10 Lucrative Businesses to Do After Subsidy Removal & Naira Floating; The biting effect of Subsidy Removal and Floating of the Naira is felt in every corner of Nigeria, there is no one walking on the street that is not affected by the economic move of the federal government
While many small, medium, and big businesses have closed up, many are closing up and others are planning to fold up. This is due to the backdrop of subsidy removal and floating of the nation’s currency
Forex shortage and the high fuel cost (petrol, gas, and Jet A1 fuel) have made the cost of doing business high, hence some businesses cannot cope. And there is no end to this downturn ravaging the country and her economy
Amid this challenging situation, there are lucrative businesses you can do and earn big. This is the latest business trend following the removal of oil subsidy and naira floating
Welcome to myeduproject.com.ng, this post will expose you to some profitable and real business ideas that will fetch you decent profit following the removal of oil subsidies and floating of the currency.
If you are doing some business and you are struggling with it, you are probably not making a profit and constantly running at a loss; you can change your business now, and venture into the post-subsidy removal business
While we are not advising you to close your existing business, this post will suggest some profitable companies you can do and be smiling to the bank every day
More so, most of the below-listed businesses have dont require a degree or years of experience, and some require little capital to start with, it is advisable to have some level of experience before diving into them
Reasons Businesses are Folding up after Subsidy Removal and Naira Floating
Many businesses in Nigeria depend on one form of raw material or the other, and there is a chain of supply in these businesses. For instance, if you are producing cassava as a crop, one end product of cassava is garri.
Before the garri will get to the final consumer from the rural areas, it will be cultivated by a farmer; the farmer will have to buy herbicide, insecticide, and other chemicals to grow cassava
When the cassava is harvested, the buyers get it from the farm, via a medium of transportation such as a car, lorry, pick-up, or van. It will be taken to the factory for processing into garri
The final product will be transported to the market by the wholesaler and retailer. You can see the chain of supply in this process, and at some point, the production of garri from cassava may depend on imported herbicide, insecticide, and other chemicals, this is where forex is needed to import them
And since the naira is floated, the price of importing agricultural raw materials has tripled, making the cost of production doubled or tripled
Many businesses can’t afford the high cost of electricity, diesel, and petrol and the unfavorable dollar-to-naira rate to import their goods; hence, they closed up operations.
Summary of the above Example
High Cost of Electricity
High Cost of Diesel
High Cost of Petrol
High exchange rate (depreciation of the naira against the USD)
10 Lucrative Businesses to Do After Subsidy Removal & Naira Floating
Without wasting more time, let’s dive into some top10 lucrative businesses you can do in this era following subsidy removal and floating of the naira
Agricultural and Farming Business
Agriculture involves the growing crops and rearing of animals for man’s use. There is growing hunger and starvation as we speak; the prices of foodstuff have skyrocketed within a year
A mudu of beans is around N4,000 in the country and a bag goes for almost N200,000, what are you waiting for? This is the best time to farm beans and reap bountifully
Similarly, a bag of Rice is now N80,000 to N100,000 depending on the location, Imagine getting 20 bags of rice from your farm, this is a whooping sum of a million or less
The prices of Bambara nut, millet, corn, pepper, tomatoes, and all other agricultural products have increased; you can be the next millionaire if you go into farming right now
More so, rearing poultry, pigs, cows, goats, turkeys, fish, and others are business in which you cannot make a loss, though the prices of feed have increased, there are leverages or alternatives to feeding your poultry birds
Agricultural Storage
This is another oil money many do secretly for a living; wise and clever businessmen and women go to the rural areas during harvest and buy directly from farmers at a relatively cheaper rate
Imagining buying rice at the rate of 50,000 naira per bad during harvest, store them in a warehouse till the time of scarcity, and then resell for 100,000 naira
Making a whooping sum of 50,000 ROI per bag, and imaging buying up to 2,000 bags from different parts of the country
It is safe to say, that meddled men (wholesalers) make more money than farmers following the above-mentioned situation
Though this business is capital intensive, you can start with a small amount depending on your location.
During harvest, go to rural areas and buy crops like Rice, Beans, Bambaranut, Millet, Corn, Guinea Corn, Palm oil, sorghum, and others
Store them in your store or warehouse till they become scarce or expensive, your profit while smiling to the bank will be tripled
Online Remote Work that Pays in Dollar
Since the naira is floated, it means the forces of demand and supply determine the rate, and as we speak, a dollar goes for 1,500 naira.
Imagine earning $1,000 from your remote or online job per month, which is about 1,500,000 naira. Your guess is as good as mine
There are so many online jobs you can do with no educational experience, see more details about these online jobs that pay in dollars here
Examples of these online jobs include;
- Skits making in social media like Tiktok, Facebook, and others,
- online gigs
- Blogging
- Remote works
Charcoal Bracelet
this is another oil money that is very profitable in the predicament Nigeria finds herself in, this charcoal is not the one gotten from burnt wood but from waste materials like plastic
It burnt slowly like coal for a long time. As we speak now, it can be exported to the UK, US, Canada, Australia, and others
There are many places where charcoal bracelet is produced in Nigeria, take advantage of this and become a millionaire. And we all know, that export earns you dollars, which is great for business
Hair Making
Hair hair-making business is one booming business fetching owner’s clean money daily.
This business is easy to set up and does not require heavy capital to start, all you need is to site your saloon in a strategic location and be skillful with your talents in hair-making for both male and female
This is A profitable business because, you earn daily, and when sum up for 30 days, you earn better than civil servants and some private sectors
Fuel subsidy removal may not hurt hair-making; most of the costs incurred are passed directly to customers or clients
POS Fintech Business
Gone are the days when we downgrade pos agents, now some pos agents are making it real-time and leaving large
Imagine making a profit of up to 10,000 naira daily which is a whopping sum of 300,000 at the end of the month
More so, some POS agents in some strategic places earn better than that. Siting this business is easy. You don’t need a degree; you can start with as low as 5,000 naira
To start this business, you must register with the CAC, with a little token; this is done to make it legal. Some sit by the roadside, others have a shop or kiosk for their pos business
Restaurants, Bars, Eateries,
The fact is that everyone eats food to survive and not all people eat from their houses before leaving for work. Having restaurants, bars or eateries is profitable in this present Economy
Summary
The Nigerian economy will continue to nosedive for some time, and not all businesses may survive the hit, it is advised to do businesses that are profitable or not severely affected by fuel subsidy removal or naira floating
It is advised to have streams of income, and this can come from the above-listed businesses