13 Businesses Nigerians Can Do to Survive in This Economy

With the high cost of most goods and services, and stagnant average income, many Nigerians are seeking alternative ways to make a living and secure their financial future. If you find yourself facing uncertainties and looking for business opportunities, you’re in the right place. In this article, we will explore 13 profitable businesses that Nigerians can do to survive and thrive in this economy.

In this article:

• Economic challenges facing Nigerians
• 13 fast selling businesses in high demand in Nigeria
• Frequently asked questions on profitable businesses in Nigeria?
• Invitation to our Nigerian business community

Economic Challenges Facing Nigerians

Nigeria faced significant economic challenges in 2023, leaving many citizens grappling with the aftermath as they hope for a turnaround this year in 2024.

Experts have cautiously predicted a better economic performance this year, citing potential recovery in the oil sector and governmental reforms as reasons for optimism. However, the preceding year brought its share of hardships, including naira scarcity, the removal of petrol subsidies, and currency floatation, which exacerbated inflation, poverty, and unemployment.

Official data from the National Bureau of Statistics showed a small GDP growth in the third quarter of 2023. It also recorded high inflation and a little increase in unemployment. Foreign investments were reduced, and the Naira currency depreciated significantly. 

President Bola Tinubu acknowledged the prevailing challenges in a recent address, urging resilience while assuring citizens of the government’s commitment to improvement.

The prices of goods and services have risen, and they keep rising almost every week, particularly in food and transportation. Meanwhile, the income of the average Nigerian has not increased to compensate for this inflation. All of these are currently causing a strain on survival and consumer spending. Despite relatively low unemployment rates, poverty levels are expected to rise as purchasing power fails to keep pace with inflationary pressures.

While hopes for economic recovery persist, Nigerians must find a way to survive and outlive the ongoing challenges. 13 entrepreneurship and self-employment ideas will be discussed below.

What Business is in High Demand in Nigeria? Businesses Nigerians Can Do to Earn Daily Income

1. Digital Marketing/Freelancing

Digital marketing and freelancing offer opportunities for Nigerians to earn income using their skills and the internet. This makes it one of the best businesses Nigerians can do to survive this economy.

Digital marketing involves promoting products or services online through channels like social media, email, and websites. Freelancing means working independently for various clients, often in areas like writing, graphic design, or programming.

In Nigeria, digital marketing and freelancing are in high demand due to the increasing use of the internet and the need for businesses to reach customers online. Anyone can start digital marketing by learning skills such as social media management, content creation, search engine optimization (SEO) and many more. Freelancers can offer these digital marketing services and get paid in dollars.

These jobs allow flexibility in working hours and location, making them suitable for anyone with internet access and the right skills. To get stated, check this out:

Dont Miss: Easiest Ways to Earn Dollars in Nigeria in 2024

2. Agriculture

Agriculture is a fundamental sector that offers good business opportunities for Nigerians due to the constant demand for food. It’s one of the best-selling businesses that Nigerians can do to survive in this economy.

Food is a basic necessity, and essential for survival, which makes the food business always in high demand. Regardless of economic conditions, people need to eat to stay alive and healthy.

In Nigeria, certain food items like tomatoes, peppers, and palm oil are universal staples in the kitchen. These items are essential ingredients in many dishes and can’t be easily replaced. For example, tomatoes and peppers are commonly used in soups, stews, and sauces, while palm oil is a crucial ingredient in cooking and food preparation.

3. Restaurant business

The restaurant business involves opening and operating a dining establishment where customers can enjoy meals and socialize. In Nigeria, this business thrives due to the constant demand for good food and communal dining experiences. 

Restaurants provide a consistent source of daily income for Nigerians who can attract and retain loyal customers by offering delicious and culturally relevant dishes, along with excellent customer service.

To start, entrepreneurs should conduct market research, secure a suitable location, develop a unique menu, and implement effective marketing strategies.

4. Online Tutoring

Online tutoring is a business where individuals teach students over the internet. It’s a lucrative business in Nigeria because many students and parents seek additional academic support beyond traditional classrooms. Online tutoring offers convenience and flexibility for both tutors and students, allowing them to connect from anywhere with an internet connection.

