Olamide Famuwagun

Clearing out your debts isn’t easy, and it is harder when you have not won a lottery jackpot. Sometimes it takes all your monthly earnings to keep up with monthly bills and savings, let alone making monthly loan repayments. Living a debt-free life is everyone’s goal

However, there are numerous ways to get out of debt, and not all of them will make you depressed. Take a look at the alternatives stated below. It will help you get out of debts faster

5 Ways to get out of debt

Here are five ways to get out of debts easily in nigeria, regardless of your status

1. Always pay more than the required minimum amount.

One of the ways to speed up debt reduction is to pay more than the required amount on loans every month. This strategy works best since every payment made over your minimum monthly payment is made directly to the principal of your loan. The more you can pay every month, the faster you reduce your debts. 

2. Consolidate debt with a personal loan

Consolidating your high-interest rate debts with a personal loan is another smart way to get out of debts quickly. This method is the process of taking out a personal loan with a lower interest rate to pay off existing debts, usually with high-interest rates.

This strategy enables the borrower to focus on repaying debts with a lower interest rate compared to the high-end interest rates. Personal loans are mostly suited for debt consolidation because they come with fixed interest rates and fixed monthly payments. So you know how much cash you owe in a given period. 

3. You can earn more money.

Like we have mentioned earlier, meeting monthly financial obligations can be overwhelming. If you’re tight on cash every month and can’t seem to meet up with your bills, it may be time to revamp your income in whatever way you can. This may mean working more hours or picking up a side hustle to boost your income.

If you find a way to make more money, make sure all the extra cash is channelled towards paying off your debts. Steer clear the temptations of spending such money.

4. Cut your expenses drastically.

While earning extra money is a smart way to reduce your debts, cutting your expenses at the same time will get you out of poverty. Although cutting back on spending can also be a more comfortable alternative to working more hours, but don’t forget that you can do both.

Start with the little things such as subscription payments, reducing your grocery lists or even postponing vacations. Cut the costs of what you want and focus more on what you need.

5. Stop racking up more debts.

Finally, you’ll never get out of debt if you don’t adopt a disciplined spending habit. In other words, stop borrowing to buy things you can’t afford. Remember, every loan application you make appears on your credit report and ultimately affects your credit score.

Conclusion

To initiate a debt repayment plan that works, you need to stop adding to your debts. And make sure you stay away from taking out new loans unless you need to. Always learn to live within your means instead of consistently and conveniently using loans as your support, and you’ll be living a debt free life in no time.

There are literally over 40 business ideas in Nigeria to start and make a good profit from as long as you’re down and ready to put in the work. However, just like every other business idea, executing any of these requires a substantial amount of capital, with some more than others. In the beginning, you can either decide to fund it yourself or consider any of the instant online loans in Nigeria to fund your business

Basically, loans are quite tricky as they may be easy to get, but difficult to repay, especially if the terms aren’t in your favor. Therefore, it has become important to make healthy loan decisions that will help you get a good ROI on your business. Comparing loan offers from different lenders is the best way to make an informed decision regarding a loan which allows you to compare interest rates, requirements, terms of repayment, etc in just a few clicks. Learn more on how to compare loans from different lenders in few minutes here

List of Business Ideas in Nigeria

1. Alternative Power Sources

Electricity is one of the major problems in Nigeria that doesn’t seem like getting solved anytime soon. Basically, as a result, businesses centered around this generally perform well. Alternative power sources cover several energy supply equipment including inverters, windmills, solar energy, and generators. In addition, asides from the fact that you would need a substantial amount of capital, alternative power sources remain one of the best businesses to start in Nigeria.

2. Poultry farming

From rearing of chicken to turkeys, geese, ducks, and more, poultry farming remains one of the best businesses in Nigeria. Basically, you can either rear these poultry animals and sell them off for their meat directly or sell their products like eggs. This sector is very lucrative and still boasts of a lot of potential for anyone looking to enter the market. However, just like every other business, it depends on how well you run it and if you can attract the right customers and investors.

3. Email marketing

Email marketing hinges more on helping business owners make sales, rather than you running a day-to-day business of your own. Therefore, it focuses on helping people reach new clients and customers through adverts directly to their mails. Also, to thrive, you require good copywriting skills as well as a tidy sales pitch and then get paid handsomely.

