introduction.
Hello friends, I am putting up this post to suggest business people can start in a struggling economy like that of Nigeria. To understand how bad things are in Nigeria now, I will site one of the most populous newspapers in Nigeria; "punch newspaper" of 15th February 2024. It says that Nigerian inflation rate is currently at 29.90. details below.
"Nigeria’s inflation rate climbed to 29.90 per cent in January 2024 from 28.92 per cent recorded in the previous month." Source
This economic crisis is as a result of some fiscal and monetary policies of the new government. These policies may included; removal of subsidies paid to subsidize the dollars and fuel.
This have caused Nigerian citizens to suffer greatly. However, in this post, I will suggest businesses that can still thrive even in this bad economy.
Source
Businesses that can thrive in Nigeria amidst the economic crisis.
1. Technological services:
A technologically inclined person can leverage on technology to provide solutions to certain problems of the Nigerian society. It can be services like web designing, IT consulting, development of softwares etc. It will amaze you to know that such a business with do well amidst the high inflationary rate.
Training people on skill acquisition:
This involves starting a training center which offers skill development programs, specialized courses and vocational trainings which are aimed at solving the demands of the local workforce.
The aim will be skills of high demand such as entrepreneurship, vocational trade or skills that will earn one professional certifications.
Opening a foodstuffs retail store:
This is one of the most lucrative businesses to do in Nigeria at the moment. This is because, not minding the economic situations of the country, people must buy food for themselves and their households.
Therefore, every foodstuff retail shop makes sales and posts profit on a daily.
Opening a school.
Because of bad government in Nigeria today, teachers in public schools are poorly treated plus the fact that they are not paid their salaries as at when due. Moreso, the learning environment is not encouraging. As a result, public schools have collapsed to the advantage of private schools.
In some areas, some public schools don't have up to ten students, while the privately owned schools in same location have more than 500 students because; parents wants the best for their children, they send them to private schools who have better learning environment and equipments and better motivated teachers.
Therefore, owning a scholl is a profitable business in Nigeria today. If one has enough money to establish a good school, he will start posting profit over a short period of time.
Opening a shop to offer services:
Opening a shop to offer services like barbing, making hair, nails, phone repairs, generator repair, tailoring.
If you open a store where any or all of these services are offered, you will certainly do well.
Opening a retail store:
If you can open a retail store where things that people need on a daily basis are sold, you will do well.
Things you can sell in this shop may include; groceries, phones and phone accessories, electricals This is because these are what people need for their everyday living and as such, this shop will do well because of the population density of the Nigeria.
Conclusion.
While these are very lucrative business ideas, every person that wants to establish any business in any economy should ensure they conduct a very thorough market research, and draw a good business plan, this will help him know what to venture into and where to position his business so as to add value and to remain relevant overtime.
These are very profitable business ventures however, what can guarantee profitability are good business approaches like; pricing strategy, proper inventory management, good customer services, strategic positioning, advertising etc.
Finally, you should ensure you sell good quality products or offer quality services, have good customer's services so that your customers will always look for you at reorder level.
Thank you for visiting and reading through my blog, am grateful.