10 Small Businesses That Make The Most Millions In Nigeria.

The truth is, some of these small business ideas are neither ingenious or new. But by having street smarts, the right team, risk tolerance, passion and perseverance, they can become multi-million naira (or dollar) enterprises.

Here are 10 small business ideas that will have you raking in millions in no time.

1. Agribusiness

With a population of over 170 million people, the Nigerian agribusiness sector is one of the largest in Africa. A population explosion in the next few years has been predicted, making the agribusiness industry a more lucrative business option to consider.

Already, many sub-sectors of the industry like poultry farming, fish farming, farming, cassava farming, palm oil farming are already churning in millions for successful farmers in their fields. There are thousands of small business ideas in agriculture to venture into.

What you need : An extensive market research and a high yield agribusiness idea to focus on.

2. Web Design Agencies

These days, nearly all businesses are jumping on the online scene. This means one thing – they all need websites and that is where you can come in. This gap in the web design space poses an opportunity for several web design agencies or aspiring entrepreneurs looking to go into web development.

As a web designer in Nigeria, you can promote your agency through SME events, blogging, social networks like LinkedIn, and several other channels. Helping the millions of small businesses springing up to create great web designs and set up blogs on WordPress or Blogger can be real money-spinners.

What you need: A computer, good web design skills, a portfolio, and various channels to reach potential clients.

3. Education

Nigerians (especially those who can afford it) take education seriously. The typical sequence is Daycare Centres, Nursery schools, primary schools, secondary schools, and universities. This is definitely one good investment potential for any entrepreneur.

What more, you can decide to invest in the non-traditional education sector like special education, adult education, educational websites, educational technology, and even educational resources. There is a very wide scope to cover in this industry to keep the bucks coming in.
What you need: Pick an education niche and get trained for it. Start investing.

4. Retail Stores

With basic needs of clothing, groceries, medication, and a lot more, being a part of the average person’s daily life, the retail store industry in Nigeria deserves a second look in terms of investments. It doesn’t have to be large, even with a small retail store, you can still generate substantial revenues.

For a start, you set-up a small store that focuses on groceries, fashion items, or one of the other diverse categories. Starting a retail store carries it’s own cost implications but it is very lucrative all the same. Ask SPAR, Shoprite, Health Plus, and the likes.

What you need: Understand the market, know what sells, and position yourself to claim a bulk of the customers.

5. Digital Advertising Agency

With hundreds of small businesses cropping up in every sector, staying afloat can be a huge task. This is where advertising agencies come in. As an advertising agency like Anakle or Wild Fusion, you can help businesses grow their customer base by creating compelling online and offline campaigns.

Companies are usually eager to pay lots of money to grow their brands faster. So, if you’re an experienced copywriter, partnering with a few other copywriters and a really good artist could get your creative agency running in a short time.
What you need: Learn how to build apps or games and have good knowledge of how to organize quality/creative campaigns that would go viral.

6. Mobile App Development Agencies

While not all Nigerian companies use custom-built mobile applications to engage with their customers, thousands are constantly looking for skilled mobile app developers to bring their ideas to life. This need for mobile application development in Nigeria is now high, making it really lucrative.

An average mobile app in Nigeria could cost between N300,000 to N3,000,000. Handling multiple projects at the same time could mean raking in millions.

What you need : Being tech-savvy, mobile application development skill and multi-tasking skills.

7. Mobile Phones

Retail or online mobile phones store owners millions from just selling mobile phones to the ever-growing Nigerian market. Companies like SLOT have the goodwill, the largest customer base and the money from just selling phones.

With a popular and lucrative small business like this, you can try out various marketing strategies like offering mobile phone deals to entice many more individuals to patronize your smartphone business.

What you need: Start by selling cheap mobile phones.

8. Real Estate

With several real estate companies in Nigeria now focusing on either residential or commercial real estate, the opportunities in the industry are simply growing.

What you need: Customers service skills, sales skills, and keeping up with daily real estate news.

9. Startup Loan service

If you have a little extra cash to spare, you could start up a loan service for small business owners who hit gridlocks while trying to secure loans from banks and other financial institutions. Due to the heavy load requirements set by these financial institutions, many startups are hardly eligible for loans.
As a startup loan service company, you can provide short-term loans with far lesser restrictions to budding businesses.
What you need: Some extra cash, risk tolerance, and a lawyer.

10. The Stock Market

Of course, there is the inherent risk of heavy losses, but the stock market is fairly lucrative if you make good stock bets. Before deciding on what stocks to buy, study the company’s short and long-term progression, talk to your stockbroker, a financial expert, or even a friend that’s been trading successfully in the stock market for a long time.

With the right predictions, investing in stocks can make you a millionaire. What you need: An understanding of market trends and an experienced stockbroker. You must be raring to go start one or two of these businesses! Share your thoughts in the comments section.

Source: Daily Digest.

An Ethiopian Airlines Boeing 737 crashed en route from Addis Ababa to Nairobi with 149 passengers and eight crew on board

 

The Boeing 737 passenger jet had 149 passengers and eight crew members on board, Ethiopian Airlines said  in a statement.

The plane lost contact at 8.44 am local time around Bishoftu, a town southeast of the capital Addis Ababa.

