Economy
The five customer types in Nigeria and how to sell to them
By Emmanuel Otori
The lifeline of every business is enmeshed in the number and interactions of stakeholders as well as their activities in relation to the business. These stakeholders include the suppliers of the raw materials needed for the business to manufacture its offerings, the employees or human resources who engage in the production and the customers who are the end users and the most important stakeholder in the cycle.
The Customer
Customers are consumers or end users that products or services are made for in order to satisfy their needs with a series of unique experiences. The customer in-turn has a unique role to play as their consistent purchase makes them become the most important stakeholder in a business.
The major reason businesses collapse is for lack of customers as customers generate cash-flow for the business whenever they make purchases therefore contributing to increasing the sustainability of the business to remain afloat.
The uniqueness of the customer does not trivialize the role of the supplier and employee but then without the customer, the aim of building a business without an end user is defeated.
The Nigerian market is characterized with different categories of customers and ability to understand the type of customers a business attracts through their purchasing behaviour and data driven approach will support the growth of a business as they will understand how to position their offerings in order to attract the specific customer segment they want and also secure a reasonable market share through intentional strategies
Here are the five customer types and what we need to know about their personality traits in order to sell to them
Innovators (2.5%)
Innovators are the type of customers whose buying decisions are risk driven. Innovators are the youngest in age and willing to experiment upon seeing a product or service they desire to use. The personality trait of innovators is that they are impulse buyers, their need for adopting a new product has no regards with respect to whether they have budgeted for it or not. Because they are risk takers, they easily adopt new technological solutions and while they can easily help brands to get exposure by putting these products in the presence of other potential users, they might lose their financial resources if such solutions fail based on some limitations. The Innovators account for only 2.5% of purchases made.
Early Adopters (13.5%)
These categories of customers are the second set of individuals to adopt an innovation after the Innovators, they are called the Early Adopters and they account for only 13.5% of purchases made.
The Early adopters are also very young in age just like the Innovators and have a high social status and reasonable disposable income. They are opinionated and can be regarded as thought leaders. Because Early Adopters are judicious in their choice of adoption, they can easily maintain a central communication position, especially in giving reviews.
Early Majority (34%)
The Early major only adopts new solutions when a degree of time has passed after the launch of the solution into the marketplace. The time taken before they adopt any solution is usually longer than those of the Adopters and Innovators. They usually tend to be slower when it comes to the adoption of a solution and only belong to the above average income class, however their contact with Early Adopters eventually informs their decisions about eventual purchases. They also rarely hold an opinion which is a direct opposite of what the Early Adopters do. They account for 34% of all purchases.
Late Majority (34%)
The Late Majority only adopt any form of innovation after the average in the society has done that. Their approach of innovation is with a high degree of skepticism. They are far from being risk takers as they are low on disposable income and want to avoid mistakes when making purchases since their income is limited. They are also characterized with very little financial education, are in contact with those in the Early majority and their peers, and possess not much opinion leadership. They account for 34% of all purchases just like the Early Majority.
Laggards (16%)
The laggards as the name implies are the last to adopt any form of innovation. These individuals have no respect for change as they hold on to their first generation of solutions and do not consider a change of such a solution except if there is a breakdown of such a product or it no longer works again, only these circumstances makes them embrace change. They are traditionalists and are usually elderly, have very little disposable income, lowest financial education and are only in touch with family and friends.
All customer types make their unique contributions to serve them and grow a business; their role in the value chain supports the sustainability of a business in different dimensions.
The early majority and the late majority are usually the difficult set of customers, however learning to sell to them by winning their confidence and serving them right, has the ability to increase repeat purchase as they both account for the highest percentage in overall purchases made.
Customers are never the same and understanding how to serve them uniquely in a particular market, holds the key to profitability.
Emmanuel Otori, the writer has worked on the GEM Project of the World Bank, Conducted training for entrepreneurs and professionals at the Abuja Enterprise Agency and has over 8 years of experience of working with over 50 SMEs across Nigeria.
A total sum of N1.678 trillion, being February 2025 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.
The revenue was shared at the March 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja; chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The meeting was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of N1.678 trillion comprised distributable statutory revenue of N827.633 billion, distributable Value Added Tax (VAT) revenue of N 609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.
According to a communiqué issued by the Federation Account Allocation Committee (FAAC), total gross revenue of N2.344 trillion was available in the month of February 2025. Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings was N577.097 billion.
The communiqué stated that gross statutory revenue of N1.653 trillion was received for the month of February 2025. This was lower than the sum of N1.848 trillion received in the month of January 2025 by N194.664 billion.
Gross revenue of N654.456 billion was available from the Value Added Tax (VAT) in February 2025. This was lower than the N771.886 billion available in the month of January 2025 by N117.430 billion.
The communiqué stated that from the total distributable revenue of N1.678 trillion, the Federal Government received total sum of N569.656 billion and the State Governments received total sum of N562.195 billion.
The Local Government Councils received total sum of N410.559 billion and a total sum of N136.042 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N827.633 billion distributable statutory revenue, the communiqué stated that the Federal Government received N366.262 billion and the State Governments received N185.773 billion.
The Local Government Councils received N143.223 billion and the sum of N132.374 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N609.430 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N91.415 billion, the State Governments received N304.715 billion and the Local Government Councils received N213.301 billion.
