The recent news of recession in Nigeria is not a blind date. It is a forecast that has been studied, reported and expect to receive a positive response from necessary authorities in Nigeria.
This article is not to track whether government and relevant stakeholders did their jobs or not but to itemize means of livelihood for an average Nigerian who needs to make money online.
Even if you do not care about the numbers before I drop my pen today, I will discuss in plain terms, business ideas you can consider during this period in line with their sectors.
Recently, Nigeria Gross Demotic Product shrinks by 3.62 percent in the third quarter of 2020 following the 6.10 percent contraction recorded in the second quarter to drag the nation back into recession for a second time in four years according to several reports and online media.
There are few sectors that keep raising their bar of success despite the depression and depreciation going on in the oil sector with a decline of 20.38 percent reported when compared with the same period of 2019.
Although the oil sector is important because it contributes 8.73 percent of the total real GDP in the third quarter, the non-oil sector has huge opportunity for you because it only declines by just 2.51 percent despite the effect of #COVID19 pandemic.
The greatest of them is the information and communication sector that grew by 15.91 percent in the quarter under review. This is higher than the second quarter of 2020 because it contributes 91.27 percent to the total real GDP.
Businesses around information and communication include SEO Business, Digital Advertising Business, Web Designing Services, Software Development Services.
The list is endless, Information Technology Business., Internet Provider or Re-Seller Business. Tech Repair Business is another idea that pulls ground now.
The alternative sector you can consider in making money in Nigeria is the Agricultural Sector that grew by 13.52 percent year-on-year in nominal terms in the third quarter.
Crop production, among the four key subsectors (crop production, livestock, forestry and fishing), account for 92.93 percent of overall growth in the sector during the third quarter according to online media.
As digital personnel, you can make money in this sector by serving as a middle man between the buy and the seller within and out the country. Your understanding of importing and exporting, in line with Nigeria policy will surely make you more money.
Starting a livestock business as a middle man simply requires a mobile phone, some credibility online and access to the internet.
Reading up how to sell online will be greatly helpful. If you need help, you can reach out, I am always ready to offer necessary information bon free.
May this interest you if you are thinking of making money online that, the manufacturing sector expanded by 13.54 percent in the same quarter, a decline of 26.15 percent in the same quarter.
Creating or manufacturing a useful and highly sorted product can make you rich even during the recession. There is no limit to human wants but there is a cycle of human’s need.
Your understanding of Maslow’s Hierarchy of Need will help a lot. There is no hard road to marketing; if your product is useful, people will go for it, if is affordable, people will pay for it, if it is remarkable, people will comment about it.
This is marketing. Serving as middle man between the buyer and the manufactural can make you enough money, you have read any of my articles on marketing.
On a quarterly basis, the manufacturing sector grew by 32.13 percent, which is about 13.56 percent to nominal GDP in the third quarter.
Another industry that will certainly strive online in Nigeria during this recession is the construction sector because it retained its strong growth in the quarter, by 35.50 percent in nominal terms.
This will require a lot of networking at your end. The ability to tailor your business towards the needs of this sector is take-home wisdom.
There are basic needs of this industry even if you are not directly in relation to the sector. Among many things, remember that the sector is dominated by human, understanding human needs and meeting them will always put money in your pocket, no matter the level of recession.
Although there is a drop compared to 2019, there is an increase of 38.70 percent when compared with the preceding quarter.
Financial and Insurance industry is another great industry you can consider. The two subsectors, financial institutions and insurance accounted for 88.89 percent and 11.11 percent of the sector in real terms.
The sector grew by 5.91 percent in nominal terms with the financial institution expanding by 9.6 percent. The sector contributed 2.46 percent to the overall nominal GDP, although it is small but less stressful.
The ability to lend or borrow money with little interest can make you rich. Banks are trying to become a tech industry while techs are making effort to become the new banking industry.
Your ability to do business online in this industry attracts little stress although the attraction during a recession is always low. You can direct your questions to me on Twitter @megaTolu.
Tomorrow on this platform, we will discuss how people get rich during a recession. There is a downside to going into any business you have not mastered but I am committed towards saving you time and money through the effortless article.
Source: Naija News