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Tag: Stakeholder Engagement

  • Personality Spotlight: Tobi Rasaq Alaka – Driving Reputation, Innovation and Influence in Africa’s Digital Economy

    Personality Spotlight: Tobi Rasaq Alaka – Driving Reputation, Innovation and Influence in Africa’s Digital Economy

    In recent times, trust, visibility, and credibility have become critical business assets. Tobi Rasaq Alaka has distinguished herself as one of Nigeria’s emerging strategic communications and marketing leaders, helping organisations navigate transformation, strengthen stakeholder confidence, and build enduring brands.

    With over 13 years of experience spanning fintech, payment infrastructure, technology, advertising, and professional services, Alaka has built a reputation for translating complex business innovations into compelling narratives that drive growth, trust, and market leadership. Her career has been defined by a deep understanding of the intersection between communications, business strategy, reputation management, and stakeholder engagement.

    Currently serving as Corporate Communications Manager and Marketing Team Operations Lead at Zone, Nigeria’s first blockchain-based payment infrastructure company, Alaka plays a central role in shaping the organisation’s corporate narrative and positioning the company as a leading voice within Africa’s rapidly evolving financial technology ecosystem.

    In her dual leadership role, she oversees corporate communications, executive visibility, media relations, thought leadership, reputation management, brand governance, and strategic stakeholder engagement. She also provides operational leadership for the marketing and communications function, ensuring alignment between corporate objectives, brand initiatives, campaigns, and business priorities. Through effective planning, execution, performance measurement, and cross-functional collaboration, she helps ensure that communications activities contribute directly to business growth and corporate reputation.

    Transforming a Nigerian Fintech into a Pan-African Brand

    One of Alaka’s most notable achievements has been leading the strategic communications and brand repositioning programme that transformed Appzone into Zone, Nigeria’s first blockchain-based payment infrastructure company.

    Recognising that innovation creates value only when people understand and trust it, she developed and executed a comprehensive communications strategy that included corporate storytelling, executive communications, stakeholder engagement, media relations, and internal alignment throughout the transition process.

    The impact was significant. The rebranding initiative generated a fivefold increase in positive media coverage and strengthened the company’s credibility among regulators, investors, enterprise partners, and the broader fintech community. More importantly, it helped establish Zone as a recognised thought leader within Africa’s payment infrastructure landscape.

    Building Executive Visibility and Industry Influence

    Alaka believes that strong organisations require visible and trusted leaders. This philosophy informed the design and execution of a strategic executive positioning programme focused on elevating leadership voices within the technology and financial services sectors.

    Through a combination of proactive media engagement, executive profiling, thought leadership content, and stakeholder outreach, she created opportunities for business leaders to contribute meaningfully to conversations shaping the future of payments, digital innovation, and financial inclusion in Africa.

    The initiative secured media placements across leading local and international publications in a single year, significantly enhancing executive visibility, investor engagement, and industry influence.

    Aligning Communications with Business Growth

    For Alaka, communications must be more than a support function; it must deliver measurable business outcomes.

    This philosophy was evident during her tenure as Branding and Communications Team Lead at CRC Credit Bureau, where she developed integrated marketing and communications campaigns aimed at driving customer acquisition, expanding market awareness, and strengthening trust in credit reporting and financial inclusion services.

    The strategy combined media relations, consumer education, stakeholder engagement, content marketing, and brand repositioning initiatives. The result was substantial business impact, contributing approximately ₦2 billion in revenue growth while strengthening the organisation’s market position and stakeholder confidence.

    Empowering the Next Generation

    Beyond the corporate environment, Alaka is committed to empowering future leaders.

    She is the Founder of Empowher.ng, a platform dedicated to supporting African women through mentorship, learning, leadership development, and community building. Through the initiative and various professional mentoring programmes, she has provided guidance, visibility opportunities, and career development support to young professionals.

    Her focus is on helping professionals intentionally build careers, strengthen their personal brands, and position themselves for leadership opportunities.

    Her philosophy is simple: leadership is measured not only by personal achievements but also by the ability to create opportunities for others to succeed.

    Preparing for the Future of Communications

    As artificial intelligence continues to transform how people access information, build trust, and engage with brands, Alaka has become a prominent advocate for the responsible adoption of AI within communications and reputation management.

    Through her writing, speaking engagements, and industry contributions, she explores the future of public relations, digital influence, search visibility, stakeholder engagement, and corporate reputation in an increasingly AI-driven world.

    Looking ahead, she believes that the organisations and leaders that will thrive are those capable of combining technology, credibility, authentic storytelling, and human connection to create lasting value and meaningful impact.

    For Tobi Rasaq Alaka, communication is not simply about transmitting information, it is about building trust, shaping perception, inspiring action, and creating influence that endures.

  • Feature: Communication that make your fintech brand stand out

    Feature: Communication that make your fintech brand stand out

    by John Kokome

    In today’s crowded fintech ecosystem, building a great product is no longer enough. Across markets from Lagos to London and San Francisco, dozens of startups are solving similar problems in payments, remittances, digital banking, and wealth management. What truly separates the winners from the also-rans is not just innovation, but communication. In fintech, how you say what you do can be as important as what you actually do.

    At its core, fintech operates at the intersection of money and trust. Unlike social media or entertainment platforms, users are not just sharing photos or watching videos; they are entrusting companies with their livelihoods. This makes communication a strategic asset, not a support function. The brands that stand out are those that communicate with clarity, consistency, and credibility traditionally associated with banks, while retaining the agility of startups.

    First, clarity is non-negotiable. Fintech products can be inherently complex, think blockchain infrastructure, algorithmic trading, or cross-border settlements. Yet, the most successful brands translate complexity into simplicity. They speak the language of their users, not that of engineers. Whether it is a mobile app onboarding flow or a CEO’s public statement, every touch point must answer a simple question: “What does this mean for me?” Brands that fail here risk alienating the very audience they seek to serve.

    Second, consistency builds recognition and recall. A fintech brand must sound the same across all channels, its app notifications, social media posts, investor updates, and customer support interactions. This is where many startups falter. In their rush to scale, they adopt fragmented voices that confuse users. Consistency does not mean rigidity; it means coherence. It ensures that whether a user encounters your brand on X or through an email alert, the experience feels familiar and trustworthy.

    Third, credibility is the currency of fintech communication. Trust is not claimed; it is earned. This requires transparency, especially in moments of crisis. Downtime, security breaches, or regulatory challenges are inevitable. What differentiates strong brands is not the absence of these issues, but how they communicate during them. Honest, timely, and accountable communication can turn a potential reputational crisis into an opportunity to reinforce trust. Silence or spin, on the other hand, can be fatal.

    Moreover, fintech brands must embrace thought leadership as a communication strategy. In a rapidly evolving space, users and stakeholders are looking for guidance. By offering insights on trends such as digital currencies, financial inclusion, or regulatory developments, companies position themselves as more than service providers; they become voices of authority. This not only builds brand equity but also shapes industry narratives.

