In today's Nigerian economy, consumers face rising prices and tighter budgets, making value a crucial measure beyond mere satisfaction. Consumer advocate Akonte Ekine emphasizes that true consumer value is where price, quality, service, trust, and experience intersect. Consumers seek answers to questions like: Was the product worth the money? Did the service provider keep their promise? Was I treated fairly? Ekine stresses that brands must move beyond traditional satisfaction surveys to measure trust, transparency, and responsiveness.
Consumer rights conversations in Nigeria should not be limited to the elite, but rather be a widespread understanding. Ekine notes that every Nigerian is a consumer, regardless of their economic status or location. The challenge lies in educating and empowering everyday Nigerians, particularly those in informal local markets, to recognize, protect, and voice their rights when receiving substandard goods or services. Ekine advocates for sustained consumer education using local languages, community radio, social media, and other accessible channels.
Through BrandXchange and the Consumers Value Awards, Ekine has provided a digital platform for citizens to rate private brands and public institutions. A significant shift observed is that organizations are paying more attention to consumer perception and public feedback. Brands and institutions are increasingly interested in understanding not only what consumers buy but also how they feel about their experiences. Consumers are becoming more confident in expressing their opinions, and some regulators, government institutions, and private organizations are engaging consumers more directly.
Ekine emphasizes that consumer advocacy is about collaboration rather than confrontation. He suggests that consumer pages, civic groups, and regulators like the FCCPC should work seamlessly with the private sector to build a marketplace based on mutual trust. The strongest markets are those with dialogue, trust, and accountability among regulators, consumer groups, civic organizations, and businesses. Ekine believes that creating more platforms for engagement can lead to better outcomes for all parties involved.
For an ordinary Nigerian navigating today's marketplace, Ekine outlines three non-negotiable responsibilities to ensure absolute value for their hard-earned money. Firstly, consumers must become more informed and deliberate in their choices by asking questions, comparing alternatives, and seeking information. Secondly, consumers should consider not only price but also quality, durability, service, and trust when making a purchase. The cheapest option is not always the best value.
Ekine's third point is that consumers should speak up if a product is substandard or a service falls short. Consumers should complain through appropriate channels and share constructive feedback, as their voice is essential in improving the marketplace. When consumers are given a credible platform to speak, organizations listen more carefully, and this can lead to a healthier marketplace built on mutual trust rather than suspicion.
The future of the marketplace belongs to institutions that see consumer feedback as valuable insight for improvement, rather than criticism. Ekine's work through BrandXchange and the Consumers Value Awards aims to promote a culture of accountability, transparency, and trust in Nigeria's marketplace. By working together, consumers, regulators, businesses, and the media can create a marketplace that prioritizes value, trust, and mutual benefit.
Key points
- Consumers in Nigeria now prioritize value, transparency, and trust in transactions due to rising costs and economic challenges.
- Educating and empowering everyday Nigerians to recognize, protect, and voice their rights is crucial for a healthier marketplace.
- Collaboration among consumers, regulators, businesses, and the media is essential for building a marketplace based on mutual trust rather than exploitation.
