At WAI 2024, brand guardians discuss business survival, make the case for effective regulations and policies

The just-awarded West Africa Innovation (WAI) awards have once again provided an opportunity for brand owners and custodians across various sectors of the national economy to once again call on governments, both national and local, to develop policies and regulations that enable businesses to maximize their potential, improve performance financial and development of the national economy.

Guardians whose companies were praised for carving a niche for themselves in the areas of innovation and customer excellence have tasked the government, especially the federal government, with changing some of their policies that continue to stifle business in the country and have led to the exit of some brands.

Meyer Plc Managing Director and CEO David Onabajo has stressed the need for the government to improve the ease of doing business in the country to attract potential investors.

He said the sudden withdrawal of fuel subsidies, the floating of the naira exchange rate and the scarcity of foreign exchange had resulted in an increase in production costs for businesses, which consequently also negatively affected the company’s capacity utilization.

“The business weather was not favorable for us, producers. There is no ease of doing business here. It was a quiet challenge. The removal of fuel subsidies, the maintenance of the naira exchange rate and the lack of access to the forex market, especially for companies that depend on imports for raw materials, have had an impact on businesses,” he said.

However, he stated that the company has managed to maintain its high position thanks to innovation, high-quality products and excellent customer service, as evidenced by the recognition granted to it by the organizers of the WAI Awards.

Also speaking at the event was the Managing Director/CEO of Africa Prudential, Catherine Nwosu, who wanted the Federal Government to ensure strict adherence to good corporate governance in the space.

“We are dealing with money in this sector and I believe there should be good corporate governance and strong legislation to ensure that fraudsters do not come into play to undermine confidence in the market,” she added.

Nwosu, whose company was also recognized on the night, described the recognition as proof that the company was on the right path.

In his welcome speech, the Project Director of the West Africa Innovation Awards, Mr. Abidemi Adesanya, described the award as aimed at encouraging greater innovation, creativity and customer service excellence among brands in the West African sub-region, adding that the selections made for this year’s edition, the thirteenth of series, was achieved after painstaking and rigorous verification by the event jurors.

READ ALSO: Welfare of workers: Ibadan workers unions demand immediate action by Oyo government