Societal Vacuums In Nigeria And Why Starting A Multi-Million Dollar Company Could Be A Good Idea.

An Entrepreneur? Is it even a good Idea? Entrepreneurial ideas are budding seeds that someday could grow into a million-dollar company, a billion-dollar company if it has the right ideas and potential.

With the further advancing threats of coronavirus, which has already drastically changed the world’s look in 2020 has also majorly affected the job market in Nigeria. The lockdown period has affected many lives and has led to so many people losing their jobs.

Among all this, does starting a company right now sound insane? Well! The answer to that may surprise you.

Entrepreneurs, especially the successful ones, aim at solving a problem in society. There are many such major issues that Nigeria needs to look out for. Namely, the hotly discussed poverty situations despite a growing economy, sex discrimination, lack of education, unemployment, etc.

But starting out as an entrepreneur could be a tough job. There are a lot of vital points that must be looked into before jumping to conclusions. The Tech-driven society today has paved a way to quench several societal problems in cheaper ways. Starting out, companies today known globally, Apple, Amazon, Microsoft, Google, Tesla, and many more, had started with a single objective that is and today it’s million-dollar companies. To Make it Work! Thus, amidst this Global Crisis, new ideas and new methodologies to solve today’s problems are encouraged.

SOME ECONOMIC STARTUP IDEAS THAT CAN TURN INTO MULTI-MILLION DOLLAR COMPANY

WEB DESIGNING AGENCY

Technology has already led to opening doors to many economic opportunities for people to grasp. One of such career paths is Web Designing Agency. In today’s world, there isn’t a company that can function without a website. The competition is so tough that every individual is jumping into the online space. They aim at creating an effective online presence and increasing their customer base.

If you search, there are quite a few Web Designing companies with successful ventures. To start, as a web designer in Nigeria, you can promote your agency through SME events, blogging, and social media marketing on several channels.

Helping many sprawling small businesses create an internet image, in today’s world, stands to be a job in demand and could be a real money-spinning opportunity for you to make your million-dollar company.

AGRICULTURAL BUSINESS

With a population of over 170 million, which is also growing every day, the Nigerian Agribusiness Sector has become booming. Predictably to grow larger in upcoming years.

There are many booming subsections to Agribusiness.

Poultry Farming

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Growing Population and expanding urbanization have led to fast growth in demand for livestock products, including poultry. It happens to be the fastest-growing segment in the Agricultural Industry in Nigeria. According to ThisDay Newspaper, Nigeria has a poultry industry worth over N 1.2tn as of 2017.

Keeping in mind the market size, Nigeria’s Egg Production is the largest in Africa. Chicken importation was banned by Nigeria in 2003, which spurred growth in domestic poultry production.

To start a profitable Poultry business in Nigeria, there are certain ‘to-dos’ one must go through along with extensive research.

Cassava Farming

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This segment of Farming has been a source of livelihood for millions of Nigerians. With an increase in varied use of Cassava Products in Nigeria, Cassava farming is getting more and more lucrative and profitable day to day.

Ninety Percent of Nigerian Homes consume Cassava Products regularly.

Rice Farming

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In all of Western Africa, Nigeria is the largest producer of rice. All over Africa, it is the third largest producer, after Egypt and Madagascar, producing about 3.6 million metric tons, on average annually.

But, apparently, Nigeria happens to fall short of meeting its local demands, which creates a 5.5 billion tons consumer base. Considering these facts, rice farming is a lucrative business to start.

Snail Farming

Another business idea, cheaper than the rest, in terms of capital required, is snail farming. Internet facts say that the snail business has extensive opportunities but is neglected. It is also a good farming idea to earn money in a short period of time.

But before jumping into this, it is important to do thorough research regarding snail farming business. Since, by some generalized facts, snails happen to be expensive to eat and are very dormant during the dry season, they become scarce.

In conclusion

A surging swell has taken over the Agribusiness Culture in Africa. There are many more lucrative options to look into in the Farming segment, such as catfish farming, maize farming, pig farming, and honey bee farming. The above-mentioned are the most economical and easy to start. You can literally start in your backyard!

EDUCATION…A BOOMING SECTOR!

Education is a necessity, but Education has also become expensive. With an Adult Literacy rate of 62.02% in Nigeria, a major part of the population slips through the cracks and lives up to be uneducated pupils.

Thus, as an extensive requirement for an Educator, not only creates a demand, but lack of education is also a societal problem that needs to be resolved. The typical wants are at day cares, nursery school, primary and secondary schools, and universities. Pick an education niche that interests you and start preparing!

RETAIL STORES

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A nearby convenient store is a major advantage to any neighborhood. A close-by retail store providing everyday basic necessities such as food products, clothes, and other consumer goods is surely a good business idea to invest in. Looking at the statistics, Nigeria is a good place to invest in for Retail Business.

Starting your own retail store may seem small and too much cost-consuming, but once into the business flow, it can get good returns. It is a convenient and economic choice for business.

REAL ESTATE

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Opportunities in this industry are growing. With quite a percentage of people in Nigeria investing in real estate, either commercial or residential, it has now become a lucrative business. By the common ways of Nigeria, most real estate business operations are carried out offline, but one may also set up an online base to attract potential customers.

Popular and successful, two of Nigeria-based Real Estate companies are primewaterviewng.com and primrosedevco.com. Further, you can also act as a real estate agent and bring in sales for real estate companies, just earning a commission.

THE STOCK MARKET

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Well, most risky business ideas have brought in the most success. If one possesses skills and knowledge, he can turn his stock market investments profitable. You are required to have deep knowledge and understanding of the Nigerian Stock Market. Before deciding on what stocks to buy, conduct a thorough study on its properties, return policy, and investment protocols.

MOBILE PHONES AND MOBILE APP DEVELOPMENT AGENCIES.

Cell phones are now an extended virtual arm of life. Nobody can function a full day without at least glancing once at their phones.

Online or offline modes of selling cell phones have been an ever-growing business for the demanding Nigerian market. You can turn your small shop into a multi-million-dollar retail store. Companies like Jumia, Jiji have a huge customer base, goodwill, and have been making money. A small business that can bring in big profits.

Mobile App development agencies can successfully turn into a lucrative business. An app that can serve the public in various ways in this era of digitalization can any moment, turn into a booming career for you.

While not all Nigerian companies are looking for custom-built mobile apps to engage with their customers, they definitely are looking for skilled developers to bring their business ideas to life.

Conclusion

I believe that you must be eager to plunge into one of these business ideas and give wings to your own creative ideals. All the best! On your lucrative ventures, and make it a million-dollar company. Hope you succeed.

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