    Equally important is localisation. A one-size-fits-all communication strategy rarely works in diverse markets. What resonates in Nigeria may not necessarily appeal in Europe or North America. Cultural nuances, economic realities, and regulatory environments all influence how messages are received. Fintech brands that invest in understanding local contexts, and reflect this in their communication gain a significant competitive edge.

    Finally, authenticity is the differentiator that ties everything together. In an era of scepticism, users can quickly detect when a brand is being disingenuous. Authentic communication is not about perfection; it is about honesty and relatability. It is about showing the human side of a brand, its values, its mission, and even its challenges.

    The fintech landscape will only become more competitive in the years ahead. New entrants will continue to emerge, armed with capital and cutting-edge technology. But technology alone will not guarantee success. The brands that will endure are those that recognise communication as a core pillar of their strategy.

    In the end, fintech is not just about financial transactions; it is about relationships. And like all relationships, it is built on trust, nurtured through consistent engagement, and sustained by meaningful communication. Brands that understand this will not just stand out, they will stand the test of time.

    John Kokome is the Corporate Communications Manager at FlashChange, a fintech platform redefining secure digital asset exchange. With experience across fintech, cryptocurrency, telecoms, and development communications in Africa. He currently leads strategic storytelling, reputation management, and stakeholder engagement initiatives at the company, focusing on building trust, transparency, and financialliteracy in the digital assets space. John’s work sits at the intersection of policy, technology, and public perception, with a strong emphasis on Africa-first narratives and responsible innovation. He has contributed opinion pieces and thought leadership articles on governance, youth empowerment, branding, and Nigeria’s evolving digital economy.

  • Spotlight- Ikechukwu Ofuani: A Master of Government Relations, Public Policy & Public-Private Partnerships

    Spotlight- Ikechukwu Ofuani: A Master of Government Relations, Public Policy & Public-Private Partnerships

    Ikechukwu Sylvester Ofuani, LLB, BL, MPA, DPO (Ghana), is a distinguished lawyer, government affairs strategist, and public policy leader whose career spans more than 18 years across Africa, the United Kingdom, and Ireland. Renowned for his expertise in government relations, regulatory affairs, stakeholder engagement, and policy advocacy, he has built a reputation as one of the leading voices shaping the intersection of public policy, corporate strategy, and development across Sub-Saharan Africa.

    With professional experience cutting across healthcare, MedTech, FMCG, international trade, development, corporate communications, and public-private partnerships, Ikechukwu has consistently demonstrated the ability to navigate complex regulatory environments while fostering strategic collaboration between governments, private institutions, multilateral organisations, and civil society stakeholders.

    Over the years, he has held senior leadership roles at organisations including Policy Vault Africa, Johnson & Johnson, Procter & Gamble, and the National Identity Management Commission project. In these capacities, he has led high-level engagements with governments, regulators, trade associations, development institutions, and international stakeholders, helping organisations shape policy ecosystems, strengthen institutional relationships, and drive sustainable impact.

    A significant part of his professional journey was spent at Johnson & Johnson, where he served as Director of Government Affairs and Policy for West and Central Africa. In that role, he led health system strengthening strategies and coordinated complex partnerships involving governments, donor agencies, regulatory institutions, and healthcare stakeholders across the region. His work focused on policy reform, regulatory harmonisation, strategic communications, grants management, and advocacy initiatives designed to strengthen healthcare delivery systems.

    Ikechukwu also played a strategic role in regional health diplomacy and pandemic preparedness. As one of Johnson & Johnson’s focal persons for African Union engagements on Ebola vaccines and pandemic preparedness, he coordinated engagements involving access teams, regulatory experts, medical affairs specialists, and global public health stakeholders. During the COVID-19 pandemic, he supported vaccine deployment efforts in Nigeria, Ghana, and Cameroon, and contributed to initiatives to address vaccine hesitancy and improve uptake across African countries.

    His contributions to Africa’s healthcare policy ecosystem have attracted continental recognition. He has publicly represented Johnson & Johnson as Director of Worldwide Government Affairs and Policy for West and Central Africa and has participated in high-level conversations on strengthening health regulatory systems, including at the U.S.-Africa Business Summit.

    Beyond multinational corporate leadership, Ikechukwu has also distinguished himself in the advisory and policy consulting space. He currently co-leads PV Advisors and Policy Vault Africa, a policy and government affairs advisory platform that supports organisations navigating Africa’s complex regulatory and stakeholder landscape. Through the platform, he provides strategic guidance to clients across sectors, helping them engage effectively with governments, regulators, policymakers, and development institutions.

    Under his leadership, Policy Vault Africa has contributed to broader governance and institutional reform conversations across the continent. One notable example is the organisation’s engagement with Nigeria’s Ministry of Budget and National Planning on policy digitisation and the preservation of institutional memory. The initiative seeks to improve transparency, accessibility, and the preservation of authentic policy documents for governments, researchers, private-sector actors, and citizens. Ikechukwu has consistently advocated the importance of accessible and credible policy information as a foundation for informed decision-making and long-term development planning.

    Another defining area of his impact has been public health advocacy and child survival initiatives. Ikechukwu currently serves as Project Lead of the SARMAAN Advocacy Team, where he is helping reposition SARMAAN II from a donor-supported intervention into a nationally owned and sustainably financed public health priority. Through strategic advocacy, communications, stakeholder engagement, and sustainability planning, he is supporting efforts to integrate child survival interventions into Nigeria’s broader healthcare policy architecture. His work places strong emphasis on domestic financing, institutional ownership, and building trust among governments, implementing partners, and local communities.

    His ability to transform policy conversations into measurable outcomes is further evident in his work on health system-strengthening partnerships. While at Johnson & Johnson, he successfully secured a ₦300 million healthcare partnership with Kebbi State focused on improving healthcare infrastructure across oncology, mental health, and immunology. The initiative reportedly led to the identification and treatment of over 200 indigent patients and became a model replicated in additional states.

    Prior to his healthcare and advisory engagements, Ikechukwu also recorded significant achievements in trade facilitation and investment enablement during his time at Procter & Gamble Nigeria. There, he led strategic engagements with regulatory agencies and government institutions across West Africa, facilitating multimillion-dollar investment approvals, securing customs fast-track arrangements, and supporting major industrial projects. Among his notable contributions was the coordination of government-facing engagements surrounding the commissioning of a US$300 million diaper manufacturing plant in Agbara, Ogun State, attended by senior government officials including the Vice President of Nigeria.

    Beyond his corporate and policy engagements, Ikechukwu is also committed to social impact and advocacy. He currently sits on the board of Stockport Advocacy in the United Kingdom, an organisation focused on advocating for children with learning disabilities. His leadership and contributions to public-private partnerships and Africa-focused policy engagement have earned him recognition, including being named a 2024 GCC Powerlist awardee.

    What distinguishes Ikechukwu Sylvester Ofuani is his rare combination of legal training, policy expertise, stakeholder intelligence, and strategic leadership. Across multinational corporations, advisory platforms, donor-supported programmes, and government-facing initiatives, he has built a career centred on helping institutions navigate complexity, build trust with governments, and translate policy engagement into tangible social and commercial impact.

