The Edo state government through its newly launched programme, Edo Cares is set to promote Small and Medium enterprises in the state.
According to the report by the media, the Managing Director, Edo State Skills Development Agency, EdoJobs, Ukinebo Dare said “an emergency state-level intervention programme, is designed to support micro and small enterprises in Edo State affected by the economic crisis caused by the Covid-19 pandemic.”
Speaking at the launching of the grants, Dare stated that the programme which was domesticated in Edo State from the Federal Government and World Bank partnership on COVID-19 Action Recovery Economic Stimulus (NG-CARES),
The programme will provide succour for Micro and Small Enterprises (MSEs) impacted by the pandemic in the country.
She said that under the Edo-Cares programme, business owners are now able to access grants for their business development and support.
“To grow their businesses and contribute to the state’s economic development,” she added.
The Edo state government has, however, advised the beneficiary of the programme to take full advantage of the initiative as a means to better their lives in terms of human capacity development, Investors King understands.
She added that the business support grants will be provided in form of credit grants, operational grants, and IT development grants, to enlarge and promote their businesses to enhance the economic viability of the state.
“Business owners can gain access to technology tools such as e-commerce website, POS, computers, mobile applications, under the IT Enhancement grant category, and business supplies, rent, salaries, utilities, solar panels, under the Operational grant category.
Also, the Credit grant category where business owners can gain access to funds to pay off existing loans,” she submitted.
Bank of Industry Disburses N213.63bn to Over 30,000 Businesses in 2021
The Bank of Industry (BOI) has revealed that it disbursed a total of N213.63 billion to 30,406 businesses in Nigeria in the 2021 financial year.
The Managing Director of BOI, Olukayode Pitan disclosed this at the 62nd Annual General Meeting (AGM) of the bank on Thursday in Abuja. He said that the bank was able to successfully scale up its developmental impacts in 2021 despite the challenges and limitations caused by COVID-19.
Pitan said “at the peak of COVID-19 in 2020, the bank took steps to support customers with a two per cent reduction in interest rates for a year alongside an extension of loan tenors and moratoriums. He said that the operating environment improved in 2021 and that is the reason they have decided to extend the incentives until March 31, 2022.”
He added that all ongoing projects were reviewed to assess emerging risks and opportunities and also additional support was provided.
“In the year under review, the bank disbursed a total of N213.63 billion to 30,406 Nigerian enterprises through both direct and indirect methods. This represents a 47.3 per cent increase over disbursements in 2020.
“The 2021 disbursements include N2.99billion to 22,120 farmers through our smallholder farmers on lending product and one billion Naira to 4,000 micro-retailers through our MSMEs distributor finance programme.
“At BoI, we have since taken measures to ensure that our systems, processes and people are continuously equipped to meet the evolving business environment.
“Today, we are a more agile and adaptive institution, able to provide the necessary developmental support for Nigeria’s real sector in an ever-changing economy.
“Our commitment to building a resilient organisation that can respond to the needs of our customers and operating challenges is unwavering.
“We strongly believe that we can achieve this with the continuous support of the stakeholders.” he further said.
Legitimate Online Business in Nigeria Today
In an effort to ensure that a large portion of the 33.33 percent unemployed Nigerians earns a living despite Nigeria’s weak new job creation, Omobobola Popoola has put together a list of legitimate online businesses that both graduates and undergraduates Nigerians can engage in.
For a long time, the world has been referred to as a global village. This is due to the daily increase in the development of new technology as well as the usage of existing ones. Since the invention of the mobile phone, technology has only continued to advance.
The introduction of the internet has advanced the world much faster than would be expected. The traditional business is conducted offline, with transactions taking place physically. The integration of business with the internet has been met with success rates that almost mirror the rates of some physical businesses.
The arrival of the COVID-19 pandemic in March 2020 revolutionized the business space, moving some physical businesses online and further boosting some already-online businesses during the lockdown period.