Starting an online tutoring business in Nigeria requires a few key steps. Firstly, tutors should identify their areas of expertise and target audience, whether it’s primary school students, secondary school students, or exam preparation for UTME, Post-UTME, or other entrance exams. Next, they need to set up an online platform where they can connect with students, either through a website, social media, or tutoring platforms. Tutors should also invest in quality teaching materials and tools to deliver effective lessons and engage students virtually. 

5. POS Business

The POS cash withdrawal and deposit business provides customers with financial services using POS devices and mobile banking apps. In Nigeria, this business is in high demand due to the widespread use of electronic banking and the convenience it offers to individuals who need access to cash but may not have easy access to traditional banks. This makes it one of the best businesses Nigerians can do to survive in this economy.

Starting a POS cash withdrawal and deposit business requires obtaining POS terminals from financial institutions and setting up a location where customers can access these services easily. Entrepreneurs should choose strategic locations with high foot traffic, such as markets, shopping centres, or busy street corners, to attract customers.

6. Cleaning Services

Cleaning services involve offering professional cleaning solutions to individuals and businesses. In Nigeria, the demand for cleaning services is high due to the increasing urbanization and the desire for clean and hygienic spaces. This makes it one of the best businesses Nigerians can do to survive in this economy.

You can offer cleaning as a side hustle or as a business (if you have the capital to startup and hire other workers). Entrepreneurs can start a cleaning services business by identifying their target market, which may include residential homes, offices, schools, or commercial establishments. They should invest in quality cleaning equipment and supplies and train their staff to provide efficient and thorough cleaning services.

To attract customers, you can promote your business through word-of-mouth, flyers, or social media. Also provide excellent customer service and ensuring customer satisfaction to retain clients and build a positive reputation in the community.

7. Dropshipping

Dropshipping is a business model where you, as the retailer, don’t need to keep the products you sell in stock. Instead, when you receive an order from a customer, you purchase the product and quantity demanded from your supplier, who then ships it directly to the customer. This means you don’t have to deal with inventory management or shipping logistics. It’s a convenient way to start a retail business in Nigeria with minimal upfront costs.

One of the key advantages of dropshipping is that entrepreneurs can run their business from anywhere with an internet connection, allowing for flexibility and freedom. This makes it one of the best and easiest businesses you can do to survive in this economy.

We have a blog post on a step-by-step guide on “How To Start Dropshipping For Free and Be Successful in Nigeria”

8. Beauty Businesses (Such as Haircut, Styling, Makeup, etc)

The beauty industry encompass a range of businesses anyone can start, including haircuts, styling, makeup, and more. In Nigeria, the beauty industry is thriving as people seek to look and feel their best for various occasions. This makes it one of the best and easiest businesses Nigerians can do to survive in this economy.

Entrepreneurs interested in starting a beauty business can specialize in one or multiple services such as hairstyling, makeup artistry, or skincare treatments. They can offer their services to individuals for events like weddings, parties, or everyday grooming needs.

To begin, you should acquire the necessary skills and training in your chosen area of expertise. This may involve attending beauty school or undergoing professional training programs. Also, you will need to invest in quality equipment, tools, and products to deliver exceptional results to your clients.

9. Cooking Gas Refill Business

Another business Nigerians can do to survive in this economy is refilling cooking gas cylinders. The cooking gas refill business involves providing refilling services for cooking gas cylinders. In Nigeria, where cooking with gas is common, this business is in high demand as households and businesses require regular refills to continue cooking.

If you’re interested in starting a cooking gas refill business, you need to secure a suitable location for your refill station, preferably in a convenient and accessible area with high foot traffic. You also need to obtain the necessary permits and licenses required by regulatory authorities to operate a gas refill station safely.

To start, you will need to invest in equipment such as gas cylinders, filling pumps, and safety devices to handle and refill the gas cylinders safely. You should also establish relationships with gas suppliers to ensure a steady and reliable supply of cooking gas.

10. Charcoal Business

The charcoal business involves selling charcoal, a popular fuel used for cooking and heating in many households and businesses across Nigeria. With the rising cost of cooking gas, many people are turning to alternatives such as charcoal, making this business particularly lucrative.

