This post is primarily targeted at my readers in Nigeria. However, if you are not in Nigeria, you can still learn a thing or two from this and adapt it to your environment. That said, it is no news that the economy is taking a bad hit right now. Due to the falling prices of crude oil in the global market, prices of food and other essential commodities have hit the roof, while the income from petroleum still remains at an all-time low. On the flip side however, the federal government has proposed its most ambitious budget ever, with a plan to spend one point eight trillion naira on capital expenditure within the fiscal year. The combination of the above factors while a nightmare for most people, is an entrepreneur’s fantasy as opportunities abound in this milieu. Below, I have penned down four businesses that are sure to be guaranteed money spinners for a long while, and will do relatively well despite the economic hardships.
Crop prospecting
One of the basic requirements of every individual is food, and this is not likely to change soon. Irrespective of the economic situation, we all must eat food and it makes sense that this will be a viable market for investment. The interesting twist is that at present in Nigeria, there is a shortage of some basic food ingredients, the most obvious of which is tomatoes. The fact remains that the average household in this country cannot go a week without eating tomato or its derivatives in one form or the other. Hence, you could consider joining the hundreds of people who go to the northern part of the country and buy tomatoes in bulk, and then sell it in other parts of the country. The scarcity of the product will ensure you make tremendous profits.
Consulting
Due to the increase in the amount of money spent in the budget this year for capital expenditure, we expect that the building and construction industry will see an increase in the tempo of its activities. Now, if you are skilled at an aspect of the construction business, this is the time to focus on branding yourself in order to rake in a huge share of the largesse that will soon be on offer. With personal branding and in depth knowledge of your business area, you can become a consultant to the government, companies or individuals who will be involved in building and construction for a tidy percentage. (A free guide on how to be a consultant will be released here soon so stay tuned to get it).
Poultry production
The federal government recently revealed that with the launch of the school feeding program, about a billion eggs will be required annually to accomplish the governments set target. This is going to create a huge shortfall in the amount of eggs that would be available for local consumption. The smart agro entrepreneur would right now consider expanding in the area of poultry production with special emphasis on egg production. No matter how small your poultry is, you are guaranteed to make a good income from egg production this period.
Car sharing services
The price of fuel has today gone over the roof. Hence, it is not uncommon to see that a lot of commuters have abandoned their vehicles and resorted to making use of public transport to get to their places of work as well as other destinations. The problem with public transport in this part of the globe however is that often times, the vehicles employed in conveying passengers from one point to another, are cramped, uncomfortable and terribly unreliable. A lot of people would rather prefer to employ a more suitable means of transport. So, if you own a private car, now would be a beautiful time to put it to use. You can decide to pick up commuters going your way for a fee, and if you always ply a particular route, you will definitely have regular passengers. However, if you think it is going to be stressful sourcing for passengers, and also considering the security risks, you can decide to register on the many car sharing service sites available in the country today, for example gomyway , and watch the passengers come to you.
Look through this and share with your friends who will definitely need this information. Stay tuned to this page as we will be updating more frequently. Cheers.
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