8 Profitable Businesses Nigerians Can Do To Survive During This Hard Times
Posted by Chinwenwa Nwokenna | 4 months ago | 665 times
The economic unrest in Nigeria recently has necessitated a nationwide protest from citizens across the Nation. The worsening economic conditions under President Bola Ahmed Tinubu's administration have had an adverse effect on both the rich and the poor as the prices of commodities increase daily. These protests demonstrate the dissatisfaction of people toward the state of things in Nigeria and the incessant rise in prices of goods, transportation, and other essentials, caused by an unfavourable exchange rate.
As a result, the cost of living has gone up, making it hard for many Nigerians to afford basic needs. The fall in the value of the Naira has made things even worse, leading to higher prices across different sectors.
While the government works to address these issues, people are discussing ways for Nigerians to cope with these difficult times.
The big question is, what coping mechanism can be applied in these hard times?
As the government works to tackle these economic challenges, it has sparked conversations about practical solutions and flexible strategies for Nigerians to manage these difficult circumstances.
Various business opportunities can thrive and expand despite economic difficulties. These businesses, seen as essential for survival and development, focus on sectors that are generally resilient to economic downturns or are consistently in demand regardless of economic conditions.
Here are some profitable business opportunities and skills in Nigeria that are essential for survival and growth, focusing on sectors that have consistent demand regardless of financial conditions.
1. Agricultural Production
Agriculture in Nigeria is a highly profitable business opportunity due to its stability in demand, diverse opportunities, export potential, job creation, government support, and technology adoption. The stable demand for food ensures a continuous market, while the sector's diversity allows entrepreneurs to explore various areas of interest.
Cultivating staple crops like rice, maize, cassava, and yams ensures a consistent market due to their high demand. Additionally, Poultry farming, fishery, and snail farming are particularly lucrative sectors with relatively low initial investments required.
However, for cases where high initial investment is required, government initiatives like the Anchor Borrowers' Program and the Presidential Fertilizer Initiative provide support to farmers.
Moreover, to gain more profit, farmers can engage in Food Processing and Packaging. With the depreciation of the Naira, importing processed foods has become more expensive. Local processing and packaging of food products can meet the demand for affordable, locally produced goods.
2. Digital marketing and social media management
Digital marketing and social media management can be highly profitable businesses/skills in Nigeria, especially considering the low value of the naira. These services can be offered to clients both locally and internationally, allowing for earnings in dollars. With the rise of online businesses and the increasing importance of digital presence, there is a growing demand for digital marketing and social media management services. Businesses are willing to pay for experts who can help them reach their target audience, increase brand visibility, and drive sales through digital channels. By offering these services, entrepreneurs can tap into a global market, earning in dollars and mitigating the impact of the low value of the naira on their income.
3. Transport and logistics
Transport and logistics are essential services that remain in demand regardless of economic conditions, making them a profitable business opportunity even in hard times. Transportation is a fundamental need for businesses and individuals to move goods and people from one place to another, providing a steady stream of revenue. The sector offers various business opportunities, including courier services, cargo transportation, passenger transportation, and warehousing.
4. Real estate and property management
Shelter is a basic human need, so there is always a demand for housing regardless of economic conditions. Real estate and property management can be a profitable business in Nigeria even during these challenging times. The population growth and urbanization in Nigeria have led to an increased demand for housing and commercial spaces, creating opportunities for real estate investors and property managers to thrive.
5. Fashion and clothing business
The fashion and clothing business is a highly profitable business to venture into, as clothing is a basic necessity of life. By offering affordable options, focusing on local production to lower costs, establishing a strong online presence, diversifying product offerings, and adding value through customization, fashion brands can attract price-conscious consumers and tap into new markets. Additionally, with the increased use of the internet and social media platforms, fashion brands can reach a wider audience, including those outside their immediate geographic location. By showcasing their products online, engaging with customers through social media, and running targeted advertising, fashion businesses can increase brand visibility and sales.
6. Health and wellness services
Health and wellness services represent a highly profitable business opportunity due to increasing awareness and prioritisation of health and well-being. People are increasingly investing in preventive healthcare, fitness, mental health, and holistic wellness services.
7. Affiliate marketing
Affiliate marketing is a popular business model where you earn commissions by promoting other people's or company's products. To start an affiliate marketing business in Nigeria's current economic situation, begin by selecting a niche that aligns with your interests and has a good demand for products, such as fashion, health and wellness, technology, or lifestyle. Next, sign up for affiliate programs of companies that offer products or services in your chosen niche, like Jumia, Konga, Amazon, or ShareASale. Create a website or blog using platforms like WordPress, Wix, or Blogger to promote affiliate products, and produce high-quality content, including product reviews, tutorials, and blog posts. Affiliate marketing can be a lucrative business idea in Nigeria if you focus on niches with high demand and offer valuable content to your audience.
8. Tutoring and Educational services
With the increasing demand for quality education and the rise of online learning, there is a growing market for tutoring services. Parents are willing to invest in their children's education, seeking personalized and specialized instructors to help them excel academically. Additionally, adult learners looking to enhance their skills or pursue further education also contribute to the demand for tutoring services. By offering tailored tutoring programs, leveraging online platforms, and providing high-quality educational materials, tutoring businesses can attract a steady stream of clients and achieve significant profit.
In conclusion, these businesses and skills serve as vital coping mechanisms for Nigerians in the current economic unrest, offering avenues for survival and maintaining a good standard of living. Embracing these business ideas and skills can not only generate high income but also stimulate growth and development, paving the way for a more resilient and better Nigeria.
