Nigeria ranks second globally in trust towards innovation management, with 35 percent of respondents affirming that innovation is well-managed in the country, according to the latest 2024 Edelman Trust Barometer.

The report by Edelman, a global public relations consultancy, revealed compelling insights into Nigeria’s unique position on the global stage, particularly regarding trust in innovation management.

“The average of the 28 participating countries were nearly two times more likely to say innovation was poorly managed. However, the local research has shown two African nations bucking the trend, along with UAE and Saudi Arabia,” the firm said in a statement.

It said on average, Africa’s most populous nation is on par with Kenya at 35 percent of respondents saying that innovation was well managed, and 41 percent of Nigerians neutral on the issue.

“This belief in innovation being well-managed locally was surpassed only by Saudi Arabia at 37 percent.”

At the report launch on Thursday, Kwame Senou, executive director of The Holding Opinion and Public said, “In Nigeria, innovation is about a better future, with Fintech as a good innovation which is well managed, solar power for energy is well managed and these drive acceptance and innovation which is not just fancy but solve practical problems for people.”

Karena Crerar, CEO of Edelman Africa said “To ensure trust and innovation to bring the promise of a better future is what all societies are looking for and we rely on our institutions as seen in the data to help us do that.

“While businesses are most trusted to manage the innovation, to be competent and ethical, we see in engagement that businesses have to partner with government and CEOs needs to address the consequences such as the impact on jobs and ethical concerns,” she said.

“Responsible innovation has to have a balanced regulatory framework among industries because there is quite an imbalance,” Olufemi Oyenuga, group chief digital officer at Mainbrige said.

He stated that having a functional digital payment and solution for electricity is good but an ethical balance is needed.

“Green energy is largely commercial and need-based in Nigeria. Nigeria is energy poor and using solar, for example, solar energy has been able to meet the gap,” Ivana Osagie, MD/CEO of PWR Advisory said.

She said there is a great realisation among the young people about green energy unlike using Diesel.

The 2024 Edelman Trust Barometer Global Report reveals that only 37 percent of respondents believe that scientists do not know how to communicate with people like them.

In Nigeria, 56 percent of people trust the media which is Neutral, according to Edelman Trust Barometer ranking.

The report stated that the 2024 Edelman Trust Barometer reveals a new paradox at the heart of society.

“The rapid innovation offers the promise of a new era of prosperity, but instead risks exacerbating trust issues, leading to further societal instability and political polarisation,” the report said.