    His journey reflects the growing importance of strategic government relations and policy leadership in shaping Africa’s development trajectory. Through his work, Ikechukwu continues to demonstrate that effective engagement between the public and private sectors remains one of the most powerful tools for driving sustainable growth, institutional reform, and transformational impact across the continent.

  • Customs Reaffirms Commitment to Trade Facilitation, Compliance at Kano Stakeholders’ Engagement

    Customs Reaffirms Commitment to Trade Facilitation, Compliance at Kano Stakeholders’ Engagement

    The Nigeria Customs Service (NCS) has reaffirmed its commitment to trade facilitation, anchored in strict regulatory compliance, as the Comptroller-General of Customs, Adewale Adeniyi, engaged with officers and key stakeholders in Kano as part of his official working visit to the Kano/Jigawa Area Command.

    Speaking at the stakeholders’ engagement on Thursday, 19 December 2025, the Comptroller-General emphasised that effective trade facilitation can only thrive within a framework of transparency, integrity, and full compliance with Customs laws and procedures.

    Addressing officers of the Command, Adeniyi charged them to remain disciplined, dedicated, and professional in the discharge of their responsibilities. He noted that the credibility and effectiveness of the Service are directly linked to the conduct of its personnel. “The strength of the Nigeria Customs Service lies in the integrity, dedication, and discipline of its officers. Without these core values, neither trade facilitation nor national development can be sustainably achieved,” he said.

    The Comptroller-General commended the Customs Area Controller, Kano/Jigawa Command, Comptroller Dalhatu Abubakar, for his leadership and performance, particularly in the areas of revenue generation and stakeholder engagement. Describing him as one of the best-performing Area Controllers in the Service, Adeniyi stated, “Comptroller Zurmi has taken stakeholder engagement to a new level. This is why he was recognised as the best Area Controller in stakeholder management during our last award night.”

    During the interactive session with stakeholders, the Comptroller-General reiterated that the Service remains open to constructive ideas and innovations that would ease the flow of legitimate trade, provided there is strict adherence to laid-down procedures. “For us, the basic requirement is compliance. Once there is compliance, we are open to ideas that will facilitate trade,” he said.

    On ongoing reforms and the deployment of technology, CGC Adeniyi explained that the indigenous Customs clearance platform, B’Odogwu, has significantly enhanced transparency and operational efficiency. He added that the introduction of electronic tracking devices for transit containers has already yielded results, leading to the interception of diverted consignments and the arrest of offenders. “Technology will make it increasingly difficult for anyone to divert cargo. We are already seeing results, and we will sustain this momentum,” he assured stakeholders.

    In his remarks, the Customs Area Controller, Comptroller Abubakar Dalhatu, expressed appreciation to stakeholders for their continued cooperation, describing them as critical partners in achieving the Command’s mandate. “What we are witnessing in Kano is true partnership. Stakeholders have supported the command in different ramifications. This reflects trust, shared responsibility, and mutual commitment,” he concluded.

    Several stakeholders from different sectors commended the development in the Nigeria Customs Service, expressing satisfaction with the improved synergy, openness, and reforms aimed at enhancing compliance, revenue optimisation, and trade facilitation.

  • Port Harcourt II Area Command Sets a Historic Record with N76.07 Billion Revenue Collection in October 2025

    Port Harcourt II Area Command Sets a Historic Record with N76.07 Billion Revenue Collection in October 2025

    The Nigeria Customs Service Port Harcourt II Area Command has achieved a landmark milestone with a record-breaking revenue collection of N76, 075, 447, 369. 83 in October 2025. This achievement marks the highest monthly revenue in the Command’s history, highlighting the impact of decisive leadership and unified collaboration within the Command.

    This record-breaking performance is attributed to the deliberate and conscious stakeholder engagement spearheaded by Comptroller Aliyu M Alkali. This was achieved through the ongoing dialogue with stakeholders and consistent engagement with unit heads, emphasizing the importance of facilitating legitimate trade, compliance and adding value to the Command’s operations. These initiatives have significantly contributed to the improved revenue performance.

    This exceptional performance underscores Comptroller Alkali’s unwavering commitment to national economic growth through effective revenue generation, enforcement of compliance with international trade regulations and facilitating legitimate trade.

    Furthermore, the Customs Area Controller strategically deployed officers to their current beats based on operational needs, ensuring optimal resource allocation and efficiency across the Command. This proactive measure has enhanced the Command’s capacity to meet and exceed its monthly revenue targets.

    Comptroller Alkali, expressed his gratitude to all the port’s stakeholders, importers and licenced agents and all the officers and men of the Command for their patriotism, synergy, and commitment to working together towards this historic achievement. He encouraged all stakeholders to sustain this momentum and strive for even greater accomplishments in the coming months.

    He stated, “This milestone is a testament to what we can achieve through effective teamwork and dedication to national development. We shall continue to strengthen our system to sustain this momentum.’’

  • Feature: Much Ado About Single-Use Plastic

    Feature: Much Ado About Single-Use Plastic

    By Elvis Eromosele

    Nigeria, a nation experiencing the twin problems of population explosion and urbanisation, is at the crossroads in its battle against environmental degradation. One of the most widespread threats is plastic pollution, particularly that of single-use plastics (SUPs), which clog water bodies, contaminate soil, and pose a serious public health risk.

    Throughout Nigeria, there is a growing awareness of environmental issues today. Many states are waking up to the grim realities of plastic pollution. A number of states are now banning single-use plastics. While it is a commendable first step, it’s largely contentious.

    The intent to institute bans may be altruistic, but the execution leaves much to be desired. In the absence of available alternatives and inclusive stakeholder engagement, the bans tend to produce more drama than results. An undiscriminating ban, with no strategy and support infrastructure in place, can push people and organisations into compliance exhaustion or even worse, hopelessness. There must be a smarter way, and some of the states, like Ogun, are showing there is.

    The Ogun State Government is charting a different kind of path, one of partnership, innovation, and sustainability. Rather than using the hammer of prohibition, Ogun is building an approach that promotes behaviour change and stimulates economic opportunity.

    Firstly, Ogun State residents are motivated through initiatives like “Plastics for Cash” to sort plastic waste in return for commodities or cash. This promotes correct disposal and economic assistance to poorer groups in particular. Then there is another scheme, the “Blue Box” initiative, that promotes household sorting of waste and systematic collection. This instils the habit of waste separation at the source, a key principle in effective waste management.

    Equally significant is the fact that Ogun State has established a Plastic Management Committee, consisting of regulatory agencies, manufacturers, and research institutions. Through this platform, the implementation of Extended Producer Responsibility (EPR) is actively enhanced. With the EPR, producers are made accountable throughout the entire lifecycle of plastic products, including the collection and recycling of post-consumer materials.

    This innovative, partnership-driven model has received the endorsement of the Manufacturers Association of Nigeria (MAN). MAN has publicly endorsed Ogun’s approach as a smart and green alternative to blanket bans. Segun Ajayi-Kadir, the Director General of MAN, emphasised that the project is in harmony with the organisation’s campaign for responsible production and the protection of the environment.