In Nigeria, there is a stigmatization that comes with online business dealings. A lot of people think about internet fraud whenever they think about jobs that concern the internet or technology. This article will present some online businesses in Nigeria which are legitimate, and can also help the owner earn a good living at least in Nigeria.
Some of these businesses are:
This is one of the most online ventures one can involve themselves in, in Nigeria. The very first, most important skill to have when preparing to start blogging is the writing skill. You must be able to convey information to your readers in a way that can evoke emotion and interest terribly.
Content needs to be updated to your blog regularly, to keep it relevant and to continue generating traffic to the site. To start, you may not need a lot of capital. Capital in the blogging space usually involves the money paid to secure your own site in your domain name. However, when starting the blog you can decide to use outlets like WordPress to gather enough attention and rake in income.
Blogging income usually comes from promotion for other sites and brands, who have noticed the huge amount of traffic which your blog generates. As the blog grows, you can begin to charge higher and higher for promotions. Some bloggers are paid millions of naira for promotions which could last a week, days or even hours.
Online Advertising Agencies
In Nigeria, as the general online presence increases so does online advertising. So many businesses are seeking to take advantage of the online space to put their businesses “out there”. This is majorly to leverage the extremely huge community of internet users and successfully market their products.
There are different ways through which online marketing can be done, through blogging, affiliate marketing, etc. Some brands may however be unwilling to use these platforms, due to their existing reputation or simply due to preference.
You can set up your own advertising agency, with a big or small team of people who create content and analyse trends, making millions of Naira from the business. The charge may be higher than blogs however, because an advertising agency usually does more focused advertisement.
Sell Art Online
In recent years, art has gotten much more recognition in this part of the world than it had before. Different forms of art have their own audiences, who would be willing to pay good money for the works of art which they like.
If you paint, make music or take pictures, you can sell your work online. Digital and physical art pieces can be sold through online means, and these are usually worth quite a lot of money.
You can make a physical painting and market it through online platforms, or create digital art with some specialized software and sell off the rights to that art through those online platforms. If you are involved in music and music production, you can sell beats, lyrics, songs as digital products. Art is highly valuable and is a very good source of income in the online space.
Become a Freelancer
While freelancing is not the most innovative online business idea, it is still a great choice with a low hindrance to those interested in entering into it. Freelancing is most commonly related to writing, but it also can be open to developers and graphic designers. As a freelancer, your skills will be put to use helping people around the world while also earning money (even in foreign currency, which is lucrative as long as you live in this country).
One advantage of freelancing is that you can work at your own pace, picking projects that you know you can handle and not biting more than you can chew. If you have a daily job which does not take up much of your time, you can be a freelancer by the side and have two sources of income.
Be a Social Influencer
The sheer popularity of apps like Twitter and Instagram in Nigeria makes the influencer market more attractive than most business ventures. Even though customers are being more market-savvy, the influencer business is still up for grabs.
If you have and maintain a strong social media presence on either app, brands can approach you to help market their products. Influencers can sometimes have areas of specialization too. If you are a photographer whose pictures or a content creator whose stories usually draw a lot of engagement, you can qualify for the influencer position. This is because the content on your social media page is enough to draw users to you.
Influencing is not only limited to Twitter and Instagram, however. With the introduction of the new social media platform TikTok, there has been a huge boom in creators of short video content. Some of those who are very popular on the app are approached by some brands to advertise their products in their video content.
Platforms like YouTube and Facebook are not excluded from the social influencing business. Facebook users with a lot of engagements and many friends could be employed by brands to promote their products in posts. Popular YouTube channels could also be approached to carry out direct endorsements of products in their videos, and both would get paid (with the pay varying depending on the brand they are marketing).
This is yet another marketing-related opportunity in the online space. Affiliate marketing is when you officially endorse a product by sharing it on your email list, your blog, your social media pages, or other means. Whenever someone clicks your special referral code or link, you earn a commission from the brand whose product you are advertising.
