The Central Bank of Nigeria has said poor product quality, weak packaging, and inadequate branding are some of the challenges limiting the country’s ability to harness its export potential, especially in non-oil sectors.
This was one of the issues discussed at the Bankers Committee Town Hall meeting organised by the CBN in collaboration with the Bankers Committee in Lagos, on Monday.
CBN’s Consumer Protection and Financial Inclusion Director, Aisha Isa-Olatinwo, represented by Nelson Amuwa, a Deputy Director, acknowledged the potential of Nigerian goods and the need to collectively address the issues by building capacity across the value chain to compete more effectively at home and across the globe.
She stressed the need for coordinated efforts across the value chain to address these gaps and position Nigerian products for greater success in global markets.
According to her, “Nigeria has a wide range of goods and services with strong market potential. However, the true value of these products remains unrealised due to constraints in quality, packages, branding and global marketing.”
She said the forum reinforces the commitment of the Bankers’ Committee to foster collaboration among political institutions, regulators and policymakers.
“By giving these partnerships, you can identify and remove barriers to growth, encourage innovation and scale up the support structures that enable the environment. The Nigerian bank sector remains strong and well-positioned to support businesses in enhancing their competitiveness,” Isa-Olatinwo added.
In a keynote address, Lead Consultant, 3T Impex Consulting, Bamidele Ayemibo, pointed out the different challenges facing the export sector and called for the adoption of learnings from other countries who have succeeded in boosting their export capacity.
Ayemibo said to bridge the identified gaps, there was a need for increased investment in research and development, saying that it can help improve actual practices, particularly from the source.
“There are some products that if the post-harvest handling is poor, no matter what the manufacturer does, it’s garbage in, garbage out. Also, focus on sustainable practice. It’s becoming a big issue in the world and a major challenge for businesses. It’s something that must be done because that’s where the world is going. And lastly, capacity building for farmers so that they know exactly what to do,” he stated.
Ayemibo urged exporters to invent innovative packaging solutions that preserve product quality and implement educational programs to help consumers understand the importance of packaging in maintaining product quality while increasing their willingness to pay a premium for well-packaged products.
“Adapt to market preference. Conduct market research to understand the global packaging trend and customer preference. Ensure that the products are attractive and suitable for specific markets. And utilise packaging as a branding tool,” he added.
“Packaging can serve as a critical component of branding. Nigeria should design packaging that not only protects the product but also tells a story and resonates with the consumer.”
On the lessons from other countries, Ayemibo identified New Zealand and other countries as an example that Nigeria can learn how to develop a unique brand identity from.
The keynote speaker urged the manufacturers to celebrate their cultural heritage as “tapping into Nigeria’s rich cultural and cultural heritage can enhance product branding, making them more appealing to consumers looking for authenticity and quality.”
Meanwhile, the President of the Manufacturing Association of Nigeria, Francis Meshioye, while speaking with journalists on the sidelines of the town hall engagement, said it was commendable that the CBN and bankers were now aware of the challenges facing manufacturers in terms of cost of funding and energy costs.
“The problems of manufacturers are well known over time, and it’s nice that at this time the bankers too are conscious and deliberately thinking about it.
“The intention to find a way to enhance the competitiveness of business in Nigeria and the production sector, manufacturers in particular, with the effect of quality brands is very germane. We need to do much more locally to bring our goods to that type that will be competitive,” he added.