    Compare this to Lagos State’s recent ban on single-use plastics. Though well-intentioned, critics have pointed out a lack of clarity, poor public engagement, and limited access to sustainable alternatives. The result? Confusion among vendors, increased operating costs for small businesses, and the proliferation of black-market alternatives that are even harder to regulate.

    I believe however that Nigeria is capable of turning its humongous plastic pollution problem into a sustainability success story. It must however act boldly and smartly.

    To advance sustainably, it is important to adopt a National Framework for single-use plastics management. Federal and state governments must work together to harmonise policy approaches. A national framework will ensure consistency, prevent policy clashes, and encourage investment in alternatives and recycling.

    Secondly, we must scale up EPR Implementation. This means to enforce and expand the Extended Producer Responsibility (EPR) framework across all states. Manufacturers must be responsible for the entire lifecycle of their plastic products, from design to disposal. This will drive innovation in packaging and support the growth of collection and recycling businesses.

    Thirdly, the country must proactively invest in recycling infrastructure. For this to work, the government and private sector players must work together to invest in scalable recycling plants and logistics systems. More importantly, support must extend to micro-recyclers and local aggregators, ensuring inclusivity and job creation. Unilever Nigeria is doing a lot in this space.

    In addition, public education and awareness campaigns are indispensable. Any meaningful change begins with awareness. Citizens must understand the dangers of plastic waste and the benefits of proper disposal. Schools, religious institutions, markets, and transport hubs must be focal points for education.

    Besides, there should be support alternatives and innovation: Bans should only be imposed when viable alternatives exist. The government must support local entrepreneurs and researchers developing biodegradable packaging and reusable products. Provide grants, tax breaks, and visibility to scale their solutions.

    Moreover, there should be a reward for responsible behaviour. Ogun’s “Plastics for Cash” shows that economic incentives work. Scaling such programs nationwide can dramatically increase recycling rates and reduce littering, while offering income streams to unemployed youth and women.

    Furthermore, data-driven monitoring and evaluation have to be in play. States must invest in tracking systems to measure plastic generation, collection, and recycling rates. Only with accurate data can interventions be refined and scaled appropriately.

    The conversation around single-use plastics in Nigeria has evolved from denial to action, but the journey is only just beginning. Ogun State offers a blueprint for a collaborative, economically inclusive, and environmentally sound approach. Rather than blanket bans that alienate key stakeholders, we must embrace integrated solutions that encourage responsibility, promote innovation, and create green jobs.

    If we must ban, then we must plan. Without a coherent national strategy, the war on single-use plastic may become just another policy theatre, full of sound and fury, but signifying little. It’s time to turn the noise into progress.

    Elvis Eromosele, a corporate communications professional and sustainability advocate, wrote via elviseroms@gmail.com.

  • Uzo Odenigbo appointed as the new Corporate Affairs Director of Nigerian Breweries Plc

    Uzo Odenigbo appointed as the new Corporate Affairs Director of Nigerian Breweries Plc

    Nigerian Breweries Plc, Nigeria’s foremost brewing company, has announced the appointment of Uzodinma Odenigbo as the Corporate Affairs Director of the company. Odenigbo succeeds Sade Morgan who has been elevated to a global role as Heineken’s Corporate Affairs Director, Africa, Middle East and Africa.

    The appointment, which takes effect from May 1, 2025,  was recently announced by the Managing Director of the company, Hans Essaadi.

    Since joining NB in 2017, Odenigbo has been responsible for Public, External & Government Affairs, first as Public Affairs Manager for the South of Nigeria. He has subsequently led the critical public affairs agenda pan-Nigeria while also providing strategic direction for the Regional Corporate Affairs Managers.

    Significantly, he delivered a comprehensive stakeholder engagement and communications framework as part of the project team for implementation of the 2024 Nigerian Breweries business recovery plan, achieving zero business disruption and negative media coverage amongst other critical outcomes. 

    As part of his personal development plan, he was in July 2024 selected for an important Short Term Assignment (STA) as Corporate Affairs Director, Brarudi, where he joined the local Management Team.  Between July 2024 and March 2025, he successfully led the Corporate Affairs agenda for Brarudi, driving the launch of a reputation campaign anchored on sustainability, elevated internal communications with positive impact on climate scores, championed the Optimal Business Climate agenda with concrete results on export, local sourcing and the ongoing advocacy to avoid negative excise impacts from tax harmonization in the EAC region.

    Over the period in Burundi, he further enhanced the CA team capabilities and operationalized the 2025 CA playbook to position the team to meet critical deliverables even after his return to Nigeria.

    Uzo holds an MBA and a PhD in mass communications and has a passion for building emotional connections, discovering new frontiers, and leading an active lifestyle.

  • Feature: Is the CBN Pushing Nigerians Back into the Banking Halls?

    Feature: Is the CBN Pushing Nigerians Back into the Banking Halls?

    By Elvis Eromosele 

    Public institutions in Nigeria have a knack for policy inconsistency. They can aggressively pursue a course of action one moment and, the very next, introduce measures that directly contradict their stated objectives. The Central Bank of Nigeria (CBN) is currently at the centre of one such paradox.

    Everyone alive in the last couple of years witnessed the CBN champion financial inclusion, digital banking and cashless transactions. It actively encouraged banks to expand their digital footprint, increase adoption of digital payments and decongest the banking halls. Nigerians responded positively. People embraced digital banking, relying on ATMs, mobile transfers and POS terminals instead of entering the banking halls.

    The CBN has issued a new directive that significantly increases charges on ATM withdrawals. The move, under the guise of improving efficiency, threatens to erode public confidence in the cashless policy and could force Nigerians back into the banking halls. It raises questions about Nigeria’s commitment to the Sustainable Development Goals (SDGs), especially Goal 8 (Decent Work and Economic Growth) and Goal 9 (Industry, Innovation, and Infrastructure).

    Last week, the CBN released a circular announcing new charges on ATM withdrawals, set to take effect from March 1, 2025. Under the new directive, customers using their bank’s ATMs will not be charged. However, interbank withdrawals will now incur a fee of N100 per N20,000 at on-site ATMs and up to N500 at off-site ATMs. International withdrawals will be charged based on acquirer fees, and the previous three free interbank withdrawals per month ceased.

    A person withdrawing N100,000 from an ATM that does not belong to their bank could pay close to N3,000 in fees. This is a huge increase from the existing system, where customers are entitled to three free withdrawals before incurring minimal charges. This new policy contradicts CBN’s previous commitment to financial inclusion and digital economy growth.

    Now, the introduction of new ATM withdrawal charges is likely to have several unintended consequences for Nigerians. One immediate effect will be the surge in the crowds in the banking hall, as many individuals, particularly those who cannot afford high transaction fees, will prefer to withdraw cash inside the bank. This defeats the purpose of the ATM expansion, which was meant to provide convenience and ease congestion in the banking halls.

