a dynamic fintech landscape. It added that the upgrades position Payaza as a future-ready brand with increasing relevance not only within Africa but also in the global fintech space.
Commenting on the development, Seyi Ebenezer, the Chief Executive Officer of Payaza Africa, said the ratings reflect years of deliberate effort to build a sustainable and globally competitive institution.
“This milestone is a strong affirmation of the work we have done to build Payaza on a foundation of discipline, trust, and long-term value creation. Receiving these upgraded ratings sends a clear message that Payaza is not only growing, but growing with strength, structure, and sustainability,” he said.
Ebenezer noted that the recognition goes beyond financial performance, highlighting the company’s ability to execute strategically while maintaining strong risk management practices.
“For us, this is bigger than recognition. It reflects our commitment to building a world-class institution that can compete globally while continuing to serve businesses and consumers across the continent with excellence.
“Over time, our ratings journey has reflected more than strong financial performance. It speaks to a business built on disciplined execution, prudent management, and the ability to scale responsibly in a dynamic market. This has helped us stand out not only as an innovator in digital payments, but as a maturing financial institution with the operational depth to compete globally.
“These new ratings are expected to further strengthen Payaza’s standing with investors, regulators, partners, enterprise clients, and the wider financial community. In a sector where trust, resilience, and compliance are increasingly central to long-term success, independent ratings remain a powerful endorsement of a company’s ability to manage risk, meet obligations, and sustain growth,” Ebenezer said.
Payaza Africa provides payment infrastructure solutions focused on collections, payouts, embedded finance, and digital commerce enablement for businesses across Africa.
The company has also continued to expand its product ecosystem with solutions such as Payaza Checkout for payment collections and payouts, Chat and Pay by Payaza for WhatsApp-based transactions, Payaza Give for donations and digital contributions, and Shopaza, its e-commerce platform designed to help businesses sell and receive payments more efficiently.
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London Strengthens Global Investment Ties with Africa @ First Ever London-Africa Business Summit
The Mayor of London, Sadiq Khan, has today hosted City Hall’s first ever London-Africa business summit, bringing together 200 business and political leaders from across the continent to strengthen trade and investment ties between London and Africa.
Held in the heart of the City of London, the summit included the Minister of Trade for Agribusiness and Industry in Ghana and representatives from SOAS, the Nigerian Exchange Group, Ventures 54 and London Africa Network to showcase London as the global city of choice for African companies looking to expand internationally and attract investment.
The Mayor announced the summit during his 2025 trade mission to Nigeria, Ghana and South Africa, where he led a delegation to promote London as a global destination for investment. Since the visit, African businesses have invested more than £30 million into London through foreign direct investment.
117 African organisations are listed on the London Stock Exchange, spanning sectors from telecoms and finance to energy and technology. Companies include telecoms giant Airtel Africa and energy supplier Seplat Energy. By comparison, fewer than 20 African organizations are listed on the New York Stock Exchange, underlining London’s deep economic and cultural links with the continent.
The summit builds on growing economic momentum between the UK and Africa. Total UK-Africa trade reached approximately £52 billion in 2025 despite continued global economic uncertainty, while UK exports to Africa increased to nearly £26.2 billion, reflecting rising demand for UK goods and services across African markets.
Africa is increasingly recognised as one of the world’s most important long-term growth regions, driven by rapid urbanisation, infrastructure investment, population growth and expanding consumer markets.
The UK remains among Africa’s top 10 supplying markets and continues to strengthen trade relationships through agreements covering 18 African countries. There are also huge community links between the UK and Africa. The UK has the second largest Nigerian diaspora population, second only to the US, with an estimated 215,000 Nigerians living here.
The Mayor’s London Growth Plan identified the need to attract more foreign direct investment to help grow London’s economy by £107 billion by 2035 and support the creation of 150,000 good jobs by 2028. London continues to lead as the top destination for African foreign direct investment in Europe and the US, ranking second globally outside Africa behind only Dubai.
The summit also highlighted major opportunities for collaboration across sectors, including financial services, digital technology, education, healthcare, energy transition, infrastructure and the creative industries, with London well positioned to deepen its role as a strategic trade and investment partner for African markets.
The Mayor of London, Sadiq Khan, said: “I am proud to host City Hall’s first ever London-Africa business Summit, bringing together investors, entrepreneurs and businesses to showcase London as the best city in the world for African companies to expand internationally and attract investment.
“With more African companies listed on the London Stock Exchange than any other exchange, it is one of the most globally important growth regions. I am delighted that my African trade mission last year has encouraged both inward investment and outward expansion, creating jobs and further strengthening the links between us. I look forward to more opportunities developing from this Summit as we continue to build a better, more prosperous London for everyone.”
Mr. Mark Smithson, Country Director, UK Department for Business and Trade, Nigeria, and Anglo West Africa said: “The London-Africa Business Forum has brought together ambition, capital and creativity, reinforcing London’s role as a global gateway for African enterprise.
“As we look to the next chapter, we are deepening partnerships that drive sustainable growth, shared prosperity and long-term opportunity across both regions. In Nigeria, we are working closely with key partners, businesses and investors to unlock investment, create jobs and deliver tangible economic outcomes.”
