The beauty of economic recession is that it also creates opportunities for people who can carefully study the business terrain and approach it headlong.
Nigeria has been in economic decline for a few years now falling into recession in 2016. This has led to many Nigerians tethering on the brink of desperation as they cannot match rising prices of basic necessities.
However, amidst all of this perceived gloom and doom are great opportunities for the enterprising and creative. We present to you 10 of such business opportunities in random order:
The federal government has been encouraging people to adopt agriculture as a means of ensuring food security and reducing Nigeria’s food importation bill. Several state governments like Kebbi, Lagos, Anambra and Nasarawa are also keying into this vision. If you are smart and learn quickly, you can make lots of money from the different types of agriculture that are out there ranging from planting food or commercial crops, poultry, ranching, fish, snail farming and lots more.
2. Food Business
Closely related to agriculture is food business. This has always wanted been a profitable business for those who do it well because as we say in Nigeria ‘man must wack’ (people must eat) whether or not the economy is doing well. However, with soaring kerosene and cooking gas prices, many individuals and families prefer to eat from local food vendors. You can go bigger and start a restaurant that prepares great meals at great prices. If you can add office and home delivery to the mix, you could make ridiculous amounts of money especially if you leverage on social media.
People must move from their homes to places of work within and outside cities. There so many ways to enter this business from Uber to commercial buses to tricycles. The most important factor for success is either you drive your vehicle yourself if it is only one you have or find trustworthy people to drive your vehicles if you have more than one. Hire purchase agreement with your drivers is an option you might want to consider as it gives them an incentive to reach the agreed sales price in record time. This is good for you as you can use the profit to expand your business.
This is one of the cheapest businesses to start that can transform your life in months. All you need is Internet access on a computer or smartphone and the ability to create interesting content that readers and search engines love. Find ways to commercialize the blog by joining advertising networks like Adsense, Infolinks and others or do affiliate marketing on your blog.
This is best done online through websites like Fiverr, Upwork, Freelancer and others. You offer your skills to people around the world and those that ask you to do jobs pay you an agreed sum once you have done the job satisfactorily. Writers, graphic artists, animators and other professionals find this as a very good source of income. You can also directly advertise your services on different classified ads websites for people to contact you when they need your services. Always present a professional image of yourself and deliver on your promises. Trust and good reputation are essential elements of success in this business.
This covers tailoring, embroidery, bead-making, shoes and bag making as well as related services. Whether there is economic boom, recession or depression, Nigerians like to look good. If you cannot produce any of these items, you can definitely market them. Instagram is a great place to do this, other social media are also good for promotion as well as internet marketing.
7. Web Design and Social Media Consultancy
I already mentioned blogging as a business to do in this period of recession and a good number of would-be bloggers would be needing web designers to build their blogs for them. The same applies to businesses seeking to go online by building their own websites. Many businesses and individuals need people to help them manage their social media accounts and promote their brands. If you are good at doing this, go ahead and aggressively promote your services to this category of potential customers. You have little to lose and lots to gain.
Nigerians across the country are increasingly increasingly valuing education and in most major cities there is a huge demand for tutors that will teach students either in school or after school. The tutorial centre business beckons for smart people that can teach effectively and help parents and students navigate the bumpy road of transitioning from Secondary school to university and other tertiary institutions. The same is true of primary and secondary school students looking to get promotion to higher classes.
9. Professional Services
If you are a Lawyer, Accountant, Medical Doctor, Pharmacist, Management Professional and so on, you should consider providing some sort of consultancy, people are looking to answer questions that they cannot answer for themselves for personal or business purposes, if you are seen as a competent problem-solver, you have the opportunity to make decent income from these traditional professions addressing important needs in the society.
With the energence and prevalence of social media, becoming a star entertainer has never been easier. From YouTube to Facebook to Instagram and numerous other platforms, it is easy to create entertaining content and commercialize it. Nollywood and Nigerian Musicians are raking-in incredible amounts of money in this recession, you too can with your creativity.
There are definitely other profitable businesses that I have not mentioned and it is important to know that there are many people that have failed doing these businesses I have listed. However, what is important is to learn the fundamentals of whatever business you choose to do, take smart decisions and be focused and dedicated. You have a good chance of success and might be smiling to the bank even in this recession.
Think and work smart.