Several parts of the Nigerian economy, particularly the telecommunications and technology industries, have experienced booms in the past few years that have created a more favorable business climate for small-scale businesses. Nigerians have, at the same time, also become more demanding consumers. Several types of small-scale businesses stand a good chance in the current Nigerian business climate.
Braiding Hair/Salon Business
Nigerians are very fashion-conscious, so any business that capitalizes on this fact is bound to make it. Women, in particular, are a good target market because of the frequency with which they patronize such businesses. Although a worthwhile investment, the downfall to opening up a salon business in Nigeria is that the market is currently oversaturated.
Trading has always been a staple in the Nigerian business economy and hasn’t lost steam in the past few years. Items to be traded range from clothing, shoes, bags and makeup to Christian books, technological equipment like flash drives, laptop bags and rewritable DVDs. In addition, providing telecommunications and technological services to Nigerians at reasonable rates are worthwhile business ventures.
Event Planner/Coordinator (e.g., Wedding Planner)
Event planning is big business in Nigeria. It is a difficult industry to break into, though, because of the high standards that have been set by its current practitioners. An event planner would have to begin by building a clientele and making a name for himself before being able to command high fees.
A club promoter brings exposure to any night-time event. Their duties might include making posters, organizing advertising and media coverage, inviting guests and generally ensuring a desirable atmosphere at the event. Club promoters are often more successful in big cities like Lagos than elsewhere in the country.
Makeup artistry in Nigeria is becoming more recognized as a bona fide career path. Beginning makeup artists can command a modest sum of money and generally fare better if they can perform other duties like styling head-ties and outfits for traditional weddings.
As the fashion industry explodes, so does the demand for highly stylized clothing. In metropolitan cities, highly professional tailors can command an impressive amount of money for every outfit they sew but generally have to meet relatively high standards. Fashion design requires more start-up capital but is a reachable goal for a motivated individual.
The various aspects of event management that used to be managed by families and friends are now being outsourced to professionals. A caterer would not only prepare an assortment of dishes for occasions but also make adequate preparations for dishing out and serving the meals at the occasion. Nigerians are used to, and expect, a very high quality of service in this area.
IT Consulting Services
One niche market that is quickly expanding in Nigeria is the IT business field. As more and more people begin to use technology, the demand increases for tech-savvy consultants to solve various IT-related problems. This business depends more on knowledge and expertise than outright capital, which makes it a good small-scale business to begin.
Web designers are in high demand because of their ability to bring exposure to any business. Potential web designers must be experts in their field.