Renowned economist, Doyin Salami, has called on business owners to not only pay attention to their source of revenue but also the source of their customers’ earnings to drive business growth.
Salami said this at the recently held Executive Business Roundtable organised by Pierrine Consulting in Lagos.
The roundtable provided business leaders with an opportunity to explore the nexus between consumer behaviour and the economy for sustained incomes.
Salami noted that for businesses to continue to grow incomes in Nigeria’s tightening and rapidly changing economic landscape, there was a need to recalibrate their strategies.
Giving incisive observations on the economy and providing attendees with actionable insights, Salami noted that while income was growing across the board, growth was concentrated at the top.
Professor Salami therefore said it was critical that businesses continuously retune their methods for sustainable income growth in light of shifting income distributions.
He stressed that “every business must not only understand where they make their incomes from; they must also understand where their consumers get their incomes from, to grasp the industries that will impact their consumers’ spending power.”
Speaking on the strategic importance of the Business Roundtable, Pierrine Consulting’s Chief Executive Officer, Oluseyi Adeoye, said his firm brought together a select group of top business leaders to analyse recent insights and the business outlook for 2025.
Adeoye said the essence was to foster a collaborative environment where industry peers could build context and share strategies that will drive sustainable growth.
“This event reinforces our commitment to thought leadership and positions us as a trusted strategic partner in today’s dynamic market,” Adeoye added.
On his part, senior manager at Pierrine Consulting, Tobi Adeojo, weighed in on a key finding from the Consumer Sentiments Report presented during the roundtable, noting that the report indicated that while consumer incomes were on the rise, there was a palpable shift towards quality and value in spending.
Adeojo said the insight challenges businesses to rethink their value propositions and adapt to the changing expectations of a more discerning consumer base.
He stressed, “This event has not only delivered robust strategic insights but also provided an exclusive networking platform, sparking meaningful conversations and forging new partnerships among the nation’s leading business figures.
“As Nigeria braces for further economic shifts, the insights shared at this roundtable are set to guide businesses in navigating the complexities of consumer trends and market dynamics well into 2025 and beyond.”