Some companies have special programmes for affiliate marketing, and encourage people to join them. Once you have signed up to these programmes, you start sharing the referral link or code. You can do this creatively by creating content to accompany the product and the producer, while adding the link.
Ensure that your content touches upon how good the product or service you’re promoting is, but make sure that you do not overload the readers with advertisements. This could very easily throw them off your work.
Paid Online Surveys
Marketers usually pay individuals as much as $300 per day to fill surveys in person. However, with the direction the world is taking now (coronavirus and its aftermath), these marketers are turning to the online space for these paid surveys. While these online surveys may not pay as much as the physical surveys, doing enough of them means you’ll get paid more. It would also be easier, as it is something you can do from the comfort of your own home.
Profitable Business in Nigeria: 13 Profitable Businesses to Consider in Nigeria Today
Researching that single profitable business in Nigeria today requires a certain skill level, tools and understanding. But to ensure that individuals with the necessary capital and needed commitment invest in a profitable business in Nigeria today, Omobobola Popoola has compiled 13 profitable businesses to consider as of today.
With the current state of the country, having businesses or business ideas which will fetch you a lot of profit is highly welcomed. However, while it is very good to have business ideas, it is imperative that one also knows profitable business in Nigeria to avoid silly waste of money and time.
Some people may have good business ideas, but unfortunately those business ideas are not right for the environment in which they find themselves.
If you are a Nigerian citizen or resident who has just acquired some capital and doesn’t know how best to utilize it, this article is for you. This article will cover profitable businesses that one can dip their toes in, some of them being venturable with only a little capital. These businesses can also be well-executed without a lot of business experience.
Here are some of the profitable businesses you can embark on in Nigeria today, in no particular order:
Selling Mobile Phone Accessories
In Nigeria today, this is a very promising business idea. The boom in technology, coupled with the use of smartphones in the country makes the business viable. As common with technology, some of the accessories that accompany phones malfunction or get worn out from time to time.
Mobile phone accessories like wired earphones and wired chargers are prone to tear and wear, and usually stop working when the wires cut (visibly or not). Other accessories that are popularly in demand are memory cards, removable batteries, screen guards, pouches, etc.
The first thing to do would be to obtain a space where you would be selling the accessories, you can even start with a small space. After that, start to purchase some of these accessories and stock up, while trying to drive traffic for your store.
As it is popularly known, Nigeria is a very party-heavy zone. Hardly any weekend passes by when people are not hosting parties commonly known as “owambe”. These parties also do not come cheap, as the hosts usually spend quite a lot of money, especially if the host is of a high societal status, or if the party is of an extremely large scale.
Party hosts will always need items that they don’t have readily available. You can acquire items like chairs, canopies, cutlery, cooking utensils, etc. and then start contracting them out to those who need them. You can also decide to contract out these items at an hourly use basis. As your business goes on, you can start to determine what people rent the most and tailor your services to those items.
This is one potentially lucrative business; it involves rearing and taking care of chickens either for the purpose of meat or for their eggs. These can also be done at the same time, with the layers providing the eggs while other breeds are raised solely for their meat properties.
Chickens are usually used at small gatherings or events, but they are mostly used on big religious occasions like Christmas and Easter.
Millions of naira can potentially be made from this business, but that is largely dependent on the amount of time and money that has been invested into it. With N500,000 and a provided space for the birds, one can purchase the chickens, feeding troughs, chicken feed and so on with the hope of making a lot of money back. This will however only be possible if adequate time and energy are invested in the business.
This is another animal farming-based business that has massive potential to be lucrative in Nigeria. It may even have more potential than the chicken farming business in the short term.
Fish farming varies, but the most common type of fish farming in Nigeria is Catfish farming. The high demand for fish everywhere in Nigeria makes fish farming a particularly profitable business in Nigeria.
Snail farming can be said to be underrated by Nigerians at large. In Nigeria, snail is hardly ever enough as it is a commodity with incredibly high demand yet low supply. This disparity in demand and supply provides the opportunity to make a huge profit from the business.
