A few days ago, the IMF confirmed what everyone had feared for a long time now – Nigeria has officially slipped into recession. There is widespread anger, despair, confusion and frustration. We see massive loss of jobs, companies are shutting down and aspiring entrepreneurs put their business ideas on hold to see how things turn out.

I'm a wealth evangelist. I don’t know what the government should or should not do to get the country out of recession and frankly, I don’t think it’s my job. What I do know is: in the face of economic adversity, there are endless opportunities for the smart entrepreneur to make money. The purpose of this article is to bring those opportunities to your attention.

THE ONLY WAY TO SURVIVE IN A RECESSION IS TO MAKE MORE MONEY!

1. FOOD BUSINESS
Food business, in any capacity, is evergreen. People must eat. There are some ways you can get involved in the food business. You can set up a small restaurant. If you focus of quality and best service, you will never run out of business. You can also start an outdoor catering service for weddings, events and whatnot. Here is a first-hand account on how to start a small catering business. If cooking is not your thing, you can start foodstuff business as a wholesaler or retailer. You can also export foodstuff to other parts of the world. No matter how you decide to start, food is a necessity and that is why it is at the top of the list.

2. TRANSPORTATION
Transportation is another sector that booms in a recession. With increased fuel prices, massive loss of jobs and high inflation rates, some people would prefer public transport over driving their own cars. You can tap into this opportunity and drive your way out of recession. I know a lot of bankers who lost their jobs and started a taxi service business out of their savings. They earn more now than they did at the bank. Companies like Uber are changing the way people think about taxi service business. If you cannot afford a vehicle, you can enter into a hire-purchase deal with someone who can afford it. With determination and focus you make progress and get a vehicle of your own.

3. TECHNOLOGY BASED SERVICES
Following Mark Zuckerberg’s visit to Lagos, the Nigerian tech industry has come under the spotlight after the Facebook founder’s interest in companies like Andela and CCHub. The future is tech! People need more creative and automated ways of getting things done. You don’t have to be a tech geek to tap into this industry growth. You can take part as an angel investor and partner with tech founders who are in need of capital investment. Vc4a.com offers you such opportunities to locate and invest in emerging tech startups.

4. INFORMATION MARKETING
Information is the most expensive commodity in the world. Recession is usually a time of confusion. Prices are skyrocketing, jobs are being lost and a lot of people are wondering: what do we do next? How do I get another job? How do I get more money to make ends meet? How do I stay ahead of the competition in business? If you have valuable information that answers any of the questions above, you are in business. How to go about it? Start a blog, organize seminars, package your information product (e-book, videos, podcasts, and webinars, etc) and people will pay you to get them. In a later article, I will show you everything you need to start your own information marketing business.

5. FREELANCING
Freelancers never go out of business. There are lots bloggers who have no time to write, companies who need better copywriters, startups who need graphics designers, etc. Whatever you are good at, there are people who are willing to pay you for it. Nigerians make money on sites like Fiverr and Upwork. Fiverr is a great platform for freelancers to make money and has become rather very competitive lately because more people are getting into the system. People who have been there for long usually provide training for starters, helping them stay ahead of the competition and make more money. Emmanuel Riches (+234 803 385 5240) is one of such people. If you need training on getting started with Fiverr, get in touch with him. SourceGig is a freelance sites for Nigerians. It’s not as busy as Fiverr which is also a good thing. You can sign-up with them and get early bird’s advantage.

6. FMCG MANUFACTURING
Fast Moving Consumers Goods (FMCG) are products people use daily like Soaps, tissue paper, toothpicks, matches, etc. If you can find what people need, especially items they used to import, and offer same quality and standard in Nigeria, you are in business. Nigerians are learning to buy Naija to grow the Naira. Dangote, the richest man in Africa, realized the huge potentials in this lucrative sector and has largely dominated the FMCG market. Fortunately you don’t have to be a Dangote to start FMCG production. This entrepreneur started his tissue manufacturing company 5 years ago from almost nothing.

7. FINANCIAL ADVISORY
If you are a financial expert, you can advise people on how to make wise investments. A banker who just lost his job would be faced with the question of what to do next. So would an importer who just lost business because of the embarrassing forex situation. You can start a small consulting firm to fill this need. You can also set up yourself as an expert in this field by starting a blog that educates people on what to do with their money. Starting a blog is easier than you may think. You can contact me and we will get started creating your own money-making blog in no time.

