HARNESSING BUSINESS OPPORTUNITIES IN A LOCK DOWN ECONOMY- THE NIGERIAN PERSPECTIVE – (An Online Paper delivered to Imo State University Alumni Association IMSUAA)
“We don’t grow when things are easy, we grow when we face challenges”
I have in the last 3 weeks read so many articles on the impact of the pandemic on the economies of the world and the need for everyone to brace up for the obvious. So many authorities have come up with different negative postulations that will happen to most countries and honestly they are correct in a way and our dear country Nigeria is not in any way insulated against the imminent economic woes. Ours is a mono economy which depends majorly on oil for more than 70% of government revenue. Unfortunately, the other sources of revenue like agriculture have also taken a hit due to this pandemic because apart from the fact that most farmers are no longer going to the farms, most nations have shut their borders and have placed most imports / exports on hold.
We are beginning to see the gradual easing of lock down by some countries but the challenge again is that its going to take a while for things to get back to normal (if things will ever get back to normal) as many countries are responding in different ways to the pandemic.
It is no longer news that unemployment would rise to a new level after the Covid and a lot of businesses will close down. I read a communique issued the other day by NECA (Nigeria Employers’ Consultative Association) which was in response to issues raised by members on how to handle retrenchment, salary cuts etc, and that was for me a pointer to the fact that most employers are already thinking in that direction.
The question now is how secure is your current job or business? do you see your self still retaining your job 3 months after the pandemic? Are there some counter-cyclical businesses that thrive within this period that one could possibly consider & explore?
Frankly speaking, this is the best time to consider your next move either in business start ups or investment opportunities. Lets therefore look at some of the businesses that are currently doing better even with the global lock down.
1) Digital Entertainment – Have you noticed that you have watched more comedy skits on the social media than usual? so many people are already tired of hearing the number of deaths and infections that they can pay any amount to have themselves entertained.
2) Healthcare providers – “No cough is normal again” We are so afraid nowadays (Especially people living in Lagos) & the FCT) that you don’t want to have any slight fever, so immune boosters are selling and other routine drugs have also witnessed a spike in sales (You may want to consider online marketing of food supplements)
3) Financial Advisors / Economists/ business consultants – Most companies & individuals are already engaging the services of these persons as they are either seeking cost cutting measures or business forecasts to help them in repositioning their businesses and investments.
4) Auto repairs & Maintenance – This is not the time to buy new cars , electronics and fittings as most people will opt for repairs and maintenance. So you may want to consider this too.
5) Grocery stores – Have you noticed that all grocery stores are open and selling out everything on the shelf? even with the massive increase in prices of groceries, they are still selling simply because no matter the circumstance, you must use soap, sugar, milk, tea bags etc.
6) Food stuffs – America would say “If everything fails, EAT” So yes they are selling with massive profits too cos there are no alternatives.
7) SEX TOY SHOPS – Yes you heard me and i don’t think i need to dwell much on this. By the way, are you aware that Nigeria is on the top ten list of countries with the highest download of pornography?
The list is endless, so my advise to you is this, start thinking about life after COVID, start asking yourself if you are ready for the disruptions that have come with this pandemic. Are you ready for the new normal that we are about to witness? Don’t waste your precious time watching TV 24/7 rather engage in some productive tasks that will make you ready for the task ahead. Be an expert in another field different from your current one.
A whole lot of businesses have witnessed massive turnaround in the last 2 months (Eg. Zoom has moved from 10m users to 200m and Netflix is now more valuable that Exxonmobil)
You could be the next big thing that will happen but you need to believe that you are the one the world is looking for.
Think.Create. Grow.
