Post Covid-19 Business Opportunities in Nigeria
Napoleon Hill once said, “Every adversity, every failure, and every heartache carries with it the seed of an equivalent or a greater benefit.”
The Covid-19 pandemic is perhaps the greatest adversity of our generation, thus, presenting us an equally unprecedented, once in a lifetime opportunity not just to benefit ourselves, but to change the world for good and together.
Indeed, the coronavirus disease has caused the human race irredeemably, claiming hundreds of thousands of human lives, rendering millions jobless and setting global economy into unparalleled recession, all within a few weeks. It is only natural, therefore to doubt any good come from this monster called coronavirus pandemic.
But true to the words of the Great Napoleon, and in the resilience of the human spirit, we must now start to look beyond the negatives of the pandemic as we plant the seed of greater benefits – which means opportunities.
For entrepreneurs in Nigeria, such seeds abound; amazing post-COVID-19 business ideas opportunities are waiting to be harnessed.
In response to the change in buying behaviour of Nigerians as a result of the pandemic, several companies are not silently watching – they have adapted quickly to the situation and stretched their brand, reshuffled their production lines, and catered to new needs. These have listened to the market and taken a risk or two, making COVID-19 the main propeller for new growth in some sectors and reviving dormant potential in others.
Going by the different sectors in Nigeria, there are post-COVID-19 business opportunities in the following areas:
Post Covid-19 Business Opportunities in Nigeria
- Digital Education
With the recent lockdown, the traditional classroom and blackboard learning has taken a back seat. This is a foregleam of the future of education in Africa. Private school owners are now providing virtual classroom learning options for their pupils while parents bank on digital learning tools to engage their kids at home.
In recent years, the African startup ecosystem has provided some innovative e-learning platforms that are poised to provide much needed digital learning solutions. Post COVID-19, the widespread use of digital tools in the classroom, and remote learning will spur more innovative solutions.
- Fintech
Before COVID-19, fintech was the largest destination for venture capital investment in Africa, attracting over 50% of the $1.34 billion raised by African startups in 2019. With the lockdown, mobile payments have become even more popular, spurred by stay-at-home orders and debates over the risk of infection due to the handling of cash.
Financial service providers in Nigeria are now seeking new ways to serve more of their customers digitally. Post COVID-19, this trend will continue as more people are sensitized to manage their finances using digital technology.
- Food/AgriTech
Due to the lockdown, many people have resorted to panic buying. Even though items like toiletries have sold out, fresh groceries and meat, cold storage, high-quality foreign food, and beverage, cooking appliances are seeing a surge in demand.
The indispensability of these items have come to the fore during COVID-19, but even after the lockdown, there are still opportunities in this sector.
Tech-enabled agriculture is also very promising as there will be more demand for agricultural produce and the need for more farmers post-COVID-19.
- Services industry
For the services industry, there are opportunities in contact-less systems, enhanced delivery services, remote banking services. Going forward, service businesses who tap into these opportunities, all things being equal, will be in for unprecedented market share growth.
- Healthcare
Post COVID-19, there will be a lot of opportunities in healthcare in the areas of pharmaceuticals, supplements, medical devices, personal protective equipment (PPE), telemedicine, smart hospitals and online consultations, digital medical assistants, apps, and mini-apps, self-diagnosing medical devices.
Post Covid-19 Business Opportunities in Nigeria
- Digital Health
Already, the health sector is one of the most affected by the corona-virus pandemic. There are already a lot of innovative technologies launched since the start of the pandemic to help fast-track COVID-29 testing, case tracking, etc.
Post-COVID-19, opportunities abound in smart hospitals and online consultations, digital medical assistants, app and mini-apps, self-diagnosing medical devices. These are untapped areas where investors may want to put their money in the wake of the pandemic.
- Electrical appliances
Electrical appliances such as dishwashers and washing machines, sterilization machines, sweeping robots will be on-demand than ever before. Any home appliances and gadgets that can help enhance personal and home hygiene will fly.
- Sports and well-being
Post COVID-19, fitness businesses like other businesses would want to minimize their physical contact with members. This will open up opportunities in online fitness classes.
- Office cost reduction opportunities
Office rent is expensive in Nigeria and flexible work options are yet to be fully explored in the clime. This will open up opportunities across multiple and linked sectors, such as office space redesign, building remote work systems, software platforms, and cloud-based services.
Once the world economy starts recovering and employers keep their office space costs in check since most of their staff will work remotely, flexible work arrangement will see significant gains
- Opportunities in Entertainment
The entertainment industry is one of the badly hit industries in COVID-19. With movie production and entertainment shows on a halt, viewers are seeking home entertainment.
One niche that is in demand in the entertainment industry this period is online gaming. Online entertainment served through social media like Instagram is also being consumed more than ever.
Bukola Owo-Bello is a spirited storyteller, content creator and YouTuber who loves sharing amazing opportunities, inspiration, and ideas with forward-thinking African youths.
Follow her on YouTube, TikTok and Instagram on @BukkiTalks
