Feature/OPED
Customer Satisfaction: What it is and Why it is Important
By Timi Olubiyi, PhD
In Nigeria, the increasing rate of unemployment is placing even more pressure on people and youths to start their own businesses for sustainability and to obtain a steady income.
Therefore, it is imperative to state that customer is the foundation and lifeblood of such a business or organization including its success.
Notably, there are several factors contributing to the success (or failure) of a business, customer satisfaction survey tools are one of them.
If your company or business is experiencing a drop in sales, low profitability, decline patronage, slow or no business growth, and also high turnover rate of staff, it could all be customer experience related issues.
The customers could be the biggest disruptor of all the mentioned indicators because only customers create the needed value in any business. In my opinion, no business function is as important as satisfying customers’ interests or needs.
To share an experience, I was shocked to see a woman seated with her wares recently in my area in Lagos State. On this particular morning during my workout, I saw the woman waiting and hoping for patronage with her wares, alone and expectant very early in the morning.
Though, it was difficult to understand why she could venture into displaying wares under a tree that wee hour of the day with no visible patronage.
More so, knowing that the majority of the residents’ drive in their personal cars hurriedly and swiftly in the mornings. Consequently, noticing her business was difficult and might eventually reflect in her business revenue due to low or no patronage.
In my opinion, the place of the customer was obviously lacking and that could threaten the business survival. The experience I had informed this article because I saw a micro business with a determined operator but got worried about the place of customers in the business, which to me is any business’s lifeblood.
Agreeably, the customer is important and is vital to the success of any business enterprise. The quality and positioning of SME products or services are cardinal in the marketplace and to the attraction of customers.
As a priority, SME operators and entrepreneurs should think seriously about economic indicators such as income, demographics, market expectations, competitors, customer engagements, and the purchasing and spending habits of target customers in decision making.
Customers can tell you whether the strategies you want to implement in line with the economic indicators are in tune with the marketplace’s expectations with their patronage.
As an entrepreneur or SME operator having a business is something but having steady patronage and satisfied customers is everything.
More so, building a close tie with your customers help in improving your products, gain market share, run a profitable business, and increase sales or services.
SMEs, especially micro businesses, need to understand the importance of developing relationships with their customers and also seek to maximize customer satisfaction if they want to survive over the long term.
Customer experience and their continuous engagement in your business are major elements when evaluating revenue growth and profit growth.
A great deal of evidence supports the assertion that customer satisfaction leads to increased profitability as a result of customer loyalty and consistent repeat patronages.
Numerous researches have also been conducted in various countries and sectors showing that there is an array of benefits that come from having satisfied customers.
The chief of it is that when customers are satisfied, they will refer potential customers to your business and that in turn will improve patronage and revenue. It is important to remember that what satisfies customers today, may not satisfy them in a year’s time.
Therefore, evaluation of customer feedbacks and reactions are significant. If overlooked, customer dissatisfaction can set in and it can spell the end for a business.
Customer satisfaction should be measured by feedback on a regular basis to make sure that all concerns are addressed immediately to avoid any form of damage. If you do not care about customers’ satisfaction, do not expect them to care about your services or products.
In this increasingly competitive world, having strategies in place to nurture existing customers is important for SMEs, such as staying in contact via social media, phone, and letting them know about promotional events and changes ahead of time.
SME operators should ensure that they have the right individuals dealing with customers feedback, so that the key objective of providing better customer service and improving customer engagement will be met.
It is evident from the above discussion that customers help businesses generate profits with steady patronage especially when the customers are satisfied. So, measuring customer satisfaction is of the utmost importance to any form of business.
Significantly, customer satisfaction can be measured in various ways, either directly from customers or indirectly through monitoring and tracking feedbacks.
In order to establish and to improve on current customer relations, small businesses should collect and analyze data about the customers.
This should be done regularly in order to truly understand their expectations from your business or services. Data can be gathered from the customer on a regular basis in form of complaints, opinions, reactions and comments.
Supportably, feedback on customer satisfaction needs to be collected regularly even on product, staff and service offerings. This data collection can be valuable in building relationships and customer loyalty.
Importantly, gaining steady customers’ satisfaction requires consistent and relentless effort.
Therefore, tracking feedback and work on improving it in order to make your customers more loyal and eventually turn them into brand ambassadors is key.