    In addition, the ripple effect will be felt by POS agents. As ATMs become a less attractive option due to higher costs, more Nigerians will turn to POS terminals for cash withdrawals. This increased demand may push POS agents to raise service fees, making transactions even more expensive for everyday users.

    Moreover, these additional banking costs come at a time when inflation is already eroding the purchasing power of citizens. For many Nigerians struggling with economic hardship, the extra financial burden will worsen their situation. It will inadvertently make basic financial transactions more costly and less accessible. The new charges will pose a setback for financial inclusion and undermine the progress towards a more digital economy.

    So, what’s the way forward?

    To address the challenge posed by the new ATM withdrawal charges, the CBN should focus on policies that promote financial inclusion rather than discourage it. So, instead of imposing additional fees, it should encourage competition among banks by incentivizing them to expand ATM access, particularly in remote areas. This would reduce dependence on interbank withdrawals and improve overall efficiency.

    In addition, reintroducing the previous allowance of three free interbank withdrawals per month would help sustain ATM usage without burdening customers. At the same time, strengthening digital payment infrastructure is crucial if the goal is to transition to a cashless economy. Many Nigerians still struggle with failed transactions, delays and high mobile banking fees, which must be addressed to build trust in digital payments.

    The CBN should also regulate POS and mobile banking charges to prevent financial services from arbitrarily increasing fees in response to rising ATM costs. Without regulation, POS operators will likely raise their charges, making basic transactions more expensive for the public.

    Furthermore, the CBN must prioritize public awareness and stakeholder engagement before implementing major policy changes. Consulting financial institutions, consumer advocacy groups and the general public will ensure that new directives are well-received and do not disrupt economic activities.

    The CBN’s new ATM withdrawal charges represent, in my view, a step backwards in the country’s financial inclusion journey. While the apex bank may claim that these charges will improve ATM efficiency, the reality is that they will discourage digital banking, force people back into long queues in the banking halls and impose additional hardship on the masses. I can almost safely predict it would lead to fights in the banking halls.

    For now, however, the question remains: Is the CBN pushing Nigerians back into the banking halls? This is precisely what it looks like right now. Nigerians deserve respite.

    Eromosele, a corporate communication professional and public affairs analyst, wrote via elviseroms@gmail.com

  • TICT appoints Ojo Corporate Communications Lead

    TICT appoints Ojo Corporate Communications Lead

    To solidify its status as the leading terminal operator in Nigeria and position the company for its next strategic level growth phase, Tin Can Island Container Terminal, operator of Terminal B, Tin Can Island Port has appointed Philips Ojo to oversee and lead its corporate communications strategies and initiatives.

    In this new role, he will spearhead internal and external communications, brand management, CSR and sustainability, stakeholder engagement, advertising, and social media management.

    Ojo is a communications professional with a background in journalism and corporate communications. He began his career as a journalist with DailySun Newspaper before joining the corporate communications department of SIFAX Group in 2015 and rose to become a Deputy Manager in the department.

    He is a graduate of Masters of Transport Planning and Logistics; B.Sc Mass Communication (Journalism) and B.A. History and International Relations from the Lagos State University. He is also an Associate member of the Nigerian Institute of Public Relations and has attended various trainings at the School of Communications, Pan Atlantic University; Orange Academy; Wordslingers, Webloft Concepts, and the Federal Radio Corporation of Nigeria Training School.

  • GTCO Rated Nigeria’s Strongest Brand and Best Banking Brand in Nigeria

    GTCO Rated Nigeria’s Strongest Brand and Best Banking Brand in Nigeria

    Africa’s leading financial services institution, Guaranty Trust Holding Company Plc, has added to its impressive haul of accolades. It was recently named Nigeria’s strongest brand and Best Banking Brand in Nigeria by Brand Finance and Global Brands Magazine, respectively. These awards not only reaffirm GTCO’s position as a leading financial services group but also spotlight the Group’s enduring reputation as a customer-focused brand.

    Over the years, GTCO has demonstrated remarkable commitment to shaping the future of financial services in Africa and is renowned for its innovative approach to customer service and stakeholder engagement. The Group’s brand strength is underpinned by a strong commitment to delivering cutting-edge financial solutions, fostering meaningful customer relationships, and Promoting Enterprise using its proprietary free business platforms. Commenting on the two awards, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said: “These achievements are a reflection of our unwavering commitment to excellence, innovation, and customer satisfaction, as well as to building a truly international brand from our proudly African roots. We are delighted to receive these recognitions and inspired to continue delivering our promise of enriching lives with every opportunity.”

    GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years. The Group’s flagship banking franchise, Guaranty Trust Bank, was named Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

  • ICAN & NGX Regco Recommits To Transparency, Excellence In Corporate Reporting

    ICAN & NGX Regco Recommits To Transparency, Excellence In Corporate Reporting

    …As Dangote Cement, Airtel, Seplat Top Award

    The Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited (NGX RegCo) on Friday, 17th May held the maiden corporate reporting award, which recognizes the top 30 most capitalized companies listed on the Nigerian Exchange (NGX) for the 2022 financial reporting year.

    The awards underscored both organization’s shared commitment to fostering transparency, accountability, and international best practices within the private sector. Evaluation criteria included financial reporting, corporate governance, and sustainability reporting.

    Dangote Cement secured the top position across all three categories, earning the Platinum award alongside the best-in-class award of excellence in corporate governance. Airtel clinched the gold award, securing the second position and the best-in-class award of excellence in financial reporting for the period under review. Seplat Energy was honored with the Silver award while also receiving the best-in-class award for excellence in sustainability reporting.

    Speaking at the event, the president of ICAN, Dr. Innocent Okwuosa, commended NGX RegCo for ensuring better disclosures and reporting among listed companies.

    He noted that corporate reporting had evolved over the years from the time that most of its content focuses on financial reporting to when there emerged the clamour for incorporation of social and environmental disclosures.

    He emphasized the evolution of corporate reporting over time, highlighting the shift from a primary focus on financial reporting to the increasing request to incorporate social and environmental disclosures, noting that “the latter has evolved and have been differently propagated including but not limited to Environmental Social and Governance (ESG) disclosure and of late sustainability disclosures”.

    Okwuosa added that good corporate reporting must reflect the best elements in corporate governance, financial, and sustainability reporting, highlighting that the maiden edition is limited to NGX-30 companies for ease of administration and will be extended to all the listed companies in the future.

    In his welcome address, the CEO of NGX RegCo, Mr. Olufemi Shobanjo, highlighted that “without a doubt, transparency is one of the key drivers of any economy. It ensures full disclosure of information by entities and that such information is easily accessible to members of the public to make informed decisions. Over the years, there has been an evolution in the type and quality of information demanded, driven by heightened expectations from investors, decision-makers, and society as a whole.”

    He added that “while financial reports remain at the forefront of information required by stakeholders, the concept of Environmental, Social and Governance (ESG) considerations has become an area of increasing interest to both public and private sector stakeholders”.

    Shobanjo attributed this to the interplay between ESG and key issues such as sustainable development, corporate governance, climate change, stakeholder engagement, and community relations, amongst a myriad of others.

