Businesses must embrace innovation, collaboration and digital solutions to remain competitive amid Nigeria’s current economic challenges, according to business development expert Dr. Jonathan Dangana.
Speaking during an interview on Trade FM, Dr. Dangana said the country’s economic realities have significantly altered consumer spending patterns, forcing many small and medium-sized enterprises (SMEs) to rethink their business models. He noted that businesses are increasingly shifting into products and services with stronger consumer demand as household incomes come under pressure.
According to him, SMEs are among the most affected by changing market conditions because they depend heavily on consumer purchasing power. However, he said entrepreneurs who understand market trends and reposition their businesses are more likely to remain profitable.
Dr. Dangana identified low-income earners, workers on fixed salaries and people who rely on daily income as the groups hardest hit by rising prices and inflation. He explained that as the cost of goods and services increases, households are prioritising essential needs over discretionary spending, forcing businesses to adjust their offerings.
He advised entrepreneurs against making abrupt business changes based solely on short-term demand, noting that consumer preferences continue to evolve. Instead, he encouraged businesses to strengthen partnerships across their value chains, saying collaboration can create greater value for customers and improve resilience during difficult times.
The business expert also highlighted the growing importance of innovation and digital technology, saying businesses that evolve with changing market realities stand a better chance of surviving. While acknowledging the opportunities presented by digital platforms, he stressed that technology-driven solutions must be tailored to local realities and remain economically sustainable.
On government policy, Dr. Dangana called for a more enabling business environment through measures that encourage local production, reduce dependence on imports and provide incentives such as tax relief for locally manufactured goods. He argued that strengthening confidence in Nigerian-made products would stimulate economic growth and create more opportunities for local businesses.
He further urged entrepreneurs to view economic challenges as opportunities to identify gaps within existing value chains rather than operate in isolation. According to him, stronger collaboration among businesses will improve competitiveness and build long-term resilience.
Dr. Dangana concluded by encouraging business owners, aspiring entrepreneurs and consumers to remain resilient despite the current economic climate. He said while economic conditions may remain challenging in the near term, persistence, innovation and adaptability will position businesses to succeed when opportunities emerge.
