Recession In Nigeria; Possible Ways To Survive In Business & Trade
Economic Recession in Nigeria as we have it now is an anthem that everyone sings. You go there, any slight problem, they blame it on the recession. But the question is: What has put us in this so-called recession and what are the possible solutions to the Recession in Nigeria?
The biggest challenge is the economy itself, people don’t care who is leading them so far as they have food on their table to eat. They are fine.
The salary some of them are earning in the past two years is still the same salary they are earning and everything has doubled in price, the income remains stagnant.
Some of these things happening now deter economic analysis, why should cooking oil be out of reach of a common man? The price is twice more than that of Vegetable oil,” You should know.
My advice to the Government is to focus on reviving the economy as this would give the citizens motivations to vote for the government again.
If quality life is the yardstick of re-electing a government, then, the government should focus on improving the quality of life of Nigerians.
Also, life is tough for an average Nigerian; imagine a person whose salary is N20,000 and he has a family, how will he survive in this kind of situation?
Another advice for the Government is to spend money on lifetime projects that will make cash to be in the system. The banks don’t have money; this factor is making inflation to go up.
Getting Out of recession will me made easier with the strategies I’ll be sharing below, they’ll offer you a quick fix to make yourself comfortable and get you out from the world of recession.
If you’re looking for ways to you can earn a few extra bucks with a side hustle, you’d likely encounter hundreds of ways to earn a decent amount of money online on the internet.
However, depending on your unique needs and your skills, earning a respectable amount of cash, and doing it quickly, might be well within your reach.
Businesses/Trades You Can Do To Survive Recession In Nigeria
- Selling Liquid Soaps To Targeted Customers
Making a liquid soap is easy with the internet today, as this exposes you to video tutorials where you can learn faster. Your targeted customers must be housewives, restaurants, hotels, and bars, this is a way for you to make some decent amount of money for yourself rather than fraud.
- Start A Small Scale Snail Farming
In terms of cost and time, snail farming is a low-risk business. Unlike many other livestock businesses, snail farming requires very little startup and operating costs.It can be run from your backyard (if you have a sizeable one) or on that piece of land wasting away in your neighbourhood or village.Snails are friendly to the environment and their droppings are not offensive (unlike pigs and poultry) so there’s no chance an angry neighbour will come knocking.
Snails also multiply really fast laying up to 100 eggs in one go. Because snails are hermaphrodites (have both male and female sexual organs), they get to mate easily throughout the year. This high reproduction rate has made snails a pest in many regions of the world.
However, it’s this fast reproductive ability that makes these slow creatures a delight to an entrepreneur. Snails can give very high returns on your initial investment if you do your homework well and target niche and repeat customers
- Manage Social Media For Businesses
Many small businesses need a social media manager and simply don’t have the time nor the expertise to be constantly posting on Social Media Platforms like Facebook, Instagram or Twitter.
Take it upon yourself to contact local businesses and offer up your services for a contracted monthly fee. This is an easy way to get yourself out of recession.
- Become A Nanny
If you need to make some quick cash, you could always partake in babysitting or even become a nanny. It’s a guaranteed way to get yourself out of recession.
- Become a freelance article writer
Write for other people. If you have a strong passion for writing, you could help out different people or even become a ghost writer for a well-known author.
In conclusion, getting out of recession is easy, if you’re willing to work hard and strike hard.
Obviously, the strategies I listed isn’t a quick or easy way to make more money but could pay off big with the right idea, especially in a time of recession.