8. EXPORTATION
You can export commodities to other countries and make money. To export or not to export is no longer the question. The question is how to export. There are lots of materials available on how to start your own exportation business. Over time, we will make those information available here.

9. AGRICULTURE
I am a strong advocate of agriculture as a tool for economic diversification and prosperity. There is something in agriculture for everyone no matter the budget or ability. To get you started, I put together a list of 50 agricultural business ideas for entrepreneurs. There’s bound to be something in there that will make you rich.

10. REAL ESTATE
Importers who cannot import anymore because of the FOREX instability usually take their money and invest in real estate. Your part could be to advise them on where to get the best deals and where to get available property for purchase.

11. FUNERAL SERVICES
This is one of the most underutilized business sectors in Nigeria. Probably has to do with the fact that they deal mostly with dead people. But for those who are able to get around it, funeral services is really a lucrative source of income no matter the economic weather.

12. SPORTS BETTING
I don’t advocate gambling as a business model. But having a shop where gamblers gamble is one of the most lucrative businesses yet because people turn to betting as a means of raising easy money. You can start as an agent with a sports betting agency and work your way up from there.

13. ENTERTAINMENT BUSINESS
Entertainment is another sector that sees progression in a recession. You don’t have to be a comedian or an artiste to get involved. You can organize an event that pulls artistes and comedians. People will pay you just to make them laugh and have a good time.

This post features excerpts from my latest blog post: http://www.nextnaijaentrepreneur.com/recession-proof-business-ideas/

mhisbliss:
ok

lol...you didn't even read the bloody thing...space bookers association...lol

More ideas for you...

Top 50 Agriculture business ideas for entrepreneurs: http://www.nextnaijaentrepreneur.com/agriculture-business-ideas/

20 Small business ideas for students to make money: http://www.nextnaijaentrepreneur.com/lucrative-small-business-ideas/

mhisbliss:
ok, it was good until you mentioned sports betting and funeral services so officially you're advising us to be gamblers or wierdos capable of tearing people's guts, yuck I'll pass

Sports betting is lucrative business. plus you don't have to be a gambler to have a betting shop. Whether you bet or not is up to you. But people who bet, bet.

mhisbliss:
what if your father bets full time without any other job, honestly will u be proud of him?

This is not a debate on betting. It's for people who are open to the business. It's not encouraging anyone to bet or not to bet. But people who bet don't need any motivation. People who don't bet dont need to start.

Again, it's not a debate on betting. Only some business ideas for entrepreneurs to prosper.

Funny you hinged on number 12 out of the entire list...

Not in this buhari era; betting?

Lovely, I only love Agriculture precisely Poultry and fish farming

Good advice but with the inclusion of sport betting it might not get to front page because Nairaland have ban the promotion of betting and the likes. So remove the sport betting so that the mode can move it to front page for others to learn.

Informative. Thanks



GIVE YOUR SKIN A TREAT, CHECK MY SIGNATURE!

Worth trying.

OP, kudos to you! you just might have helped a few out of the confuse state they have been about whats next to do with the dwindling economy! but i must commend you! every single idea u gave can help someone out there.

Buhari, see your life

All well said... Im not just cool with the funeral thing.
Dead people can kill ooo. Lol



Drabeey Was Here

OP..
list isnt complete without "bureau de change"..


especially if your father is bullari

Food and agriculture tops the list for me because no matter the recession man must whack

Seun it's like you employed a new mod. Did you interview him or her before the engagement? The rate of thrashy frontpage headings I see these days is alarming.

Funjosh:
Good advice but with the inclusion of sport betting it might not get to front page because Nairaland have ban the promotion of betting and the likes. So remove the sport betting so that the mode can move it to front page for others to learn.

Why does everyone focus on betting? There are 13 ideas there. The post does not endorse nor condemn betting. It's only business ideas for entrepreneurs to prosper. Whether you bet or not is entirely up to you.

Op. Don't mind Nigerians. They attach too much nonsensical importance to foolish things. They don't know that gambling business is highly lucrative. I am a lotto agent so I know what I am talking about. The problem is just be emotionally strong enough to resist the temptation to get addicted same as your customers. You are good to go.

Funeral services hmmmm sounds nice... how do I go into dat sector??

adren:
OP..

list isnt complete without "bureau de change"..



especially if your father is bullari

lol...funny

mesheikh:
Funeral services hmmmm sounds nice... how do I go into dat sector??

