Lagos State Governor, Babajide Sanwo-Olu, has urged businesses to avoid transferring the full burden of rising operational costs to consumers, while encouraging them to innovate and maintain quality products and services.
Sanwo-Olu made the call at the fifth Consumers Value Awards and BrandXchange Awards in Lagos, where he was represented by the General Manager of the Lagos State Consumer Protection Agency, Afolabi Soyebo.
The event, themed “Beyond Satisfaction: Redefining Consumer Value in a New Economy,” brought together businesses, government agencies and other stakeholders.
The governor said the changing economic environment had increased consumers’ expectations, making it necessary for businesses to provide more than basic customer satisfaction.
He noted that consumers increasingly seek trust, positive experiences and lasting value from the brands they patronise, particularly amid economic pressures and the growing influence of digital platforms.
Sanwo-Olu identified trust, empathy, accessibility and sustainability as important components of consumer value and urged businesses to understand consumers’ circumstances and respond responsibly.
He also warned award-winning brands against taking customers’ confidence for granted, stressing that recognition should come with greater responsibility toward consumers.
The governor assured businesses that the Lagos State Government would continue to support the private sector through infrastructure development, effective regulation and public-private partnerships.
Meanwhile, the Director-General of the National Agency for Food and Drug Administration and Control, Prof. Mojisola Adeyeye, urged manufacturers and service providers to prioritise safety, quality and efficacy.
Adeyeye, represented by Joan Abaagu, Head of the Reforms Unit/Office of Women and Child Health, said substandard and unsafe products could pose serious risks to public health.
She commended BrandXchange for providing a platform that allows consumers to assess brands and public institutions, noting that such initiatives strengthen trust between businesses, government agencies and the public.
The Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission, Dr Aminu Maida, also said consumer value in telecommunications should be reflected in reliable and accessible services.
Maida, represented by Temitope Alli-Balogun of the NCC Lagos Zonal Office, said subscribers increasingly expect transparent, responsive and dependable services that improve their daily lives.
The Consumers Value Awards recognised 40 brands and public institutions across sectors including banking, fintech, manufacturing, telecommunications, health, green energy, electronics and insurance.
FirstBank won the banking category, while OPay emerged in the fintech category and Jumia was recognised as the online retail winner following an online voting process.
The Federal Competition and Consumer Protection Commission received the Customer-Centric MDA of the Year award, while the NCC won the Outstanding MDA/Public Service Impact Award.
NAFDAC was recognised as the Most Trusted Public Institution, while the Lagos State Printing Corporation and Lagos State Waste Management Authority also received awards for service delivery and public service impact respectively.
