By Fatimah Idera
Businesses have been known to fail and the white collar jobs are no longer there like before. And so, it is no longer news that Nigeria’s economy is facing difficulties at moment and if nothing urgent is done to mitigate the situation may crumble.
The weak naira occasioned by inflation is making it even harder for many Nigerians to afford their basic needs, coupled with the fact of insecurity in some of the food producing regions of the country.
It is on record now that since President Bola Tinubu announced the discontinuation of the petrol subsidy during his inaugural speech on May 29, 2023, and the perennial hike in the price of petrol, Nigerians have devised strategies to ameliorate the resultant effects of economic hardship.
Individuals need to face reality and decide against all odds to brave the moment by doing all to cope and rising above the tide. It is said that tough times don’t last, the tough people move ahead
In the face of the current reality, here are some of the few businesses that can help you survive hard times in the country:
Food business: Since the prices of commodities have doubled and income has remained the same for some people, Nigerians are beginning to engage in establishing small-scale businesses like small food carts or restaurants as food is key to our daily living. Many now own a restaurant by offering affordable and nutritious meals.
Online services:This is another skills acquired to survive hard times among Nigerians since the offer of digital skills like writing, graphic design, or social media management, content creating etc are highly demanded,many had rushed into it while they thrive.These business as really created several job opportunities especially among the youths.In Nigeria, especially considering the low value of the naira. These services can be offered to clients both locally and internationally
Agriculture: No doubt, agriculture plays a significant role in the Nigerian economy, which is why during hard times, many people resort to subsistence farming to provide for their basic needs. Some of the farm produce may be sold to make more income, used as barter, or better still used as an alternative source of feeding for the family.
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.
Logistics and Transportations: Transport and logistics are essential services that remain in demand regardless of economic conditions, making them a profitable business opportunity even in hard times. Starting a courier or errand service, helping people with transportation needs and logistics can help relieve 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.
However, the following business could ease and help Nigerians survive during hard times as they are easier and encouraging.
This is a continuous series aimed at providing immediate solutions to the nation’s challenging economy
About The Author
