Health
Sanwo-Olu urges greater consumer protection amid rising costs
Felix Oloyede
Lagos State Governor, Babajide Sanwo-Olu, has cautioned businesses against passing the full weight of rising operating costs to consumers, urging them to innovate while maintaining product quality and value.
The governor said the state would continue to support businesses through infrastructure, effective regulation and public-private sector partnerships.
Sanwo-Olu, who spoke at the fifth Consumers Value Awards and BrandXchange Awards held in Lagos, was represented by the General Manager of the Lagos State Consumer Protection Agency, Afolabi Soyebo.
The event, with the theme, “Beyond Satisfaction: Redefining Consumer Value in a New Economy,” brought together brands, government institutions and other industry stakeholders.
The awards recognised 40 brands and public institutions across several sectors.
The governor said Nigeria’s changing economic environment had raised consumers’ expectations, noting that businesses must offer more than basic customer satisfaction.
He said, “In the ‘New Economy’— an economy defined by volatility, digital disruption, and a highly discerning populace — meeting expectations is merely the entry fee. It is no longer enough to satisfy; we must now seek to signify.”
Sanwo-Olu said consumers were no longer merely buyers of goods and services, but increasingly demanded trust, positive experiences and lasting value from brands.
According to him, consumers are “armed with information, empowered by social media, and burdened by economic pressure,” adding that the average Lagos consumer seeks more than a product that works.
He identified trust, empathy, accessibility and sustainability as key elements of consumer value, urging firms to understand customers’ realities and respond responsibly.
“When we say ‘Beyond Satisfaction,’ we are saying that a transaction is not the end of the relationship; it is the beginning of a covenant,” the governor said.
Sanwo-Olu congratulated brands recognised at the awards but warned them against taking consumers’ confidence for granted.
He said, “Your awards are not just trophies; they are a receipt of the trust the people have placed in you. Do not take that trust for granted.”
The Director-General of the National Agency for Food and Drug Administration and Control, Prof Mojisola Adeyeye, also warned manufacturers and service providers against compromising safety and quality.
Adeyeye, who was represented by the Head, Reforms Unit/Office of Women and Child Health, Joan Abaagu, said consumer value must be anchored on safety, quality and efficacy.
She added that products that did not meet acceptable standards could endanger public health.
“We believe that protecting consumers from substandard, falsified and unwholesome food or drugs is the most critical foundation for a sustainable society,” she said.
Adeyeye commended BrandXchange for creating a platform through which consumers could assess brands and public institutions, saying the initiative reinforced the importance of trust between businesses, government agencies and consumers.
Also speaking, the Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission, Dr Aminu Maida, said consumer value in the telecommunications sector must be evident in service quality and subscribers’ lived experiences.
Maida, who was represented by the Team Lead, Support Services, NCC Lagos Zonal Office, Temitope Alli-Balogun, said consumers now expect more than basic satisfaction from service providers.
He said, “Consumers increasingly demand services that are reliable, accessible, transparent, responsive, and capable of improving their lives and enabling their participation in the economy.”
The NCC boss expressed appreciation for the “Outstanding MDA Public Service Impact Award – Federal” presented to the commission, describing it as a reflection of Nigerians’ confidence and support.
The Consumers Value Awards featured 40 categories spanning banking, fintech, manufacturing, telecommunications, health, green energy, electronics and insurance, among others.
FirstBank emerged as the winner in the banking category, while OPay won the fintech category and Jumia was named the winner in the online retail category after an online voting process.
The Federal Competition and Consumer Protection Commission won the Customer-Centric MDA of the Year award after receiving the most customer votes.
The NCC received the Outstanding MDA/Public Service Impact Award, while NAFDAC won the Most Trusted Public Institution award.
The Lagos State Printing Corporation received the Excellence in Service Delivery Award, while the Lagos State Waste Management Authority won the Outstanding Public Service Impact Award.
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