The farmers involved in this business are also relatively small, and some of them even do the business on a small scale. Investing a large amount of time and energy will definitely yield high returns.
Cooking Gas Business
This is a lucrative and evolving, yet ignored business opportunity in Nigeria. People recognize the lucrativeness of petroleum products, but focus more on petrol and kerosene while ignoring cooking gas.
In this business, you can set up your own establishment where acquire cooking gas and supply to retailers or refill gas for consumers. You can do either of the two, or decide to combine and do both. The business also does not necessarily require starting with huge capital (large scale). You can start small and expand as you continue to grow the business.
Transportation Service Business
Recent security challenges across the country have left a good number of people reluctant to use public transport or comfortable while using it, if they don’t have a choice.
You can decide to set up a private transportation service, with either buses, cars or bikes (depending on the location). This business has high potential for success, as seen with businesses like Uber and Bolt (Taxify).
One way to set yourself apart from the other transport service businesses is tailoring the business to reach some areas where those other businesses would normally not reach. This could even help to grow the business’s customer base.
Hairdressing is another overlooked business that has the potential to be lucrative. Imagine opening a hair salon in an area that desperately cries out for one, especially when you are particularly good at this craft.
You can start with a small shop, and with proceeds made expand into a much bigger salon in the future.
Photography is fast becoming a highly lucrative business in the country. You can decide to be an event photographer, covering events or provide services to individual customers who want photoshoots.
The fastest way to get the most out of this is to identify a niche; an area of photography where you want to focus on. This could be heavily influenced by interest or ability.
Pastries are becoming highly coveted products in Nigeria. From roadside puff puff to the meatpies sold in stalls, and even to the doughnuts sold in restaurants, these baked goods are capturing the hearts of Nigerians.
Of all these baked goods, cakes are arguably the most lucrative and inviting. The sheer effort that is put into making them deserves much higher prices than the other baked goods.
The scale on which the business is being done will also determine how much capital is to be invested into the business. Cake bakers could provide their services at almost all events, including birthdays, anniversaries, weddings, etc. These events would pay considerably more than regular customers.
The cooking gas business has been mentioned earlier in this article, and it would not be right to gloss over the petrol station business. Oil and gas is generally a lucrative business, as Oil is Nigeria’s op export product.
While the petrol station business requires millions of Naira to start, it is almost always guaranteed that the money will be made back. The amount of cars in Nigeria, and which depend on petrol as fuel is enough to ensure that you never run out of customers.
Also, the poor electricity supply in virtually all parts of the country has highly encouraged the use of generators by Nigerians. Most of these household generators are also fueled by generators. This hish usage of petrol, partnered with establishing the station in a populated area is sure to make a lot of income in both the short and long run.
Football Viewing Centre
Nigerians, both male and female have a strong love for football. This strong love for the sport would make any provided avenue to watch while at the same time interacting with like minds who also love the sport.
The high recurring bills slapped on TV services like DSTV have forced many lovers of the “beautiful game” to run to viewing centres around them to watch the sport. The three main ingredients required to start this business are a decoder, a big television and space.
This business is even further boosted by the fact that multiple competitions now take place simultaneously, giving the people multiple opportunities to come into the centre, and also giving the owner multiple opportunities to rake in solid income from it.
The collection and disposal of waste in (populous) areas in Nigeria is incredibly sub-par. This is why a lot of gutters in many major cities are usually filled with trash items like empty plastic bottles, empty biscuit wrappers, empty water sachets, etc. These items eventually clog up the drainage system, causing flood sometimes.
Nigerians are yet to properly absorb the practice of proper waste disposal. Although states like Lagos are taking steps towards proper waste management, individual Nigerians are still yet to learn waste disposal.
Within the waste management space, there are different business which you could start and make very good income from. You can be involved in recycling waste such as bottles, or even tissue paper. You can also provide garbage collection and disposal services, organic fertilizer production, etc.
The lack of many players in the space could lead to high payments for services.
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