BusinessDay

For over 20 years, BusinessDay has stood as a beacon for business and financial news across West Africa. With a robust presence in print, online, and mobile platforms, the organisation has built a reputation for delivering critical insights into the economic and financial worlds. However, like many media organisations navigating a rapidly evolving digital landscape, BusinessDay faced challenges. Despite its position as one of Nigeria’s leading media outlets, it still needed to refine its digital strategy, engage audiences more effectively, and diversify its revenue streams to secure long-term sustainability. This is where NAMIP stepped in. 

Click Here to Download NAMIP’s 3 Year Impact Report

Challenges in a Changing Media Landscape 

Before joining the NAMIP cohort, BusinessDay had made strides in experimenting with media business models but faced difficulties in optimising digital platforms for audience engagement. The paywall model, while a significant step, wasn’t delivering the desired results in terms of revenue growth. Additionally, the organisation sought ways to better leverage its unique position to foster stakeholder engagement and enhance content accessibility. These challenges reflected a broader issue faced by media organisations across Africa: how to remain financially sustainable while providing high-quality content. 

NAMIP and BusinessDay: Steps Taken 

NAMIP’s support gave BusinessDay the room to start a series of transformative initiatives. One standout project was the launch of the Policy Intervention Series. This initiative went beyond just reporting, it created a platform for meaningful conversations between policymakers, businesses, and international stakeholders. Initially planned for six editions, the grant allowed BusinessDay to host seven hybrid and four virtual roundtables, amplifying their reach and deepening their impact. These events provided stakeholders with in-depth analyses of economic policies, fostering discussions that influence Nigeria’s business environment. 

Recognising the importance of digital transformation, BusinessDay also undertook a comprehensive website overhaul. Experimenting with a shift from a paywall to an advertising-optimised model, the revamped site boasted an improved user interface, better ad placement, and enhanced analytics capabilities. This not only increased Google AdSense revenue by 30% but also provided invaluable insights into audience behaviour, enabling data-driven decisions. 

To support these initiatives, NAMIP’s funding support facilitated the recruitment of key personnel, including a research analyst, editorial reporter, video editor, and social media manager. These new team members brought their expertise, elevating the quality of content and strengthening BusinessDay’s digital strategy. 

Contribution to the Cohort: Sharing Expertise, Fostering Growth 

As one of Nigeria’s leading media organisations, BusinessDay stepped into the NAMIP cohort with a wealth of experience and an impressive drive to share lessons learned from years of navigating the business of journalism. Their involvement was not just about receiving support but also about giving back and equipping other media organisations with strategies to grow and sustain their operations through a NAMIP-cohort-specific series called Knowledge Sharing Sessions. 

BusinessDay shared key insights from their playbook, offering practical insights to upcoming leading media organisations in the cohort on three important areas for media organisations: 

First, they tackled revenue and paywall strategies, demystifying the challenge of balancing revenue generation with content accessibility. BusinessDay shared its approach to reader-revenue models, showcasing how paywalls could be implemented without alienating audiences. Through these discussions, cohort members learned how to leverage digital metrics to refine strategies and create sustainable income streams, sparking conversations about the viability of these approaches in their own contexts. 

Next, BusinessDay introduced the concept of editorial advisory boards, a powerful tool to guide newsrooms in aligning their content strategy with organisational goals. Through a detailed session, they illustrated how these boards maintain journalistic integrity while adapting to evolving audience needs. For many cohort members considering the establishment of their own advisory boards, BusinessDay’s experiences provided a much-needed framework for making informed decisions. 

Finally, the team dove into the ever-relevant topic of recruiting and managing young talent. BusinessDay shared its strategies for attracting Millennials and Gen Zs, a demographic that brings unmatched digital expertise and creativity. They explored how to foster an environment where young professionals thrive, innovate, and remain engaged, addressing a critical need for media organisations striving to stay competitive in the digital era. 

By generously sharing these experiences and lessons, BusinessDay became more than a participant in NAMIP, it became a mentor, helping to strengthen the media ecosystem. Their sessions inspired cohort members to think bigger, experiment boldly, and plan strategically for the future. This spirit of collaboration and knowledge-sharing embodies the very essence of what NAMIP stands for. 

Feedback from Cohort Members: Chibuike Alagboso of Nigeria Health Watch says the session on Editorial advisory board led to Nigeria Health Watch setting up a mini editorial review board with plans to expand and strengthen in 2025 while Joshua Olufemi of Dataphyte says Dataphyte made editorial advisory board changes inspired by the session. 

Tangible Results and Impact 

The impact of these efforts has been transformative. Revenue from Google AdSense surged by 30%, a testament to the effectiveness of the new advertising model. The Policy Dialogue Series became a cornerstone of BusinessDay’s engagement strategy, drawing over 60 policymakers and business leaders to each event and expanding their reach via platforms like Twitter Spaces. The organisation also produced 11 comprehensive policy reports, solidifying its reputation as a thought leader in business journalism. 

Operationally, the addition of skilled personnel bolstered BusinessDay’s capacity to deliver high-quality content and engage with audiences across multiple platforms. The enhanced digital presence not only attracted new readers but also deepened connections with existing audiences. 

Opportunities for Growth 

While BusinessDay has achieved significant milestones, they have their eyes set on even bigger challenges to conquer. Scaling the Policy Dialogue Series to cover more regions and industries could broaden its impact and reach. Additionally, retaining younger audiences remains an area for growth. By tailoring content strategies to resonate with Millennials and Gen Z, BusinessDay could secure long-term engagement with this demographic. 

Lessons for the Media Landscape 

BusinessDay’s journey with NAMIP offered valuable insights for media organisations across Africa. The shift from a paywall model to a more advertising-focused approach shows the importance of adaptability in a changing media environment. Initiatives like the Policy Dialogue Series demonstrate the power of creating platforms that go beyond reporting to actively shape public discourse. 

For BusinessDay, the NAMIP partnership has not just been about overcoming challenges; it has been about unlocking potential. By blending innovation with strategic support, NAMIP has enabled BusinessDay to cement its position as a leading voice in West African business journalism while paving the way for sustainable growth. 

As we reflect on this journey, it’s clear that the future of media lies in its ability to innovate, collaborate, and adapt. BusinessDay’s story is a testament to what’s possible when these principles are put into action. 

Click Here to Download NAMIP’s 3 Year Impact Report