    “Stakeholders are beginning to demand more accountability, and companies are required to think beyond just profitability by expanding their scope to include the ethical impacts that their operations have on society or communities within which they operate.”

    He concluded that “as a self-regulatory organization, NGX Regulation remains committed to ensuring that the expectations of investors and other stakeholders regarding access to quality information are met.”

  • DSS establishes Directorate of Public Relations and Strategic Communications appoints Afunanya as Pioneer Director

    DSS establishes Directorate of Public Relations and Strategic Communications appoints Afunanya as Pioneer Director

    …commends DGSS, Y.M Bichi for Innovative Initiative

    The Department of State Services (DSS), as part of efforts in sustaining its engagement with citizens and the public at large as well as deepening democratic governance, transparency and accountability, has established a new Directorate of Public Relations and Strategic Communications (DPRSC). Consequently, it has appointed Peter Nnochirionye Afunanya, Ph.D, fsi, the erstwhile Public Relations Officer, to head the Directorate as the supervising Director and also be in charge of the Service’s public communications. The appointment took effect from 26th September, 2023. The Service has commended its Director General, Alhaji Yusuf Magaji Bichi CFR, fwc, for the initiative to undertake the expansion and particularly appointing Afunanya to pilot the Directorate.

    Afunanya comes to his new role with over 20 years vast and rich experience in Intelligence analysis, threat assessment, security administration, VIP protection/detailing, investigation, counterterrorism, open source intelligence management, background checks and security vetting, surveillance, security sector/intelligence governance, democratic accountability in law enforcement, educational research, peace advocacy, alternative dispute resolution, development communication, interagency cooperation/liaison, joint operations, teaching, public and media relations, reputation management, strategic communication, protocol and diplomatic affairs, writing, public speaking, stakeholder engagement among others.

    A Ph.D holder in Security and Strategic Studies which he bagged in 2019 from the Nasarawa State University, Keffi, Afunanya also possesses a Master’s degree in Peace and Strategic Studies, University of Ilorin, Kwara State from where he graduated in 2011. Similarly, he obtained a Master of Arts degree in English Language from the University of Uyo in 2009. Earlier, Afunanya graduated from Abia State University, Uturu, in 1997 with a Second Class Upper Division in English Language. He was a recipient of President’s NYSC National Honours Award for Outstanding Performance (1998/1999) Service Year; Edo State NYSC Meritorious Honours Award (1998/99) etc.

    Since his enlistment into the DSS in 1999, Afunanya has attended many courses in leadership, management, executive intelligence management, preventing and countering violent extremism as well as tradecrafts at the Service’s training institutions. Some of his foreign training programmes include Innovation and Strategy at Harvard University USA; Web investigation, City University, London; Security Management and Coordination, ARC London; International Conflict, USA; Counterterrorism and Strategic Communication, Switzerland. He has held many positions at the Service’s Headquarters, Commands and Formations, the last being the Public Relations Officer. He was a member of the Board of National Broadcasting Commission (NBC) and Sub Committee of the Presidential Transition Council. He currently serves as a member of the Strategic Communication Inter-Agency Policy and Coordination Committee (SC/IPCC) in the Office of the National Security Adviser (ONSA).

    He is a Fellow of the Security Institute (FSI) and member of many professional bodies including Society for Peace Scholars and Practice (SPSP), Nigerian Institute of Chartered Arbitrators (NiCarb), Institute of Chartered Administration of Nigeria, Association of Communication Scholars and Professionals of Nigeria (ACSPN), Institute of Safety Professionals of Nigeria (ISPON), American Society for Industrial Security (ASIS), Nigerian Institute of Management (NIM), Nigerian Institute of Public Relations (NIPR).

    Afunanya was a recipient of the DGSS Meritorious Award (2021). A strong team player, he is a patriot and committed community worker. He is married with children and loves photography, playing golf, volleyball, storytelling and writing poetry/short stories.

  • Feature: The 10-point Agenda for the New CBN Governor

    Feature: The 10-point Agenda for the New CBN Governor

    by Dr. Muda Yusuf

    The Centre for the Promotion of Private Enterprise [CPPE] lauds the nomination of Dr Olayemi Cardoso as the Central Bank Governor.  He has the academic, cerebral and industry credentials to head the apex bank. He also has the pedigree, disposition and character that the position demands. The CPPE presents the following as an agenda-setting proposition for the new CBN team.

    RESTORING CONFIDENCE TO THE FOREX MARKET.

    This is perhaps the most urgent task before the new CBN Governor.   Dr Cardoso is assuming the leadership of the CBN at a very crucial time in our economic history. There is a serious confidence crisis in the foreign exchange market fueling an unprecedented speculative onslaught on the naira. The economy is grappling with severe adverse effects of depreciating exchange rate, soaring energy costs, ravaging inflationary pressures, huge backlog of foreign exchange obligations that needs to be cleared and debt service obligations that need to be redeemed.  Sadly, these outcomes manifest at a time when the country’s foreign reserves have been substantially encumbered.

    There is an apparent deceleration in the pace of economic reforms as the outcomes are at variance with expectations.  The social costs of the reforms were substantially higher than anticipated, resulting in push-backs from the civil society.

    The economic management orthodoxy of market forces is being called to question in the light of the social outcomes of the market-oriented reforms.  There is a measured re-emergence of political economy with the reappearance of fuel subsidy and divergence in exchange rates.  This is evidently an economic management quandary that the new economic team would have to manage, and urgently too.  And the CBN has a key role to play in this.

    Meanwhile, the CBN must ensure strategic and transparent intervention in the forex market to minimize volatility, as far as the reserves can support. In addition to the I and E window, it has become necessary to create an autonomous window in the banking system where the currency can trade freely without any encumbrances. This is necessary to avert the diversion of remittances to other jurisdictions or the black market.  We cannot afford to live in denial at this time.

    The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors.

    Deepening the Financial System

    It is imperative to deepen the financial intermediation role of the deposit money banks, which is their primary role in an economy.  This responsibility entails the mobilization of financial resources from the surplus end of the economy, to the deficit segment of the economy.  Financial conditions remain very tight for the private sector amid challenges of access and cost of credit.

    Banking system credit to the private sector in Nigeria, as at 2022, was a mere 20.6% of the nation’s GDP, as sub-Saharan average of 28% and global average of 145%.  Besides, small businesses which account for an estimated 50% of the GDP, have access to just about one percent of the credit in the banking system.  The implication is that the banking system is still largely disconnected from the investing community, especially the small businesses in the economy.  Financing gap in the small business space has been estimated at over N600 billion.

    This anomaly needs to be corrected. All these underscores the need to deepen synergy and complementarity between the  banking system and the economic players, especially the MSMEs.

    The key metrics of the depth of the financial system include the ratio of financial assets to GDP; ratio of deposit liabilities to GDP; and ratio of money supply to GDP.  Nigeria’s rating on account of these ratios is still very low, compared to other emerging economies.  Therefore, deepening the financial system for stability is very critical.

    There is need to reduce the ratio of non-interest income as a percentage of income of banks. The ratio was 42.5% two years ago and would have gone up by now given the numerous headwinds confronting investors in the economy.  In most developing economies, the ratio is less than 30%.

