Africa’s largest economy has unfortunately been going through some tough times recently, hitting a strong recession for the first time in decades, and experiencing negative growth in 2016. Its tanking economy is largely due to troubles with oil prices, Nigeria’s biggest export, and government revenues, which led to the inflation responsible for increasing prices on goods.
Not everything is that poorly though because what we hear about farming developments, online businesses and MMM news seems like a brighter future for Nigeria.
Unlike all the downfall last year, 2017 seems to be full of hopes for the Nigerian people. According to the Minister of Budget and National Planning, the economy is changing for the better thanks to a more stabilized macroeconomic environment, and a decrease in the inflation rate. Moreover, the government will apparently be rolling an Economic Recovery and Growth Plan (ERGP) that will give the country the boost it needs to work its way out of the recession. That combined with new infrastructural projects currently going on and plans for attaining food sufficiency by next year, is the strategy adopted to make some important changes in the country.
So, Is Nigeria a Viable Option for Entrepreneurs?
Sometimes, big reforms and big risks are what is needed to get out of a difficult situation, and Nigeria is willing to do anything possible to achieve its goals. But apart from the economy, people’s morale also needs a boost, so the government will have a lot of work to do to regain the trust of its citizens. Let’s not forget that in approximately two years, Nigeria will have its presidential elections, which could play a huge part in the way everything evolves.
But what should you think of everything that’s going on, if you’re an entrepreneur looking to open a business in Nigeria? Let’s explore some of the possibilities you have.
First things first, despite the current economic climate, we shouldn’t forget that Nigeria is still the largest economy in Africa. That is one of the reasons why many South African and Chinese companies are considering investing here.
Over 150 million people live in the country, with predictions expecting to overtake the United States’ population by 2050. That means the market is big enough for almost any products and there is also enough workforce. The country is developing at a fast rate and has a lot of potential if you know where to look. Most entrepreneurs and investors choose Lagos, Abuja, or Port Harcourt, but there are many other cities like Owerri, Nnewi, Kano, Aba, or Onitsha, just waiting to become business incubators.
So what are some of the opportunities you can explore in Nigeria?
If you’re looking to make some money fast, this can be a possibility for you. MMM follows a simple logic where people commit and send money to other people, and get their money back as well as a thirty percent interest from other participants. Recent MMM developments now grant that payments can also be made in bitcoin, and guarantee that if the Bitcoin prices fall, you can just convert your money back to Naira, Nigeria’s currency. It’s easy, and most importantly, it works fast, so it’s a quick solution if you’re in need of one.
Slowly but surely, Nigeria is catching up in regards to technology. So, if you’re thinking of starting an e-business, the country is a good place to set shop. Whether it’s web designing, web hosting, app development, or digital marketing services, you can explore almost any possibility here. You could even focus on eCommerce but just make sure to set your store properly and apply the strategies that have proven to be successful.
When in Rome, do as the Romans do. Nigeria’s agricultural industry is huge, so why not try opening a farming business here? And, do you know what the best part about it is? You could start small, from your backyard. The demand will always exist, so if you have the know-how and the technology and equipment, venture away.
If you are serious about opening a business in Nigeria, go for it! Arm yourself with the knowledge, patience, and capital, though, because success will require hard work and dedication!