The Consumers Value Awards (CVA) showcased the significant influence of Nigerian consumers on market dynamics, especially in an economy facing inflation and rising costs. The event, organized by BrandXchange, emphasized the theme of “Empowering Consumers,” highlighting how consumer feedback directly impacts corporate behavior and value delivery.
Governor Babajide Sanwo-Olu was recognized as the Consumer Rights Advocate Governor of the Year for his efforts in empowering consumers. In his acceptance speech, he discussed initiatives like the Lagos State Consumer Protection Agency (LASCOPA), which works to ensure businesses uphold ethical standards and protect consumer rights. He stressed that while the government plays a crucial role, consumer empowerment requires collaboration from businesses and civil society.
In addition to the governor, several brands and leaders were honored at the event. Peak Milk was awarded the Most Trusted Dairy Brand of the Year, acknowledged for its consistent quality and value delivery. Similarly, Indomie Instant Noodles took home the award for the Most Preferred Noodle Brand, chosen by consumers for its affordability and taste. In the financial sector, First Bank of Nigeria received the award for the Best Customer Service Bank, recognized for its commitment to customer satisfaction and service excellence.
The awards process involved one month of nominations and three months of voting, allowing consumers to directly endorse brands. Akonte Ekine, Chief Analyst of BrandXchange and the convener of the awards, emphasized in an interview that the CVA serves as a platform for consumers to express their preferences and hold brands accountable. “Consumers are not just passive participants; they have the right to be heard, to question, and to demand better,” Ekine stated, highlighting the democratic power that consumers hold in today’s market.
In the current economic climate, with challenges like the removal of fuel subsidies and rising electricity tariffs, the empowerment of consumers has gained renewed importance. Brands recognized at the CVA were chosen based on consumer votes, reflecting their ability to meet expectations and deliver value even amidst economic strain. However, the awards also signal a call to action for continuous improvement and adaptation to consumer needs.
The CVA aims to amplify the voices of consumers like Chioma Okoli, who actively hold companies accountable for their products and services. This consumer engagement fosters an economy where transparency, quality, and ethical behavior are paramount. Ekine stressed that empowering consumers can lead to innovation and competition based on value rather than price alone, creating a positive impact on the overall market.
The Consumers Value Awards represent a shift in Nigeria’s market landscape, where consumers are increasingly recognized as active participants in driving brand success. By celebrating both brands and the consumers who support them, the awards highlight the growing power of the consumer in shaping the economy.
