Five Recession Business Opportunities and Ideas in Nigeria

We all know that businesses, economics can be strained by the recession. Recession can make employees lose their jobs, and it makes life unbearable for some people, which include entrepreneurs.

Recession can also make a business profitable in some countries which are affected by it.
When recessions happen in countries like Nigeria, or other places around the world, several people are left jobless, and some people are left with substantial pay cuts. At the same time, some businesses lose millions of money in profits and revenue.

Some companies downsize their staff during this period, and some go bankruptcy. What to do in this period is looking for alternatives that can stand a recession.

If it is a business that can thrive when recession happen you are looking for, below are five recession business opportunities and ideas you can engage in

1. Be a money lender

With the interest rates that bank charges on both business or personal loans, small professional money lenders have begun to come up.

During a recession, people look for more finance, and if you have a large amount of cash to spare, you can take advantage of this business.
In Nigeria now, you will come across small fintech companies which have keyed into the market of lending money to people who are in need, and they charge lesser interest rate compared to banks.

2. Education

When people get stuck with their problems, they begin to learn ways on how to get them solved.
So as in a recession, people still enroll in schools for them to be able to graduate. You can start a preparatory class and go from there. If your fees are fair and the standard is okay, your business will grow gradually, and in time more students will come in.

Read more : https://smpreneurs.com/03/five-recession-businesses-opportunities-and-ideas-in-nigeria/