Sanwo-Olu urges greater consumer protection amid rising costs

Lagos State Governor Babajide Sanwo-Olu has advised commercial enterprises against transferring the entirety of escalating operational expenses to end consumers, encouraging them to pursue innovation whilst preserving product excellence and perceived value.

The governor affirmed that the state would persist in facilitating business development through infrastructure provision, judicious regulatory frameworks, and collaborative public-private sector initiatives.

Sanwo-Olu, addressing the fifth Consumers Value Awards and BrandXchange Awards ceremony in Lagos, delivered his remarks through Afolabi Soyebo, General Manager of the Lagos State Consumer Protection Agency.

The gathering, organised around the theme "Beyond Satisfaction: Redefining Consumer Value in a New Economy," assembled prominent brands, governmental bodies, and relevant industry participants.

The awards programme honoured forty brands and public institutions representing diverse economic sectors.

The governor observed that Nigeria's evolving economic landscape had elevated consumer expectations, emphasising that commercial entities must transcend elementary customer satisfaction.

He stated, "In the 'New Economy'—characterised by instability, technological disruption, and an exceptionally discerning consumer base—satisfying expectations represents merely the baseline requirement. Mere satisfaction is insufficient; we must now endeavour to create significance."

Sanwo-Olu emphasised that contemporary consumers function not exclusively as purchasers of commodities and services, but increasingly demand credibility, favourable interactions, and substantive value from commercial entities.

In his assessment, consumers possess "comprehensive information access, amplified influence through digital platforms, and constraints imposed by financial circumstances," noting that the typical Lagos consumer requires substantially more than a functional product.

He underscored trust, compassion, inclusivity, and environmental responsibility as fundamental dimensions of consumer value, imploring organisations to comprehend customer circumstances and act with accountability.

"When we reference 'Beyond Satisfaction,' we signify that a commercial exchange marks not the conclusion of engagement, but rather the commencement of a binding commitment," the governor concluded.