Social media is a powerful tool to help track credible feedbacks and collect insights, ask questions, offer constant support, campaigns, send personalized messages or offers, use dedicated customer satisfaction survey tools, or any other technique that will help communicate with your customers.
SME operators will be rewarded with satisfied customers, loyalty, and continued patronage once each and every one of their requests are taken care of.
How may you obtain advice or further information on the article?
Dr. Timi Olubiyi holds a Ph.D. in Entrepreneurship and Small Business Management. He is a prolific investment coach, Chartered Member of the Chartered Institute for Securities & Investment (CISI) and a financial literacy specialist. He can be reached on the twitter handle @drtimiolubiyi and via email: [email protected],for any questions, reactions, and comments.
Feature/OPED
What Tech Leaders Should Know About IP Contract Strength
Technology leaders operate at the intersection of innovation, risk, and long-term strategy. As organisations rely more heavily on proprietary platforms, custom software, and licensed technologies, intellectual property contracts become critical business instruments rather than routine legal documents. The strength of these contracts often determines how well a company can protect its innovations, maintain leverage in vendor relationships, and respond to unexpected disruptions.
Strong IP contracts do more than define ownership. They shape accountability, continuity, and trust between parties. For executives and decision makers, understanding what makes an IP agreement resilient is essential to safeguarding both current operations and future growth. Without careful attention, even advanced technology investments can become sources of vulnerability rather than competitive advantage.
Understanding the Role of Intellectual Property in Technology Strategy
Intellectual property sits at the core of most modern technology initiatives. Whether software is developed in-house, licensed from a third party, or built collaboratively, the associated IP defines who controls usage, modification, and distribution. Contracts must clearly reflect how this property aligns with broader business objectives rather than treating IP as a secondary concern.
Tech leaders should evaluate how critical a given technology is to daily operations and customer delivery. The more central the system, the stronger and more precise the IP protections must be. Ambiguous ownership language or overly restrictive licensing terms can limit scalability and innovation. When contracts mirror strategic priorities, they support flexibility rather than constrain it.
Clarity in Ownership and Licensing Provisions
One of the most common weaknesses in IP contracts is unclear ownership language. Agreements should explicitly define which party owns the underlying code, derivative works, and future enhancements. This clarity becomes especially important in custom development arrangements where responsibilities and contributions may overlap.
Licensing provisions must also specify scope, duration, and permitted use. Vague language around usage rights can lead to disputes or unexpected limitations as a business grows or enters new markets. Strong contracts anticipate change and outline how rights evolve alongside business expansion. This level of detail helps prevent costly renegotiations later.
Protecting Access and Continuity Rights
Beyond ownership, access to technology assets is a major concern for leadership teams. If a vendor relationship ends abruptly or a provider becomes unable to perform, access restrictions can disrupt operations. IP contracts should address these risks through well-defined continuity provisions.
In some cases, software escrow services are incorporated to support access to essential materials under specific conditions. While not required in every agreement, mechanisms like this reflect a broader principle of resilience. Tech leaders should ensure that contracts account for worst-case scenarios without undermining productive partnerships. Protection and collaboration are not mutually exclusive when agreements are thoughtfully structured.
Aligning IP Protections with Compliance and Governance
Regulatory compliance and internal governance standards increasingly influence how IP contracts are drafted and enforced. Industries subject to strict data, security, or operational requirements cannot rely on generic contract templates. IP provisions must align with regulatory obligations and internal risk management frameworks.
Leadership teams should collaborate with legal, compliance, and security stakeholders to ensure contracts reflect current standards. This includes addressing data handling, audit rights, and reporting obligations tied to intellectual property usage. When IP contracts support governance objectives, they reduce exposure and demonstrate due diligence to regulators and investors alike.
Managing Disputes and Enforcement Effectively
Even the strongest contracts cannot eliminate the possibility of disagreement. What distinguishes effective IP agreements is how disputes are managed when they arise. Clear dispute resolution clauses provide predictable processes that minimise disruption and preserve working relationships when possible.
Contracts should outline jurisdiction, governing law, and escalation procedures in plain language. Overly complex enforcement mechanisms can delay resolution and increase costs. For tech leaders, the goal is not to prepare for conflict but to ensure that disagreements do not derail core business functions. Well-designed enforcement terms contribute to operational stability.