Believe me it's lucrative. It's just the thing with dead people but if you can get around it, the profit potential is endless. If you are serious about starting it, let's talk

the good business got me

I'm going into that soonest

Cause no matter how broke people are
the will always eat

Real Estate should not be on that list. It is one of the first industries to take a hit during recessions

[size=16pt] when i started my betting business,people felt am too decent to start a bet shop but i knew how difficult the economy is and how unemployment has eaten deep into our society. the youth will only look upto sport bet to get sonething and with the hope of becoming millionaires.
even if they win,my commission is still intact and i added mobile money to it.
i do money transfer with fortis mobile money suscribe gotv and dstv.
and everyone has gotv now


the sweet thing is, the commission i get from fortis mobile money at month end is more than ebough to pay my staffer and even cover my expenses in the shop while i just keep the sport commission that comes in weekly.

am preparing to open another shop this month owing to the success of my first shop.


i will advice people to try out mobile money. remember vthat is what mark zukerberg went to learn in kenya.

you can try access bet and fortis mobile money . good combination. just google https:// f o r t i s m o n e y. com
good luck people [/size]

beautiful232:
the good business got me


I'm going into that soonest


Cause no matter how broke people are

the will always eat

You mean food business

mhisbliss:
ok, it was good until you mentioned sports betting and funeral services so officially you're advising us to be gamblers or wierdos capable of tearing people's guts, yuck I'll pass

Hey i have been Looking For a chance to Lecture Some Zero minded Dudes on sports Betting...

I dont Know if i am the Only One that Feels Sports Betting is Really the Geek... @ this Point in time...

but drawing a way from that... I just want to say... so many off us do things the Wrong way and Lay the Blame on what we doing...

Let me Take an Example of Kid who wants Become a MUSICIAN (OR AN ENTERTAINER)

Alright I had an Uncle Who came Around Yesterday and Said to me "My son says he Loves Music and wants to Sing"

I Smiled and Replied him " Tell him he isn't Serious and he Should Drop the Idea"

Before the "Do what you Love Goons Come at me"

Try to ask the WHY Behind my Reply ...

I have Been Studying the Fact that Most People Do the Right thing the Wrong way and End Up Blaming it on the Thing their Doing....

Now I took a Statistics of How many Musicians or Entertainers Actually Started their life as an Entertainer.... You want to know what i Found...

then If you Don't Mind Google it Yourself....

the Major Issue is that Most of the Celebrities we know Never Actually Got Hooked up to their Line from the Very Start they... they Always Had one or two things That they Got involved in Why KEEPING THE HOPES UP!!!

Now Before the Critics start Jumping.... Get My Point....

To Become a Musician is Beautiful and Very Very lucrative (that's if you make it to the BREAK EVEN POINT)... But before that Most People Do it the Wrong Way....
I Keep Telling people its Very Complicated To Survive a Build up process.. for a particular Talent, Goal or Profession.... So its Very Sad to See People Adding up more Pain to the Process...

IGNORANCE ---- IS THE CAUSE OF THIS...

WHY MOST PEOPLE FALL OFF THEIR DREAMS OR GOALS OR TALENTS....

You want to Know.... is Most Time IGNORANCE---


What's the Ignorance in this You Must Wonder ( You could have a terrible Time Surviving your Process) But (You Could Die if you don't Know How To Survive Before the Green Light)

The Entertainment Industry as a Whole Is Highly Competitive, Very Saturated and So Complicated....

So Being A Musician Without knowing how to Survive..... is Losing out....

What i am Just Trying to Point Out is.... I was trying To tell My Uncle---- to Try " Teach his Kid how To Survive by First of All Inclining Him To Another Profession" BY TELLING HIM TO DROP THE IDEA OF GOING INTO MUSIC FOR NOW"

Because the Chances of him Surviving on the "I want To Be Musician Platform" Is Less than 1%.... Hence he Needs to Learn how he could survive While Going THROUGH the PROCESS PATIENTLY.....

SAME THING GOES FOR SPORTS BETTING....

I wont Say Much About IT.... But Believe me SPORTS BETTING... is Bigger than The World GAMBLE....

As a Matter of Fact..

I changed MINE FROM SPORTS BETTING to SPORTS TRADING.....

OUT OF EVERYTHING THE OP WROTE DOWN.... I AGREED MOST WITH SPORTS BETTING....

Most People dont Know the Fortune In THERE!!!!

According to Me Gamble is a State of Mind.... You Could Gamble With Anything.....

And Most People Even Gamble With DEATH....

BET COULD BE GAMBLE...

BUT TRADING SURELY AIN'T GAMBLE...

#IRepSportsTradingInvestment


OneLove