Victor Ebhomenye is the executive director, Market Trend International (MTI), a market research agency. In this interview with Ngozi Okpalakunne, he speaks on Nigerians’ perception of market research information, the challenges and the way forward, among other related issues. Excerpts.
How would you appraise the perception of market research information by Nigerians?
The perception of research by Nigerians is still evolving, but there is a lot of ground to cover. For many Nigerians, the importance of research is not fully understood. Unlike in thriving economies where SMEs and businesses rely on feasibility studies, market analysis, and price elasticity research as part of their core operations, the approach here remains underdeveloped.
Many local businesses still see research as an unnecessary expense rather than a strategic asset. In Nigeria, skepticism often surrounds research results. Clients are wary of whether the data is credible, fearing manipulation or inaccuracies. This distrust stems partly from a general tendency to approach processes with skepticism and a need for more transparency. For us in the industry, it’s crucial to demonstrate that research is about delivering reliable, actionable insights that add real value. Trust-building is essential here.
As agencies, we must focus on consistently providing high-quality data to reassure clients. Interestingly, while multinational companies and large corporations already recognise the importance of research, SMEs and micro-businesses, which form the backbone of our economy, are only beginning to understand the benefits.
The task is to educate these smaller entities, making them see that research is a tool for growth and resilience. Ultimately, research should be embraced across all levels, from small businesses to multinational corporations, as it provides valuable information that helps improve processes and anticipate market needs.
What role has MTI played in driving economic growth and development in Nigeria?
MTI has been instrumental in shaping Nigeria’s economic growth over the last 36 years. Our work spans a variety of industries, and we have consistently provided insights that help organisations make informed decisions. For instance, we’ve been affiliated with government entities and leading companies like Coca-Cola, and we played a critical role in product testing for Five Alive. Beyond commercial projects, MTI has collaborated with NGOs on projects like food security, and in the aftermath of the Boko Haram insurgency, we conducted research to assess the needs of communities that were heavily impacted. Through these efforts, MTI’s role has evolved beyond traditional research; we’ve become a bridge between people’s needs and the solutions organisations and the government aim to provide. Each project reaffirms our commitment to driving positive change and sustainable development in Nigeria.
What are some of the challenges facing market research in Nigeria, and what is the way forward?
Market research in Nigeria is facing several key challenges. A primary issue is the limited pool of skilled researchers. Market research, unfortunately, is not widely taught or emphasised in our educational system, leading to a general lack of awareness and a shortage of trained professionals in the field. This skill gap contributes to a lack of recognition for the industry and the value of research-driven insights. Furthermore, the general public often lacks a full understanding of the importance of research, leading to skepticism about research findings and reluctance to trust data.
To address these challenges, we need a twofold approach. First, investing in capacity-building is essential. By developing training programmes to nurture skilled researchers and forming partnerships with educational institutions, we can create a strong talent pipeline. Second, collaboration with government agencies to improve data collection and data sharing would enhance the quality and credibility of market research. By raising awareness about the value of accurate, unbiased data, we can gradually shift perceptions and build trust in the industry. Ultimately, the way forward lies in fostering a culture that values knowledge and insights, making data-driven decision-making the norm rather than the exception.
How has your organisation collaborated with other global research agencies to inform Nigerians on local and global issues?
Collaboration with global research agencies is something we already prioritise at MTI. We have strong partnerships with renowned international organisations like WIN and Gallup. Each year, we engage in syndicated research initiatives that focus on various social issues, providing valuable local and global insights. Through these partnerships, we can conduct research locally and contribute to global studies, resulting in findings from over 300 countries worldwide. This collaboration is powerful for several reasons. First, it allows us to gain a broader perspective on local issues by comparing them to global trends. Second, it brings our findings to a wider audience, not only within Nigeria but also on international platforms. We regularly share these insights on social media, particularly on LinkedIn and Facebook, to ensure that our findings are accessible to the public. These partnerships serve as a bridge between local data and global awareness, fostering a deeper understanding of Nigeria’s unique challenges and opportunities within a worldwide context.
In your opinion, how can the government address the persisting cost of living crisis?
This is a multi-faceted issue, with implications both for the government and for ordinary Nigerians. Addressing the government first, I would recommend exploring ways to alleviate the economic strain on the population. While returning to a subsidy regime may not be feasible in the current climate, there are still steps that can be taken to soften the blow. For example, accelerating the rollout of palliative measures, such as expanding CNG (Compressed Natural Gas) stations, would help diversify energy options and reduce dependence on petrol. This shift could have a positive ripple effect, easing inflation pressures and food costs over time. Ideally, the subsidy removal would have been accompanied by efforts to tackle foundational issues like electricity, road infrastructure, and water supply. In a scenario where we had reliable, affordable power, the impact of fuel price hikes would be less severe. Addressing corruption, improving electoral transparency, and reforming taxation should also be key priorities.
However, since we are already in this position, the best course of action is to ensure that palliative measures are timely and transparent, with clear information on the status and accessibility of these resources.
For Nigerians, my advice is one of patience, albeit in a difficult time. Economic reforms take time to manifest tangible benefits, and rebuilding a robust economy is no small feat. While the current situation is tough, we must collectively commit to giving these policies time to take effect.
By 2027, we will be in a better position to assess the impact of these reforms and, as a nation, decide on the next steps. Until then, resilience and patience are crucial as we navigate these economic challenges.
What informed your interest in market research?
My interest in market research is deeply personal and goes back to my childhood. My father has been a pioneer in the Nigerian market research industry for decades, playing a formative role as one of the founders. I grew up watching his passion for uncovering insights and his dedication to understanding and shaping Nigeria’s economic landscape through research left an indelible mark on me. From a very young age, I witnessed the tangible impact that well-grounded research could have on businesses and communities. This exposure instilled in me a sense of duty to carry forward that legacy, build upon his work, and contribute to Nigeria’s development through data-driven insights.
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