Soren Nikolajsen, Managing Director, Industry Engagement Defence and Trade at Natwest said: “London remains one of the world’s leading destinations for international investment, underpinned by its deep financial expertise and global connectivity. Bringing together investors from across Africa in this way is a valuable opportunity to strengthen relationships, showcase the breadth of opportunity here, and support long-term, mutually beneficial growth.”
Olukorede (K.O.) Adenowo, Chief Executive Officer, FirstBank UK, said: “FirstBank UK is proud to support the strengthening of the Africa–UK corridor, where growing demand for capital and expertise continues to drive cross-border opportunity. London remains a powerful gateway for African businesses seeking to scale internationally, while Africa offers compelling long-term investment potential.
“At FirstBank UK, we are focused on supporting cross-border trade and facilitating capital flows by connecting clients to global markets and structuring bankable opportunities. Through stronger collaboration, we can unlock greater investment and deliver sustainable growth across both regions.”
Dylan Martin, Chief Executive Officer of Teybridge Capital said: “Our expansion in London marks an important milestone for Teybridge Capital Europe and reflects the strength of our growth in the UK market. With over 60 per cent of our client base in the UK, this was a natural step in deepening our presence on the ground and investing in a high-performance, locally based team to support our next phase of growth.”
The Federal Government has received a major boost in its drive to strengthen teacher education and digital learning, as the Government of Japan, through the UNESCO International Institute for Capacity Building in Africa (IICBA), donated ICT equipment and learning materials to 15 teacher training institutions across Nigeria.
Speaking at the official handover ceremony held at the Federal Ministry of Education in Abuja, the Minister of State for Education, Prof. Suwaiba Said Ahmad, described the intervention as a significant contribution to the country’s efforts to improve teacher quality, digital literacy and inclusive education.
She said the donation forms part of a regional initiative launched in 2024 by UNESCO-IICBA, the Government of Japan and the African Union to strengthen teacher training and promote continuous access to safe, quality education for girls in West Africa.
According to the minister, the project, which covers Nigeria, Burkina Faso, Cameroon, Chad, Mali and Mauritania, aligns with the Federal Ministry of Education’s priorities under the Renewed Hope Agenda, particularly in the areas of equity, quality education, digital transformation and inclusion.
“Teachers remain the backbone of every education system. No education reform can succeed without well-trained, motivated and digitally empowered teachers,” Ahmad said, noting that the equipment would modernise teacher training institutions and improve access to digital learning resources.
The beneficiaries comprise 15 federal and state colleges of education spread across Nigeria’s six geo-political zones, including the Federal College of Education, Kontagora; Federal College of Education, Zaria; Federal College of Education (Technical), Gombe; Federal College of Education, Yola; Federal College of Education (Technical), Asaba; Federal College of Education (Special), Oyo.
Others are Federal College of Education (Technical), Umunze; College of Education, Zuba, FCT; Isaac Jasper Boro College of Education; Enugu State College of Education (Technical); Sa’adatu Rimi College of Education, Kano; Adamu Augie College of Education, Argungu; Shehu Shagari College of Education, Sokoto; Adamawa State College of Education, Hong and Taraba State College of Education, Zing.
The donated items include 65 laptop computers, 71 tablets, four desktop computers, five interactive smart boards, 19 all-in-one desktop computers, 14 projectors, 15 printers and 15 backup hard drives.
Ahmad said the facilities would enhance both pre-service and in-service teacher training by promoting innovation, digital competence and learner-centred teaching approaches, while preparing educators for the demands of a technology-driven world.
The event also featured a national consultation on school safety and infrastructure security, with participants discussing strategies for creating safer and more inclusive learning environments.
The minister stressed that safe schools remain critical to achieving quality education, particularly for girls and other vulnerable learners, adding that the ministry would continue to prioritise policies and programmes aimed at strengthening school security.
She further highlighted the ministry’s focus on Technical and Vocational Education and Training (TVET), Science, Technology, Engineering and Mathematics (STEM), girl-child education, quality assurance, data management and digital transformation as key pillars for improving educational outcomes nationwide.
Ahmad also disclosed plans to implement new interventions aimed at empowering female teachers and school leaders in crisis situations through mobile-based learning platforms, as well as programmes designed to integrate out-of-school children into formal education.
She commended UNESCO-IICBA, the Government of Japan, the African Union and other development partners for supporting teacher education in Nigeria and urged beneficiary institutions to utilise the equipment responsibly to improve learning outcomes and build a more resilient education system.
“The equipment will enhance digital literacy among our pre-service teachers and boost the attainment of education goals in Nigeria,” she said.
In their separate remarks, the Director of the UNESCO International Institute for Capacity Building in Africa (IICBA), Dr. Quentin Wodon, and the Chargé d’Affaires of the Embassy of Japan in Nigeria, Hitoshi Kozaki, reaffirmed their commitment to supporting efforts aimed at improving teacher education and expanding access to quality learning opportunities across Nigeria and the West African region.
They noted that the donation of ICT equipment to the beneficiary colleges of education reflects the shared commitment of UNESCO, the Government of Japan and their partners to strengthening the capacity of teacher training institutions, particularly in the area of digital learning.
According to them, equipping teachers with modern technological skills is critical to improving learning outcomes and ensuring that education systems are responsive to the demands of the 21st century.
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