If you’re considering starting a charcoal business, you’ll need to source high-quality charcoal from reliable suppliers. Find charcoal producers or wholesalers who can supply you with bulk quantities of charcoal at competitive prices. Once you have your supply of charcoal, you’ll need to find a suitable location to sell it. This could be a roadside stand, a market stall, or even an online platform, depending on your target market and resources. You can also venture into a charcoal exportation business.

11. Soap-making Business

The soap-making business presents a great opportunity for you to start, especially considering the recent developments in the industry. Giants in the production of soap and cleaning substances, like Unilever, are either leaving Nigeria or halting production. This creates a gap in the market that you can fill by producing high-quality soap products.

To begin your soap-making business, you’ll need to acquire the necessary ingredients and equipment. This may include oils, fragrances, molds, and mixing tools. You can start small and gradually expand as your business grows.

One advantage of the soap-making business is that you can customize your products to meet the specific needs and preferences of your target market. Whether it’s moisturizing soaps, antibacterial soaps, or fragrant soaps, you can cater to different customer preferences.

Marketing your soap products is vital to attract customers. You can sell your soaps through local markets, online platforms, or directly to retailers. Highlighting the quality and uniqueness of your products will help you stand out in the market and attract loyal customers.

12. Transportation Business

The transportation business Nigeria  involves providing services for moving people or goods from one place to another. In Nigeria, this business is essential due to the need for reliable transportation options in both urban and rural areas. This makes it one of the best businesses Nigerians can do to survive in this economy.

If you’re considering starting a transportation business, you’ll need to decide whether you want to focus on passenger transportation or logistics for goods. Passenger transportation may involve operating taxis, buses, or ride-hailing services, while logistics may include delivery services or freight transportation.

To start a transportation business, you’ll need to invest in vehicles and obtain the necessary permits and licenses required by regulatory authorities.

13. Clean Water Business

The clean water business Nigeria  involves providing safe and reliable drinking water to communities in Nigeria. With the increasing concerns about water quality and accessibility, this business is essential for ensuring that people have access to clean and safe drinking water.

If you’re interested in starting a clean water business, you’ll need to invest in water purification equipment and infrastructure to treat and store water. You may also need to obtain permits and licenses from regulatory authorities to operate a water treatment facility.

If you don’t have enough capital to start a water business in Nigeria, you can serve as a wholesale distributor of sachet water, table water, and water dispensers. By purchasing these products from factories at wholesale prices, you can sell them to retailers and end consumers, expanding your revenue streams.

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For those seeking guidance on starting dropshipping, freelancing, online tutoring, charcoal, agriculture business, soap making or toilet wash, we offer specialized consultations tailored to your needs. Our team provides personalized assistance covering production, market analysis, business planning, sourcing suppliers, marketing strategies, and regulatory compliance.

Whether you’re new to entrepreneurship or expanding into new markets, our consultations can help you seize opportunities in these sectors. Contact us for more information and to schedule a consultation session. We’re here to support you in turning your business ideas into successful ventures.

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Frequently Asked Questions on Profitable Businesses in Nigeria?

1. What business is in high demand in Nigeria?

Businesses like digital marketing, agriculture, transportation, and cleaning services are in high demand in Nigeria due to evolving consumer needs and market trends.

2. Which type of business is most profitable in Nigeria with low capital?

Businesses such as dropshipping, soap making, and online tutoring can be highly profitable in Nigeria with relatively low capital investment, offering opportunities for aspiring entrepreneurs.

3. What business can I do to survive in Nigeria?

Starting a business in sectors like food, transportation, or beauty services can provide a consistent stream of income to help you navigate the economic challenges in Nigeria.

4. What business can make you rich faster in Nigeria?

While there’s no guaranteed path to quick riches, businesses with high demand and scalability potential, such as digital marketing or restaurant ventures, can offer significant earning potential over time with dedication and strategic planning.

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Conclusion

So far so good, we’ve discussed13 businesses Nigerians can do to survive in this tough economy. Many of them bring in daily cash, and they’re not too hard to start up. But remember, always give your best in whatever you do. By offering top-notch services or products, you’ll keep your customers coming back for more, ensuring your business stays strong and successful.

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