Redefining success in Nigerian business: From purpose to people

For many years, success in business has been measured by profitability, market share, and growth. While these indicators remain vital, they do not tell the full story, especially in the context of doing business in Nigeria today. Increasingly, sustainable success is being defined not just by performance, but by purpose, resilience, and the ability to invest in people.

Rethinking purpose

Purpose in business is often misunderstood. It is not a slogan or a corporate mission statement framed on office walls. It is the underlying reason an organisation exists, beyond making money. It is what anchors decisions, even when circumstances are uncertain or the outlook is volatile.

Purpose influences how businesses engage with communities, how they respond in times of crisis, and how they think about long-term value. It informs strategy, improves internal alignment, and earns trust, both internally and externally. Studies have shown that companies with a strong sense of purpose tend to outperform the market over time. This isn’t a coincidence. Purpose gives direction when financial indicators alone are not enough to guide action.

Building resilience through local sourcing

Another shift in redefining success is the move from dependency to resilience, particularly in the supply chain. Local sourcing is too often treated as a reactive strategy, only considered when imports are delayed or currency volatility makes global procurement difficult.

But building a supply network based on local partnerships is more than a short-term fix. It can be a deliberate, long-term strategy. When organisations collaborate meaningfully with local producers, processors, and service providers, they begin to strengthen the entire ecosystem around them. It creates jobs, supports small businesses, reduces foreign exchange exposure, and shortens lead times.

This shift does not happen overnight. It requires commitment to quality, co-investment, and capability-building on both sides. But when done well, it demonstrates that local inputs can meet global standards, not by default, but by design.

Read also: Seven Nigerian business and career leaders on the future of work

Investing in talent for long-term growth

Another measure of success is the ability of an organisation to develop its people, not just attract them. In a country with a large and growing youth population, the gap between academic knowledge and workplace readiness remains a significant challenge.

Too often, we speak about employability as if it is someone else’s responsibility. In reality, every organisation that relies on people to operate has a stake in workforce development. The private sector has a role to play in building pathways from school to work, particularly through training, mentorship, and early career support.

Helping young professionals build confidence, develop relevant skills, and understand business realities is not just an act of goodwill. It is a strategic investment in future leadership, productivity, and continuity.

Looking ahead

Success in business is no longer just about margins and market penetration. The nature of work, the expectations of stakeholders, and the socio-economic realities of operating in Nigeria demand something more.

Purpose helps to clarify decision-making. Local partnerships strengthen resilience. And talent development ensures future relevance. When these elements are part of how an organisation defines success, its foundation becomes stronger, not just in financial terms, but in trust, sustainability, and long-term impact.

As Nigeria continues to navigate economic shifts and structural change, organisations have a chance to lead differently. Not with slogans, but with substance. Not by waiting for external solutions, but by building the kind of businesses that reflect the future we want to see.

Tobi Adeniyi is the Managing Director of Unilever Nigeria.