     This income structure is a reflection of the failure of financial intermediation in the economy.  This therefore needs to addressed.  The core function of the banking industry is financial intermediation. A situation where non-banking activities are crowding out the financial intermediation functions of the deposit money banks is detrimental to the growth of the economy.

    Efficiency of the financial system

    The spread between deposit and lending rates in the Nigerian banking system is too high.  It is an indication of serious efficiency issues in the banking system.

    In Nigeria, the spread is over 20%, one of the highest globally. The average for sub-Sahara countries is 10% and global average is about 6.6%. The large spread is detrimental to investment growth and disincentive to savings. 

    Capital Requirements for Banks

    The minimum capital requirements of the banking industry need to be reviewed in the light of the considerable loss of value amid depreciating domestic currency.   During the banking consolidation exercise of 2004, the minimum capital requirements for banks was raised from N2 billion to N25 billion.  The revised capital requirement was an equivalent of $187 million.  Today the same N25 billion is an equivalent of just $32.5 million.  This is a clear indication of the phenomenal erosion of the capital base of the banks.  Recapitalization of the banks has, therefore, become imperative.  It is important to ensure that the capital base of banks can support their current exposures in the interest of the stability of the financial system.

    Ways and Means Financing of Fiscal Deficit

    Ways and means finances of the CBN must be kept within statutory limits to avoid the damaging impacts of high-powered money on the macroeconomic environment. The experience of the last few years must not be allowed to repeat itself.

    Naira Redesign Policy

    The naira redesign policy should be suspended indefinitely.  It should not be a priority at this time.  There was really no compelling argument to undertake the naira redesign in the first place.

    However, the momentum for the cashless economy should be sustained without resorting to the crude methodology of cash confiscation adopted by the previous dispensation in the CBN.  The approach was very disruptive and inflicted unbearable hardships on businesses and the citizens. 

    Economic activities need not be disrupted to achieve a reduction in cash transactions in the economy.  Indeed, Nigeria has one of the best rankings in cash dominance metrics. Cash as a percentage of GDP in Nigeria is one of the lowest globally at less than 2%.  For many other developing countries, the percentage is as high as 10%.

    Tenure and Cost of Funds in the Banking system

    The tenure of funds in the country’s banking system is extremely short.  Over 85% of deposits in the banking system are less than one year tenure.  This maturity structure of funds cannot support economic growth.  What it means is that long term investment cannot be supported by our banking system. Doing so will result in serious mismatch of tenure which could pose a risk to the banks stability. In 2021, the banking industry recorded a negative asset -liability mismatch of N45.6 trillion, according to the NDIC.  This is not healthy for the banking system and the economy.

    This is why there has been a dominance of development finance in the economy.  Such interventions funds have vulnerabilities that could create challenges for the economy.  There is a need to address the macroeconomic fundamentals to correct this maturity structure of funds in the banking system.

    Lending rate in the economy is very high and detrimental to investment and economic growth. SMEs pay as high as 30% interest on loans. For non-bank financial institutions, the rates are even more atrocious.   This is not conducive for investment growth and job creation.  Bringing down interest rates will require a mix of monetary and fiscal policies.

    Concentration risk in banking sector

    Steps should be taken to reduce concentration risks in the banking system as a strategy to manage systemic threats to the bank system. Currently, the top ten banks account for over 80% of bank assets, total loans, and deposit liabilities.  This structure poses systemic vulnerability risks.  Better spread of assets and liabilities in the banking system is desirable.

    Stakeholder Engagement

    The CBN governor needs to relate well with stakeholders, both in the public and private sector.  This is without prejudice to its autonomy or regulatory effectiveness.  Such collaboration would enrich the quality of monetary policy through beneficial feedbacks and empirical content.  It will also provide insights into the peculiarities of the economy. 

    The CBN should not have a territorial mindset.  It should be ready to engage with other ministries and agencies whose activities impact on investment environment. It is gratifying that the administration has put in place a policy coordination framework with the designation of a coordinating minister for the economy.

    Corporate Governance

    The CBN governor must observe the high standards of corporate governance to preserve the credibility and integrity of the apex bank.  There should be level playing field for all operators in the financial sector.  Regulatory process must be transparent, fair, equitable and firm.

    The CBN should be apolitical.  Involvement of the CBN leadership, any of its officers, members of the MPC and board members in partisan politics should be avoided.  They should completely above board. Involvement of the apex bank or its agents in partisan politics would do enormous damage to the credibility of the bank.  An apolitical CBN would be able to relate with any incumbent government, irrespective of the political party.

    DR Muda Yusuf is the Director/CEO of the Centre for the Promotion of Private Enterprise (CPPE)

  • Africa’s Finest: 6th Edition of The GTCO Fashion Weekend Holds in November

    Africa’s Finest: 6th Edition of The GTCO Fashion Weekend Holds in November

    The Fashion Industry is in for another exciting experience as the GTCO Fashion Weekend returns for its 6th edition in November. The highly anticipated event is scheduled to hold on November 11th and 12th, 2023, at the GTCentre, Plot 1 Water Corporation Drive, Oniru, Lagos.

    The GTCO Fashion Weekend is an annual consumer-focused fair designed to showcase the best of Africa’s Finest fashion to a global audience. Over the years, the event has firmly established its place as an incubator for diverse talent, creativity, and enterprise in fashion retail, bringing together some of Africa’s prominent fashion brands alongside relatively newer labels to interact with universally celebrated fashion icons and engaging style personalities. In keeping with tradition, this year’s event will feature insightful masterclasses and thrilling runway shows together with free stalls for over 120 fashion retailers. Colourful façades, lively music, and a delightful ambience are popular elements of GTCO fairs and work together to create a multisensory, thoroughly fulfilling experience for all attendees.

    Speaking on the 2023 GTCO Fashion Weekend, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said; “Fashion is not just about making items of clothing or style accessories, it is about exploring feelings and channelling creative expressions to create experiences that resonate with various buyers, across different markets. The GTCO Fashion Weekend is constantly evolving to reflect the rapid growth of the global fashion industry in terms of size and sophistication, as we continue to draw on the endless possibilities in fashion retail to create better outcomes for individuals, indigenous businesses, and our communities.”

    He further said; “The landscape for fashion design is always shifting; so too consumer needs. The 2023 GTCO Fashion Weekend provides a unique opportunity for local fashion retailers to seize on emerging trends and buyers’ preferences to reposition their businesses and thrive amidst the uncertainties and complexities of the future.”

    The GTCO Fashion weekend is one of the main platforms of Guaranty Trust Bank for ‘Promoting Enterprise’ primarily to benefit its growing retail and SME customer base as well as support the indigenous Creative Industry. Guaranty Trust Bank is the flagship subsidiary of Guaranty Trust Holding Company Plc, a leading financial services company providing banking and non-banking services across eleven countries spanning West Africa, East Africa, and the United Kingdom. The Group operates a diversified, ‘Proudly African’ franchise and is renowned for its innovative approach to customer service and stakeholder engagement, especially through its non-profit, consumer-focused fairs and capacity building initiatives for small businesses, which has endeared the GTCO brand to millions of people across Africa and beyond.