Planning for Evolution and Innovation
Technology rarely remains static, and IP contracts must evolve accordingly. Agreements should address how updates, integrations, and new use cases are handled over time. Without these provisions, innovation may be slowed by uncertainty or restrictive terms.
Forward-looking contracts recognise that today’s solution may serve tomorrow’s expanded role. By defining how enhancements are owned, licensed, and shared, organisations encourage innovation while preserving control. Tech leaders who prioritise adaptability in IP agreements position their companies to respond confidently to change.
Conclusion
IP contract strength is a strategic concern that extends far beyond legal formalities. For technology leaders, these agreements influence resilience, innovation, and long-term value creation. By focusing on clarity, continuity, compliance, and adaptability, organisations can transform IP contracts into tools that support growth rather than obstacles that limit it. Strong agreements reflect thoughtful leadership and a clear vision for how technology powers the business forward.
Feature/OPED
REVEALED: How Nigeria’s Energy Crisis is Driven by Debt and Global Forces
By Blaise Udunze
For months, Nigerians have argued in circles. Aliko Dangote has been blamed by default. They have accused his refinery of monopoly power, of greed, of manipulation. They have pointed out the rising price of petrol and demanded a villain.
When examined closely, the truth is uncomfortable, layered, and deeply geopolitical because the real story is not at the fuel pump, and this is what Nigerians have been missing unknowingly. The truth is that the real story is happening behind closed doors, across continents, inside financial systems most citizens never see, and the actors will prefer that the people are kept in the dark. And once you see it, the outrage shifts. The questions deepen. The implications expand far beyond Nigeria.
In October 2024, it was obvious that the world would have noticed that Nigeria made a move that should have dominated global headlines, but didn’t. Clearly, this was when the government of President Bola Tinubu introduced a quiet but radical policy, which is the Naira-for-Crude. The idea was simple and revolutionary. Nigeria, Africa’s largest oil producer, would allow domestic refineries to purchase crude oil in naira instead of U.S. dollars. On the surface, it looked like economic reform. In reality, it was something far more consequential. It was a challenge to the global financial order.
For decades, oil has been traded almost exclusively in dollars, reinforcing the dominance of the United States in global finance. By attempting to refine its own oil using its own currency, Nigeria was not just making a policy adjustment. It was testing the boundaries of economic sovereignty. And in today’s world, sovereignty, especially when it touches money, debt, and energy, comes with consequences.
What followed was not loud. There were no emergency broadcasts or dramatic policy reversals. Instead, the response was quiet, bureaucratic, and devastatingly effective just to undermine the processes. Nigeria produces over 1.5 million barrels of crude oil per day, though pushing for 3 million by 20230, yet when the Dangote Refinery requested 15 cargoes of crude for September 2024, what it received was only six from the Nigerian National Petroleum Company Ltd (NNPC), which means its yield for a refinery with such capacity will be low if nothing is done. Come to think of it, between January and August 2025, Nigerian refineries collectively requested 123 million barrels of domestic crude but received just 67 million, which by all indications showed a huge gap. It is a contradiction and at the same time, laughable that an oil-producing nation could not supply its own refinery with its own oil.
So, where was the crude going? The answer exposes a deeper, more uncomfortable truth about Nigeria’s economic reality. The crude was being sold on the international market for dollars. Those dollars were then used, almost immediately, to service Nigeria’s growing mountain of external debt. Loans owed to the same institutions, like the International Monetary Fund (IMF) and the World Bank, had to be paid, which are the same institutions applauding this government. Nigeria was not prioritising domestic industrialisation; it was prioritising debt repayment.
And the scale of that debt is no longer abstract. Nigeria’s total debt stock is now projected to rise from N155.1 trillion to N200 trillion, following an additional $6 billion loan request by President Tinubu, hurriedly approved by the Senate. At an exchange rate of N1,400 to the dollar, that single loan adds N8.4 trillion to a debt stock that already stood at N146.69 trillion at the end of 2025. This is not just a fiscal statistic. It is the central pressure shaping every major economic decision in the country.
On paper, the government can point to rising revenue, improving foreign exchange inflows, and stronger fiscal discipline as witnessed when the governor of the Central Bank of Nigeria, Olayemi Cardoso, always touted the foreign reserves growth. But a closer review of those numbers reveals a harsher reality. Nigeria is exporting its most valuable resource, converting it into dollars, and sending those dollars straight back out to creditors. The crude leaves. The dollars come in. The dollars leave again. And the cycle repeats.