Also, email marking needs a good strategy, that has been proven to lead to high conversions. Do this, and in no time, other businesses would start to refer yours. Amazingly, you do not need capital to get this business started, and since other businesses outsource it, finding clients is not very difficult.

4. Rice farming

Rice importation is currently closed in Nigeria, much to the delight of rice farmers as it is now one of the most lucrative in the country. Currently, the demand for quality rice far outweighs the supply, and because of that, rice is very expensive. You can benefit from this market if you have sufficient capital to start as it requires a huge amount of investment.

5. Fruit juice production

Making juice sounds like a very simple and unprofitable business, but in reality, it isn’t. Basically, consider companies like Chi, which has been in the juice market for years and you’d see that it is really profitable. Starting your own juice-making company too would see you make a good amount of profits.

Also, when setting up your business location, consider closeness to fruit abundant states like Benue who wastes a ton of fruits per year. Benue for one wastes a lot of fruit due to extremely low demand. Therefore, you can purchase these fruits cheaply, establish good preservative strategies and make your own juice.

6. Search engine optimization business (SEO)

In the 21^st century, helping businesses establish and maintain a digital blueprint has never been more important. Basically, the one word to summarize this is Search Engine Optimization (SEO). SEO is a way to help a business website gain more visibility and it requires little or no capital. Therefore, the more visibility they have on the net, the more their potential customers. However, you have to be skilled and you can do so through thorough online training or research.

7. Content marketing

Content marketing is a subset of digital marketing that is being embraced by most businesses in Nigeria today. Basically, it involves the creating of content including videos, texts, and pictures, across social media platforms. This helps a business improve its visibility as well as convert visitors to customers in the long run. Therefore, if you are good at this, your business would rapidly be in high demand and the good thing is that you do not require much capital to start. However, get ready to invest your time and efforts in the technical know-how.

8. Digital marketing

Compared to content marketing, digital marketing is the broader sphere and is currently in very high demand in Nigeria. Basically, it is a marketing approach that passes through digital means, not the conventional physical meetings or calls that most businesses use. Also, digital marketing combines content, emails, SEO, ads, and more to ensure that a product meets the right target.

At the moment, digital marketing is a skill that virtually all businesses need, but can only outsource due to lack of resources. Therefore, if you’re skilled at this, be sure to make a lot of money.

9. School Business

Although it requires a substantial amount of capital, owning a school is one of the best businesses yet with high income. Basically, you do not need to worry about the number of schools already existing because as long as there is a limitless amount of children to pick from, yours can always thrive. Therefore, focus on starting small and growing over time.

10. Plantain chips making

From market stores and shops to hawkers in traffic, there is a good reason why plantain chips seem to be everywhere; because it is profitable. Basically, everyone likes plantain and find it’s easy to buy at any time of the day. Also, this business is easy to start and sell and requires little or no capital. Focus on starting small, and growing your customer database over time.

11. Importation of used clothes

As long as the poor exist in Nigeria, there would continue to be high demand for used clothes. Yes, we all want designers, but a majority of Nigerians cant afford it. Therefore, this places a high demand on used clothes commonly referred to as “Okirika”. The juice in this business is in becoming a major supplier for Okirika markets. Although you may start small, the business is sure to grow over time as it caters to both the rich, average class, and the poor in Nigeria.

12. Car wash

As long as people continue to drive on the extremely poor road conditions in Nigeria, car wash would remain a profitable business. Basically, what you need to get going are a shop and the necessary tools. Also, you can choose to run the business first hand or simply hire attendants while you supervise. With the approximately high amount of cars, you do not really have to worry about competition and there is literally no cap on your income.

13. Setting up an eatery

The eatery is also one of the businesses that certainly thrives due to extremely high demand. Basically, we all need food and eat, and as long as there is a business to offer that, people would always patronize. However, getting started requires a good amount of capital since you need a nice place, cooking equipment, and staff.

14. Transportation business

Although jobs are moving more remote, transportation is a vital part of life that would always exist. From people to goods, the transportation business is very lucrative because you would be meeting a fundamental part of human lives and also businesses. Also, the extremely high demand means that the transportation business has space for as much competition as possible.

