If you ran a business in Nigeria during the Buhari era, chances are you didn’t just run a business — you survived a business. You fought through waves of uncertainty, unexpected policy changes, and shifting market conditions that forced you to adjust, adapt, and keep going.
With the passing of former President Muhammadu Buhari, it’s a moment to reflect — not on politics, but on what it meant to build and sustain a business in Nigeria during one of the most economically challenging periods in recent history. For many entrepreneurs, those years weren’t just about selling products or offering services. They were about survival, endurance, and learning to pivot when the ground beneath you shifted without warning.
A Crash Course in Resilience
Every year brought new challenges. If it wasn’t fuel scarcity, it was foreign exchange restrictions. If it wasn’t border closures, it was a pandemic that locked down cities and markets. For many entrepreneurs, there was no breathing space to “stabilise” — it was simply learn to swim or sink.
And what happened? Nigerian entrepreneurs proved they were built for the storm. They learned how to pivot on short notice, how to tweak offers to meet customer realities, and how to make quick decisions in the face of uncertainty. Many moved operations online, expanded to WhatsApp sales, explored home deliveries, or even changed industries altogether. It wasn’t comfort; it was necessity. And that necessity built a new level of business agility that will outlast any political era.
Lean Businesses Proved the Smartest
One of the biggest wake-up calls for entrepreneurs during this time was the danger of over-expansion without stability. Business owners who were too heavy with staff, overhead costs, or large credit exposures were often the first to fold when economic shocks hit.
It was the lean, flexible businesses that stayed standing. The entrepreneur who ran a home office instead of rushing into office rent. The fashion brand that expanded with made-to-order pieces instead of bulk production. The event planner who diversified into smaller, private functions when large events got restricted.
The lesson became clear: profitability isn’t about how big you look. It’s about how efficiently you operate, how quickly you can adjust, and how you keep your costs in check when the economy turns upside down.
The Formal Economy Became Less Optional
In the earlier years, many small businesses in Nigeria thrived informally, selling via word-of-mouth or social media without official documentation. But the Buhari era changed that dynamic. With reforms in the Corporate Affairs Commission (CAC), easier online registration processes, and increased enforcement from regulatory agencies, formality became more accessible — and also more necessary.
Entrepreneurs realised that being “off the books” closed doors. You couldn’t access MSME loans, government grants, or serious business partnerships without proper registration. Tax authorities became more active, banks demanded more formal structures before giving credit, and clients increasingly asked for documentation before engaging services.
In other words, the Buhari era quietly pushed more entrepreneurs into formalising their businesses, teaching them that structure and compliance were no longer a luxury — they were essential tools for longevity.
Diversification Wasn’t Just Smart — It Was Survival
Another defining lesson was the need for diversified income streams. Too many entrepreneurs had everything tied to one product, one service, or one supply chain. The moment an import restriction or border closure disrupted things, they had no backup plan.
But those who survived took diversification seriously. A boutique owner started offering training sessions on fashion design. A baker began offering home delivery kits during lockdown. Agro-businesses explored value-added products to reduce dependency on raw produce sales. Diversification became a built-in risk management strategy, not just a nice extra.
Customers Became More Price-Conscious — and Service Sensitive
The Buhari years introduced extreme price fluctuations. Entrepreneurs found themselves in difficult positions, either raising prices regularly or watching margins disappear. But what became clear was this: customers still spent, but they became more sensitive to value. They wanted businesses that delivered reliably, communicated openly, and made the buying process smoother.
This forced entrepreneurs to sharpen customer service skills, be transparent about price changes, offer flexible payment options, and stay more connected to customer needs. Building strong customer loyalty became a buffer against unpredictable markets.
The Bigger Picture: Building for Toughness, Not Just Trends
At the end of the Buhari presidency, many Nigerian business owners walked away with something more valuable than a profit chart — they walked away with battle-tested business sense. They had seen firsthand that survival wasn’t about chasing every trend or reacting to every policy; it was about building a business with strong foundations, smart adaptability, and the discipline to operate lean and effectively.
Businesses that weathered those years built muscles in places they didn’t know existed — patience, resourcefulness, and the ability to survive without waiting for ideal conditions.
Final Reflection
As the country reflects on Buhari’s legacy in politics, entrepreneurs should reflect on the survival wisdom they picked up along the way. Because the next set of economic challenges will surely come — whether from government shifts, global markets, or industry trends.
The good news? You’ve survived some of the toughest seasons already. You’ve learned to adapt, cut costs, pivot fast, and formalise your operations.
The businesses that thrive in the next era won’t be those that look the biggest; they’ll be the ones that stay adaptable, disciplined, and customer-focused — businesses that learnt to build for the storm, not just the sunshine.
And if you’re reading this, chances are, you’ve got everything it takes to keep building smarter and stronger, no matter who is in office.
