15 hours Ago By Guardian Nigeria
• Nigerians demand more as satisfaction index hit 67% Nigerians have called for improved customer service delivery across all sectors of the economy. This comes as a report said Nigeria’s overall customer satisfaction (CSAT) index improved to 67 per cent in 2024, up from 61 per cent in 2023, indicating marginal growth. Conducted by the West African Association for Customer Service Professionals (WAACSP), the Nigeria Customer Service Index report, unveiled in Lagos, yesterday, assessed 12 sectors divided into 21 sub-sectors, using eight key parameters.
These parameters include trust, branch availability, branding and appearance, competence, complaint resolution, ease of doing business, processes and procedures, professionalism and customer-centred innovations. According to WAACSP, sectoral performance results, however, showed varying trends, with some sectors making significant progress, while others declined or remained stagnant. According to the report, the transportation sector emerged as the top-performing industry with a 73 per cent rating, surpassing the hospitality sector (72 per cent), which dropped from its 2023 first-place ranking.
The index revealed that the real estate sector ranked lowest with a 62 per cent dissatisfaction rate, followed by the power sector with 61 per cent and eCommerce, with 60 per cent. Board Chair, WAACSP, Yvonne Ohui MacCarthy, in her forward on the research, which surveyed 69 per cent female and 31 per cent male, noted that in an increasingly competitive global marketplace, the importance of exceptional customer service cannot be overstated. MacCarthy said exceptional customer service is the cornerstone of customer loyalty, brand reputation, and sustainable business growth in any economy, stressing that this must be sustained.
She said the findings illustrated the strides made by numerous sectors in Nigeria, showcasing both improvements and areas that require further attention. According to her, the 2024 Index revealed notable advancements in customer service performance, particularly in sectors such as real estate, telecommunications, and hospitality. These improvements are indicative of a growing recognition among businesses of the need to prioritise customer satisfaction and adapt to evolving consumer expectations.
“However, we must also acknowledge the challenges faced by certain sectors, such as insurance and power, where customer satisfaction remains a pressing concern,” she stated. The report noted that in 2024, Nigeria’s power sector showed some signs of progress, particularly through efforts to stabilise the electricity supply and enhance regulatory frameworks. It said the National Electricity Regulatory Commission (NERC) made notable strides in implementing policies aimed at improving market transparency and addressing tariff issues.
The National Integrated Power Projects (NIPP) and other initiatives attempted to improve power generation, but these efforts remained insufficient to meet the growing demand. “Generating companies (GenCos) still faced difficulties related to underfunding, gas supply shortages, and poor infrastructure. The challenges also extended to the financial health of power companies.
The sector remained heavily dependent on government subsidies, and high debts in the value chain compounded its financial instability,” the report noted. Further, the report noted that issues related to poor governance, regulatory inconsistencies, and the lack of an effective billing system continued to affect customer satisfaction and revenue generation. In the Real Estate sector, the report noted that in 2024, it experienced both growth and setbacks.
Valued at approximately N225 trillion, it remained a key contributor to the economy. It said investment opportunities emerged in commercial real estate, luxury housing and industrial developments, particularly in Lagos slowed transactions. It said despite these difficulties, the future outlook remained cautiously optimistic.
According to it, government initiatives to digitise property transactions and streamline regulations could improve transparency and attract further investment. It said government efforts to improve housing policies and mortgage financing also aimed to support the sector. “However, challenges persisted.
The sector’s GDP declined in Q1 due to rising construction costs, currency depreciation, and limited access to financing. The affordability crisis worsened as property prices outpaced income growth. Developers struggled with material costs, while regulatory bottlenecks—such as complex land registration and legal disputes.
“Moreover, they furnish valuable hot inflation stabilizes and interest rates become more favourable, real estate demand is expected to recover, particularly in residential and commercial segments. “Addressing affordability and regulatory inefficiencies will be crucial for long-term stability. With strategic reforms, the sector could regain momentum, contributing more effectively to Nigeria’s economic growth,” it stated.
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