This is not growth. This is a treadmill powered by debt. Let us not forget that in the middle of that treadmill sits a $20 billion refinery, built to solve Nigeria’s energy dependence, now trapped within the very system it was meant to escape.
By 2025, the contradiction had become impossible to ignore, which is a fact. This is because how can this be explained that the Dangote Refinery, designed to reduce reliance on imports, was increasingly dependent on them. The narrative is that in 2024, Nigeria imported 15 million barrels of crude from America, which is disheartening to mention the least. More troubling is that by 2025, that number surged to 41 million barrels, a 161 per cent increase. By mid-2025, approximately 60 per cent of the refinery’s feedstock was coming from American crude. As of early 2026, Nigerian crude accounted for only about 30 to 35 per cent, which was actually confirmed by Aliko Dangote.
The visible contradiction in this situation is that the refinery built to free Nigeria from dollar dependence was running largely on dollar-denominated imports. Not because the oil did not exist locally, but because the system, shaped by debt obligations and global financial structures, made it more practical to export crude for dollars than to refine it domestically, which leads us to several other covert concerns.
Faced with this troubling reality, there is one major issue that still needs to be answered. This is why Dangote pushed back by filing a N100 billion lawsuit against the NNPC and major oil marketers. He further accused the parties involved of failing to prioritise domestic refining. For a brief moment, one will think that the confrontation, as it appeared, was underway is one that could redefine the balance between state control and private industrial ambition, but these expectations never saw the light of day.
Yes, it never saw the light of day because on July 28, 2025, the lawsuit was quietly withdrawn. No press conferences. No public explanation. No confirmed settlement. Just silence.
There are only a few plausible or credible explanations. As a practice and well-known in the country, institutional pressure may have made continued confrontation untenable. A strategic compromise may have been reached behind closed doors. Or the realities of the system itself may have made victory impossible, regardless of the merits of the case. None of these scenarios suggests a system operating with full autonomy or aligned national interest. All of them point to constraints, political, economic, or structural, that extend far beyond a single company.
Then came the shock that changed everything.
On February 28, 2026, Iran closed the Strait of Hormuz, disrupting a channel through which roughly 20 per cent of the world’s oil supply flows. Prices surged past $100 per barrel. Global markets entered crisis mode. Supply chains are fractured. Countries dependent on Middle Eastern fuel suddenly had nowhere to turn.
And they turned to Nigeria. Nations like South Africa, Ghana, and Kenya began seeking fuel supplies from the Dangote Refinery. The same refinery that had been starved of crude, forced into dollar-denominated imports, and entangled in domestic disputes suddenly became the most strategically important energy asset on the African continent.
Nigeria did not plan for this. It did not negotiate for this. With this development, the world had no choice but to simply run out of options, and Lagos became the fallback.
And then, almost immediately, attention shifted. This swiftly prompted, in early 2026, a United States congressional report to recommend applying pressure on Nigeria’s trade relationships within Africa. Shortly after, on March 16, 2026, the United States launched a Section 301 trade investigation into multiple economies, including Nigeria. This is not a sanction, but it is the legal foundation for one. At the same time, the African Growth and Opportunity Act, which had provided duty-free access to U.S. markets for decades, was allowed to expire in 2025 without renewal.
The sequence is difficult to ignore. As Nigeria’s strategic importance rose, so did external scrutiny. As its potential for regional energy leadership increased, so did the instruments of economic pressure.
To understand why, you must look at the system itself. The global economy runs on the U.S. dollar, which the Iranian government tried to scuttle by implementing a policy that requires oil cargo tankers being transported via the Strait of Hormuz to be paid in Yuan. Most countries need dollars to trade, to import essential goods, and to access global markets. The infrastructure that enforces this is the SWIFT financial network, which connects banks across the world. Control over this system confers enormous power. Countries that step too far outside it risk exclusion, and exclusion, in modern terms, means economic paralysis.
Nigeria’s attempt to trade crude in naira was not just a policy experiment. It was a subtle deviation from a system that rewards compliance and punishes independence. The response was not military. It did not need to be. It was structural. Limit domestic supply. Reinforce dollar dependence. Ensure that even attempts at independence remain tethered to the existing order.
And all the while, the debt clock continues to tick. N155.1 trillion.
