NRMG: Proper Reputation Management Will Attract Investment, Boost Nigeria’s Economy

Raheem Akingbolu

The Chairman ofNigeria Reputation Management Group (NRMG), Yomi Badejo-Ogunsanya, has identified the importance of reputation management in national development, insisting that there is a strong correlation between corporate reputation and financial performance.

Speaking to THISDAY during the unveiling of the NRMG in Abuja, Okusanya expressed his disposition for the poor reputation Nigeria has consistently contended with and pointed out that proper reputation management would play a pivotal role in shaping the success and growth of businesses in Nigeria.

While calling on stakeholders in the Nigeria project to wake up and assume the position of salesmen to market the country’s potential, Okusanya, who is a former President, African Public Relations Association (APRA), said a strong reputation could enhance a country’s perceived value, leading to higher valuation multiples and increased investor interest.

He said: “What applies in a situation where investors and lenders scrutinise a company’s reputation as a key factor in their investment decision making process also affects countries as entities. A strong reputation helps economic growth but conversely, a tarnished reputation can significantly impede a country’s access to global opportunities, partnership and her ability to attract new investors.”

Speaking at the event, the Minister of Information and National Orientation, Mohammed Idris, stated that the federal government would remain committed to reshaping the global perception of Nigeria through a strategic partnership with the NRMG.

Idris, who admitted that the initiative aimed to highlight and showcase Nigeria’s authentic identity, achievements, and strengths, emphasized the country’s economic progress and potential.

He said by leveraging the NRMG’s expertise, the government would amplify the diverse voices of Nigerians while celebrating the country’s culture, innovation, and contributions on the global stage. This aligns with the vision of promoting Nigeria’s positives while fostering unity and national pride.

“The Nigeria Reputation Management Group will play a pivotal role in promoting and changing the global perception of our dear country, by showcasing and highlighting our true identity, achievements, strengths and positives, while also amplifying the voices of our various peoples. 

”To accomplish this, the Group will build strategic partnerships and collaborations with stakeholders across various sectors, including government, private industry, civil society, the media, and youth organizations, within and outside the country,” Idris stated.

The Minister said the unveiling of the NRMG, a brainchild of the Nigerian Institute of Public Relations (NIPR), marked a significant step forward in the nation’s collective resolve to redefine itself as a people as well as harnessing its brand reputation as one of its core assets, which is more often than not, ignored while computing the country’s primary assets.

“As you are all aware, a country’s brand reputation is one of its core assets, alongside its financial, natural and mineral resources. However, the intangibility of brand reputation means that it is often not reckoned with or grossly underestimated in the accounting of a country’s primary assets. This dismissive mindset is what the NIPR seeks to challenge, through the NRMG,” he further said.

As these positive influences accumulate, Idris added that they would create a virtuous cycle, which would further enhance Nigeria’s attractiveness and position it as a destination of choice for even more opportunities.

“In the area of culture, for example, Nigeria has one of the strongest brands in the world, especially on account of our music and our literature. Our films, fashion, and food are also making impressive strides, and with more intentional support, can conquer the world just as boldly as our music is doing,” he stated.

According to the Minister, to establish a strong platform for Nigeria’s positive emergence on the global stage, President Bola Ahmed Tinubu is implementing far-reaching economic reforms to create a more enabling environment, opening up numerous opportunities for Nigerians to thrive and attain prosperity.

He said so far, the reforms were alreading manifesting in attaining local government autonomy, implementation of a new national minimum wage, setting up of a consumer credit scheme, and student loan scheme, as well as improvement in agriculture and security.

Idris stated that the National Orientation Agency (NOA) had taken the lead in re-orienting the nation’s values system through programmes such as the National Values Charter, as a home-grown mechanism designed to reinforce positive values and attitudes among Nigerians, thereby improving the country’s reputation domestically.