A total sum of N5.276 billion was received by the Federal Government from the N35.171 billion Electronic Money Transfer Levy (EMTL). The State Governments received N17.585 billion and the Local Government Councils received N12.310 billion.
From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion and the State Governments received N6.560 billion.
The Local Government Councils received N5.057 billion and a total sum of N3.668 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Augmentation of N178 billion was shared as follows: Federal Government received N93.770 billion, the State Governments received N47.562 billion and the Local Government Councils received N36.668 billion.
In February 2025, Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL), increased significantly while Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies recorded decreases.
Economy
Protesters urge president Tinubu to protect Diaspora housing investments along Lagos-Calabar coastal highway
A group under the aegis of Renewed Hope Concern Citizens (RHCC) on Friday staged a peaceful protest, calling for President Bola Tinubu’s intervention in protecting housing investments owned by Nigerians in the diaspora along the Lagos-Calabar coastal highway.
The protesters gathered in front of the United States Embassy in Abuja, carrying banners with inscriptions such as; Minister of Works, Senator Umahi should revert to the original gazetted alignment as promised. Enough is Enough; Association of Nigerian Diaspora Investors (ANDI) has cried enough, please intervene to save their energy to promote, support, and assist the Renewed Hope Administration; Renewed Hope Concern Citizens want Diaspora Investments to be protected and given adequate attention among others
“As committed stakeholders in the nation’s economic progress, we have consistently supported the government’s vision, particularly in revitalizing Nigeria’s infrastructure and energy sector. While we acknowledge the administration’s positive strides, recent developments have raised concerns about the misalignment of energy policies, particularly regarding the 2006 Gazetted alignment.
“We urgently call on the Minister of Works, Senator David Umahi, to restore the 2006 Gazetted alignment to ensure continued growth and stability in Nigeria’s energy sector,” said Hon. Tayo Agbaje, Chairman of RHCC, while addressing journalists.
The group refuted the Minister’s claim that an underground cable warranted the removal of structures in Okun Ajah, Lagos and outlined several reasons why President Tinubu’s intervention is crucial.
According to them, The 2006 Gazetted alignment has long provided a stable and predictable framework, essential for maintaining investor confidence in Nigeria’s energy sector.
“Diaspora investors contribute significantly to job creation, business growth, and the overall economy, making their protection vital to sustaining these contributions.
“The President should investigate the Minister of Works’ claim about the underground cable allegedly interfering with the 2006 Gazetted plan.
“Restoring the alignment will reinforce Nigeria’s commitment to a stable investment climate, boosting foreign investor confidence and attracting much-needed capital for infrastructure development.
“Deviating from established policies creates uncertainty, undermining both current and future foreign investments.
“Maintaining the 2006 Gazetted alignment will signal Nigeria’s dedication to long-term economic stability, further reassuring both local and international investors,” the group stated.
The RHCC reaffirmed its support for the Association of Nigeria in Diaspora Investments (ANDI) in its quest to uphold the 2006 Gazetted alignment plan of the Lagos-Calabar Coastal Highway.
They urged the government to act swiftly to protect diaspora investors, as this will strengthen Nigeria’s investment future and ensure continued economic success under the Renewed Hope Administration.
Economy
Ogunjimi promises to collaborate with ex-Accountants-General in taking treasury house to greater heights
The newly appointed Accountant General
of the Federation, Mr Shamseldeen B. Ogunjimi said he would collaborate and tap from the wealth of experiences of all Former Accountants -General of the Federation to bring the nation treasury to a greater height.
Mr Ogunjimi disclosed this while receiving two Former Accountants-General of the Federation, Dr John Naiyeju and Dr Ibrahim Dankwambo in his office in Abuja.
Speaking earlier, Senator Ibrahim Dankwambo suggested the upgrading of the Treasury Academy, Orozo owned by the Office of the Accountant-General of the Federation (OAGF) to a Degree (University) awarding Institute.
Also, Dr. John K. Naiyeju charged the new Accountant-General to carry along everyone and advised him to make staff welfare his priority.
In a related development, the Accountant-General of the Federation expressed his willingness to work with all professional organisation that will bring positive development to the nation, especially, his professional and Academy colleagues of the doctorate class.
Mr Ogunjimi called on his classmates to come up with ideas and suggestions that will enhance the management of the nation’s treasury that will positively affect the economy development.
In his remarks, the Chairman Forum of Doctorate Students, Ibrahim Aliyu said that they were in Treasury House to congratulate one of their own and assured him of their support towards his successful tenure.
-
News6 days agoBill to establish National Cashew Production and Research Institute in Kogi passes first reading in Senate
-
Politics1 week agoCPDPL accuses Adeyanju of orchestrating smear campaign against FCT Minister Wike
-
News6 days agoReport of attack on Wike’s Port Harcourt residence false, misleading – Police
-
News6 days agoShehu Sani debunks Governor Uba Sani’s alleged diversion of LG funds, challenges El-Rufai to publicly tender evidence
-
News5 days agoPlateau gov’t expresses concern over violence in Shendam LGA, calls for calm
-
Sports1 week agoMerino gives Arsenal win over Chelsea
-
Interview6 days agoSenators Natasha-Akpabio saga should have been resolved privately – Rev. Mrs Emeribe
-
Politics3 days agoOpposition leaders announce coalition to challenge Tinubu in 2027