    For more information on this event, please visit, https://fashionweekend.gtcoplc.com

    Attendance is FREE.

  • Feature: The Indispensable Power of Public Relations in Shaping National Image and Confidence

    Feature: The Indispensable Power of Public Relations in Shaping National Image and Confidence

    by Ishola Ayodele

    “If I was down to my last dollar, I’d spend it on public relations.” Bill Gates

    In an era of global interconnectedness and instant communication, the significance of public perception cannot be overstated. A nation’s image on the international stage plays a pivotal role in attracting foreign investments, fostering diplomatic relationships, and building the confidence of its citizens. However, a recent statement questioning the efficacy of Public Relations (PR) by a government ministerial nominee who is likely to supervise the Nigerian Institute of Public Relations (NIPR), an institute with the onus of guiding and regulating the practice of the public relations profession in Nigeria has ignited a debate about the role of PR in bolstering a country’s image. It is imperative to address these concerns and emphasize the undeniable impact of a well-crafted PR strategy on enhancing national image, reputation and trust.

    The art of Public Relations is not merely about glossy campaigns or superficial narratives; rather, it is a comprehensive approach that involves strategic communication, stakeholder engagement, and reputation management. A well-executed PR strategy can effectively highlight a country’s achievements, showcase its cultural richness, and convey its commitment to progress and development. This goes beyond mere optics – it is a tool that, when wielded correctly, can reshape narratives and perceptions on a global scale.

    History undeniably attests to the profound and transformative power of public relations (PR) in molding and shaping national images. The numerous illustrative examples extensively found within the pages of my book ‘PR Case Studies: Mastering The Trade Vol 1 & 2’, serve as a testament to this assertion. Within the scope of our discussion, let us delve into a select few of these compelling instances.

    1. South Korea: “Korean Wave,”

    In the 1960s, the nation was largely associated with conflict and poverty. However, a well-coordinated PR campaign, exemplified by the “Korean Wave,” elevated South Korea’s global standing through the promotion of its culture, music, and technology. This not only attracted international interest but also drove tourism, trade, and investment, ultimately contributing to the nation’s economic growth.

    • Ireland: From Economic Crisis to Global Success

    During the late 2000s, Ireland faced a severe economic downturn due to the global financial crisis. However, the country strategically utilized Public Relations to reshape its image. By highlighting its highly skilled workforce, low corporate tax rates, and vibrant culture, Ireland attracted multinational corporations and positioned itself as a tech and innovation hub. This PR-driven approach played a significant role in the country’s economic recovery and emergence as a global player in the technology sector.

    • Colombia: Redefining Perception Through Tourism

    Colombia, a country once plagued by a negative image associated with drug cartels and violence, managed to transform its reputation through a well-executed PR campaign. The “Colombia is Passion” campaign emphasized the country’s rich culture, biodiversity, and hospitality. By showcasing its positive attributes and encouraging tourism, Colombia succeeded in changing perceptions and attracting visitors, which in turn bolstered its economy and reputation.

    • Rwanda: A Vision of Progress

    Rwanda, despite its tragic history, has effectively utilized PR to rebrand itself as a nation of progress and innovation. By focusing on sustainable development, wildlife conservation, and technology, Rwanda has attracted foreign investment and positioned itself as a promising African economy. PR played a pivotal role in communicating the country’s vision and achievements to the world.

    These case studies underscore the transformative potential of Public Relations in shaping national perceptions, building confidence, and driving economic growth. In each of these examples, strategic PR efforts were integral to overcoming challenges, attracting investments, and fostering a positive image that resonated both domestically and internationally.

    In addendum, the absence of a robust PR strategy can have dire consequences for a nation’s reputation and development. Without effective communication, misinformation and negative narratives can take root and create lasting misconceptions that hinder a country’s growth. This is particularly evident in the case of some African countries, where media portrayal of conflict and instability has often overshadowed the many positive achievements and potential for development of these countries. This skewed image can deter foreign investments, tourism, and other opportunities, thereby ultimately hindering the progress of these nations. This is underscored by a study by United Nations Conference on Trade and Development (UNCTAD) which found that the perceptions of a country’s business environment significantly impact foreign investors’ decisions

    Furthermore, lack of effectively coordinated, clear and timely communication regarding policies and regulations between a government, its agencies and stakeholders can profoundly affect investor trust, potentially leading to a tarnished national reputation that discourages foreign direct investment (FDI). For instance, in 2014 the Nigerian government introduced the Automotive Policy aimed at boosting the domestic automotive industry through higher tariffs on imported vehicles and incentives for local assembly faced challenges due to uncoordinated communication and unclear directives from government agencies. Conflicting information and sudden changes in tariff rates created uncertainty, causing foreign automakers and investors to hesitate in establishing local manufacturing operations. The resulting lack of investor confidence led to delayed or canceled investment plans, illustrating how inconsistent communication and policy implementation can discourage foreign direct investment and undermine the overall business climate.

    The World Bank’s report on Governance and Foreign Investment, titled “Governance Matters highlights the strong connection between good governance (which encompasses, transparency, accountability, and effective communication) and the inflow of foreign direct investment (FDI). According to this report, countries that demonstrate transparency, accountability, and open communication through effective PR strategies are more likely to attract higher levels of FDI.

    Finally, a robust PR strategy contributes to citizen engagement and trust-building. When citizens are informed about government initiatives and achievements, they are more likely to feel a sense of ownership and pride in their nation. This fosters a positive feedback loop where citizens become active ambassadors, sharing positive stories and experiences with the international community. This can inspire a sense of national pride in citizens in the diaspora which may motivate them to invest in their own country because Diaspora investment, in particular, is often fueled by emotional ties and a sense of connection to one’s country of origin. For example, Israel has a strong and globally dispersed diaspora that has played a significant role in supporting the country’s economic development. The “Yozma” program, which aimed to attract venture capital to Israel, was partly initiated by Israelis living abroad. Many members of the Israeli diaspora invest in Israeli startups and high-tech companies.

    IN CONCLUSION,

    Although, it is widely acknowledged that past administrations in Nigeria have made successive attempts to repair the country’s battered international image; however, these efforts have often lacked the foundation of a comprehensive and strategically planned public relations approach. To attribute the failures of these governments solely to the ineffectiveness of PR in boosting the country’s image would be oversimplifying the issue. A more accurate analogy would recognize that when the archer misses the bull’s eye, it is not the arrow that is solely to blame, but rather a comprehensive evaluation of the archer’s technique and execution is necessary.

    Consequently, rather than dismissing PR as a futile expenditure, governments should recognize it as an indispensable investment in national development, reputation, and progress. In a world where perception shapes reality, Public Relations emerges not as a luxury, but as an inevitable tool for shaping the destiny of nations.

    Ayodele Ishola is a “Message Engineering” specialist. He helps Leaders, Brands & organizations communicate in a way that yields the desired result.