Peaceful election expects to bring sunshine to CMOs

Chief marketing officers (CMOs) of companies who slowed communication activities prior to the presidential election on the reasons that their advert messages would be enveloped by heavy political campaign and trepidation over the elections are expected to bounce back following the peaceful conduct of the election.

There were apprehension and fears within Nigeria’s business community and social circles over possible fracas during and after the 2015 presidential election. This was compounded by the shift in the election earlier scheduled forFebruary 14 to March 28.

Investors responded quickly to these developments by playing the wait-and-see game. In the capital market, foreign investors who control the major chunk of trading traded cautiously as they continue to weigh possible risk of the election outcome. This led to lowered demand for Nigerian stocks.

In the real estate sector as in other sectors, activities slowed following a cautious attitude by major investors who pulled back with keen eye on the possible outcome of the general election.

In a report, Rasheed Yussuf, immediate past president, Association of Stockbroking Houses of Nigeria (ASHON) in Lagos, said that investors had developed “wait-and-see” attitude due to uncertainties surrounding the 2015 elections.

Reports also indicate that some foreign and local investors awaited the outcome of the election before commiting to certain investment decisions.

Other reports state that in the Northern and other parts of Nigeria businesses were affected as some businessmen and women travelled for possible safety for fear of the unknown, considering the violence that erupted during and after the 2011 elections.

Business managers had said that it was sensible to await for the elections and the shape of the new government before making investment decisions. According to them, businesses do not like uncertainties and elections time provide such challenges.

On the wait-and-see attitude, the Lagos Chamber of Commerce and Industries (LCCI) said investors needed to have an idea of the direction of the country’s political and economic governance in order to manage policy and political risks of investments.

Remi Bello, president, LCCI, agreed that, “political transition periods were typically characterised by profound anxiety and uncertainty,” saying major investment decisions were difficult to take at times like these, as the tempo of economic activities had expectedly decelerated as a result of the impending elections.

Now the presidential election is over with Goodluck Jonathan accepting defeat, a commendable move which doused tension, the CMOs are expected to resume their full marketing communication messages in various media platforms to engage with their audiences, said a media analyst.

Product marketing and various events held back due to the fear of the election outcome because of past experiences could now roll on, as one media analyst puts it, “Jonathan has saved us by accepting defeat” a development which was uncommon in Nigerian politics.