The just-concluded West Africa Innovation (WAI) Awards again provided the opportunity for owners and custodians of brands from different sectors of the nation’s economy to again call on the governments, both national and sub-nationals, to come up with policies and legislations that will allow businesses maximize their potential, enhance their bottom-lines, and grow the nation’s economy.
The custodians, whose businesses were being recognized for their carving a niche for themselves in the areas of innovation and customer excellence, tasked the government, especially the federal government to rejig some of its policies, that have continued to stifle business in the country, and led to the exit of some brands.
The Managing Director, CEO, Meyer Plc, David Onabajo, stressed the need for government to improve on the ease of doing business in the country, as a way of enticing prospective investors.
He stated that the sudden withdrawal of fuel subsidy, the floating of the naira, and paucity of forex, had resulted in the increase in the costs of production for businesses, which, in consequence, had also impacted negatively on the company’s capacity utilization.
“The business weather has not been favourable to us manufacturers. The ease of doing business is not there. It’s been quiet challenging. Removing fuel subsidies, floating the naira, and not making forex available, especially for companies raw materials are import-dependent, have taken their tolls on businesses,” he stated.
He however stated that the company had been able to keep its head above water through innovation, quality products and excellent customer service, as evidenced with the recognition bestowed on it by the organisers of the WAI Awards.
Also speaking at the event, the Managing Director/ CEO, Africa Prudential, Catherine Nwosu, would want the federal government to ensure that the issue of good corporate governance is strictly adhered to in the space.
“In this sector, we deal with near money, and I think there should be good corporate governance and strong legislation to ensure that the fraudsters don’t come to the space to shake the confidence in the market,” she added.
Nwosu, whose company was also won an award at the night, described the recognition as a testament that the company is on the right path.
In his welcome address, the Project Director, West Africa Innovation Awards, Mr. AbidemiAdesanya, described the award as geared towards encouraging greater innovation, creativity and customer excellence among brands in the West African sub-region, adding that the choices of this year’s edition, the 13th in the series, were arrived at, after some painstaking and rigorous screening by the event jurors.
ALSO READ: Workers’ welfare: Ibadan poly staff unions demand Oyo govt’s immediate action