That number is not just a fiscal burden. It is leverage. It shapes policy. It influences decisions, and it also determines priorities, which tells you that when a nation is deeply indebted, its room to manoeuvre shrinks. In all of this, one thing that must be understood is that choices that might favour long-term sovereignty are often sacrificed for short-term stability. Debt does not just demand repayment. It demands alignment.
Back home, Nigerians remain focused on the most visible symptom, which is fuel prices. Unbeknownst to most Nigerians, they argue, protest, and assign blame while the forces shaping those prices include global currency systems, sovereign debt obligations, trade pressures, and geopolitical realignments. The price at the pump is not the cause. It is the consequence.
Nigeria now stands at an intersection defined not by scarcity, but by contradiction. What is more alarming is that it produces vast amounts of crude oil, yet struggles to supply its own refinery. It earns more in dollar terms, yet its citizens feel poorer. It builds infrastructure meant to ensure independence, yet operates within constraints that reinforce dependence. This is not a failure of resources, and this is because there is a conflict or tension between what Nigeria wants, which reflects its ambition and structure, and between sovereignty and obligation.
And so the questions remain, growing louder with each passing month and might force Nigerians, when pushed to the wall, to begin demanding answers. If Nigeria has the oil, why is it importing crude? Further to this dismay, more questions arise, such as, why is the refinery paying in dollars if Naira-for-crude exists? One will also be forced to ask if the lawsuit had merit, why was it withdrawn without explanation? If revenues are rising, why is hardship deepening? And if Nigeria is merely a developing economy with limited influence, why is it attracting this level of global attention?
These are not abstract questions. They are the pressure points of a system that extends far beyond Nigeria’s borders.
Because this story is no longer just about one country. The reality is that, perhaps unbeknownst to many, it is about the future of African economic independence. It is about the structure of global energy markets, the dominance of the dollar and the role of debt in shaping national destiny. Honestly, the question that comes to bear is that if Nigeria, with all its resources and scale, cannot fully align its production with its domestic needs, what does that imply for the rest of the continent?
The next time the conversation turns to petrol prices, something must shift. Because the number on the pump is not where this battle is being fought. It is being fought in allocation decisions, in debt negotiations, in regulatory frameworks, in international financial systems, and in quiet policy moves that rarely make headlines.
The Dangote Refinery is not just an industrial project. It is a test case. A test of whether a nation can truly control its own resources in a world where power is rarely exercised loudly, but always effectively. And right now, that test is still unfolding.
Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]
Feature/OPED
2027: The Unabating Insecurity and the US Directive to Embassy, is History About to Repeat Itself?
By Obiaruko Christie Ndukwe
We can’t be acting like nothing is happening. The US orders its Embassy Staff and family in the US to leave Nigeria immediately based on security concerns.
Same yesterday, President Donald J. Trump posted on his Truth Social that Nigeria was behind the fake news on his comments on Iran.
Some people believe it was the same way the Obama Government came against President Goodluck Jonathan before he lost out in the election that removed him from Aso Rock. They say it’s about the same thing for President Asiwaju Bola Ahmed Tinubu.
But I wonder if the real voting is done by external forces or the Nigerian electorate. Or could it be that the external influence swings the voting pattern?
In the middle of escalating security issues, the opposition is gaining more prominence in the media, occasioned by the ‘controversial’ action of the INEC Chairman in delisting the names of the leaders of ADC, the new ‘organised’ opposition party.
But the Federal Government seems undeterred by the flurry of crises, viewing it as an era that will soon fizzle out. Those on the side of the Tinubu Government believe that the President is smarter than Jonathan and would navigate the crisis as well as Trump’s perceived opposition.
Recall that in the heat of the CPC designation and the allegations of a Christian Genocide by the POTUS, the FG was able to send a delegation led by the NSA, Mallam Nuhu Ribadu, to interface with the US Government and some level of calm was restored.
With the renewed call by the US Government for its people to leave Nigeria, with 23 states classified as “dangerous”, where does this place the government?
Can Tinubu manoeuvre what many say is history about to repeat itself, especially with the renewed call for Jonathan to throw his hat into the ring?
Let’s wait and see how it goes.
Chief Christie Obiaruko Ndukwe is a Public Affairs Analyst, Investigative Journalist and the National President of Citizens Quest for Truth Initiative
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