The Ethiopia’s prime minister offered condolences to victims’ families on Twitter.

“We hereby confirm that our scheduled flight ET 302 from Addis Ababa to Nairobi was involved in accident today,” the airline said in a statement on Sunday.

“It is believed that there were 149 passengers and eight crew on board the flight but we are currently confirming the details of the passenger manifest for the flight.”

This is a developing story. More details awaited

 

The Holocene or sixth mass extinction

 

The new study that’s generated so much conversation estimates that as many as three-quarters of animal species could be extinct within several human lifetimes, which sounds incredibly alarming.

Image: extinctanimals.com

Scientists analysed both common and rare species and found billions of regional or local populations have been lost. They blame human overpopulation and overconsumption for the crisis and warn that it threatens the survival of human civilisation, with just a short window of time in which to act.

Previous studies have shown species are becoming extinct at a significantly faster rate than for millions of years before, but even so extinctions remain relatively rare giving the impression of a gradual loss of biodiversity. The new work instead takes a broader view, assessing many common species which are losing populations all over the world as their ranges shrink, but remain present elsewhere.

The scientists found that a third of the thousands of species losing populations are not currently considered endangered and that up to 50% of all individual animals have been lost in recent decades. Detailed data is available for land mammals, and almost half of these have lost 80% of their range in the last century.

The scientists found billions of populations of mammals, birds, reptiles and amphibians have been lost all over the planet, leading them to say a sixth mass extinction has already progressed further than was thought.

Each of the previous extinctions wiped out between 50 and 90 percent of all species on the planet.

The most recent occurred about 65 million years ago, when an asteroid ended the reign of the dinosaurs.

The scientists conclude: “The resulting biological annihilation obviously will have serious ecological, economic and social consequences.

Humanity will eventually pay a very high price for the decimation of the only assemblage of life that we know of in the universe.”

They say, while action to halt the decline remains possible, the prospects do not look good: “All signs point to ever more powerful assaults on biodiversity in the next two decades, painting a dismal picture of the future of life, including human life.”

Wildlife is dying out due to habitat destruction, overhunting, toxic pollution, invasion by alien species and climate change. But the ultimate cause of all of these factors is “human overpopulation and continued population growth, and overconsumption, especially by the rich”, say the scientists, who include Prof Paul Ehrlich, at Stanford University in the US, whose 1968 book The Population Bomb is a seminal, if controversial, work.

Earth’s five previous mass extinctions

End-Ordovician, 443 million years ago

A severe ice age led to sea level falling by 100m, wiping out 60-70% of all species which were prominently ocean dwellers at the time. Then soon after the ice melted leaving the oceans starved of oxygen.

Late Devonian, c 360 million years ago

A messy prolonged climate change event, again hitting life in shallow seas very hard, killing 70% of species including almost all corals.

Permian-Triassic, c 250 million years ago

The big one – more than 95% of species perished, including trilobites and giant insects – strongly linked to massive volcanic eruptions in Siberia that caused a savage episode of global warming.

Triassic-Jurassic, c 200 million years ago

Three-quarters of species were lost, again most likely due to another huge outburst of volcanism. It left the Earth clear for dinosaurs to flourish.

Cretaceous-Tertiary, 65 million years ago

An giant asteroid impact on Mexico, just after large volcanic eruptions in what is now India, saw the end of the dinosaurs and ammonites. Mammals, and eventually humans, took advantage.

The 6th extinction is man made

Previous extinctions were often linked to asteroids or volcanoes, but this one is man made.

Species are disappearing up to 114 times more quickly than they did during previous mass extinctions.

Extinction is a natural part of evolution, having already claimed an estimated 99 percent of all species in Earth’s history,  but when too many species die out too quickly, it creates a domino effect which is capable of bringing down entire ecosystems.

Loss of habitat

The main cause of wildlife declines is loss of habitat and fragmentation which is the primary threat for 85 percent of all species on the IUCN Red List. That includes deforestation for farming, logging and settlement, but also the less obvious threat of fragmentation by roads and other infrastructure.

Invasive species

Invasive species now threaten a variety of native plants and animals around the world, either by killing them directly or by beating them to food and nest sites.

Pollution

Pollution is pervasive on land, in the air and in our oceans – from chemicals like mercury that accumulate in fish to plastic waste that is strangling our oceans.

Vertebrates are disappearing fast

Earth’s entire vertebrate population has fallen 52 percent in the last 45 years, and the threat of extinction still looms for many including an estimated 41 percent of all amphibian species and 26 percent of mammals.

Humans are not safe either

With a global population of about 7.5 billion, humans may not be seen as in danger, but that could change very quickly. We are reliant on healthy ecosystems for food, water and other resources. Adjusting to mass extinctions would be a challenge under any circumstances, but it’s especially daunting in the context of climate change.

Read more: The Guardian

https://www.theguardian.com/environment/2017/jul/10/earths-sixth-mass-extinction-event-already-underway-scientists-warn

National Geographic:

https://news.nationalgeographic.com/2015/06/150623-sixth-extinction-kolbert-animals-conservation-science-world/

Alberton Record:

https://albertonrecord.co.za/189020/6th-mass-extinction-earth-happening-now-man-made/