15. Cassava farming

Despite being regarded as the poor man’s food, “garri” and “fufu” appeals to all classes of individuals in Nigeria. Therefore, their source, cassava, is a very lucrative business to go into at the moment as it is in extremely high demand. Although it is very stressful and requires much time, in the long run, its profits outweigh the work.

16. Mining

Nigeria is a country that is blessed with a tremendous amount of natural resources and mining them to sell off is very profitable. This includes coal, gold, oil, and a ton more which could be sold handsomely. However, mining requires a huge amount of capital, especially when purchasing items and applying for a license.

17. Fashion designer and tailoring

When it comes to fashion designing, how good you are determined to a large extent, how far you would go. Basically, this means that although the market looks saturated, skilled fashion designers would always get the best jobs. However, you have to start small and build a reputation, then climb to the top. It is as easy as applying for contracts to sew school uniforms for schools or party dresses for families.

18. Call center agency

Customers are a very crucial part of any business and almost always have complaints, but sadly, businesses do not have the leisure to always pick up their calls. Basically, this is where you come in, as you can easily set up call center agencies and take customer calls on behalf of the organization. To minimize investment costs as much as possible, start small and then expand over time as you accumulate more clients.

19. HR recruitment agency

Although it sounds too good to be true, most top companies do not have the time or manpower for recruitment. More often than not, they rather opt to outsourcing the activity and focus on other pressing matters. Therefore, this is where you come in, and get paid handsomely for it. Basically, the major difficulty in this business is establishing credibility and landing top clients. Human Resources Agency is what should be looked at critically also

20. Waste Management

At the moment, the Nigerian waste management system is nothing to write home about.  In fact, this has led to a significant level of pollution in the Nation. As a business-oriented person, this is a great investment opportunity. This is because there are several things you can do with the waste. These wastes can be recycled into organic fertilizers that you can sell at a very good price to farmers. In fact, if you do not have the capacity to establish a recycling company you can leverage the abundance of recycling companies in Nigeria.

21. Animal Husbandry

This is one of the most lucrative businesses in Nigeria. Many people don’t seem to take the opportunity of this business idea because they think it is streamlined to the rearing of animals. This is a big misconception. Animal Husbandry is more than rearing animals. It goes a bit more to cover fishes, goats, cattle, etc. Start. For you to start this business you will need enough space to house your animals, and most importantly capital to start the business. You can leverage lending platforms such as Loanspot to provide you with enough capital to fund this project.

22. Mobile Phone Repair

You will rightly agree that in this present time, there is virtually no one without a mobile phone, smart or not, almost everyone has a mobile device. And, since a mobile phone is an electrical and electronic device there are possibilities that it can run into a fault. This is a great business opportunity for you. You can venture into repairing these devices when they develop faults. All you need to start this business is small capital, training, and repair kit. Asides from this you also need great customer ethics.

23. Pure Water Business

Water they say is life. Although a free gift of nature, it is not readily available everywhere in its purest form. For this reason, people thrive to get the purest water they can lay their hands on. And as you will rightly agree, the production of water can never exceed the demand. What this translates to is that the business is a lucrative one. To start a business like this, you need enough capital, and one of the surest ways to get it is by leveraging lending platforms such as Loanpsot, Renmoney, etc. These platforms will provide you with enough funds to execute the project.

24. Rental Services

The inhabitants of the Nation called Nigeria are social. There is hardly a weekend without a party (owambe). This is a great opportunity to invest in Rental services because people need shed to protect themselves from the harsh weather conditions. In fact, you can also add cooking utensils and musical instruments to your services. However, it is important to know that for the continuity of this business you need a level of maintenance.

25. Recharge Card and Data

Just as with mobile phone repairs, recharge card ad data is another lucrative business you can invest in. As we have earlier mentioned, at this present time hardly can you find someone without a mobile phone. To start this business you do not need huge capital, neither do you need training.

26. Catering Services

Nigerians are highly social. As we have mentioned before, hardly can you find a weekend without one party or the other. If you are good at cooking you can take up orders to make special delicacies for parties. In fact, if you are not excellent at cooking, you can leverage the plethora of video content on YouTube to develop your skills.

27. Laundry Business

Laundry business popularly known as dry cleaning is one of the most lucrative businesses in Nigeria. This is because Nigerians are so busy with the hustle to make money. Therefore, they need someone to do their laundry while away. To start this business, you do not need huge capital. All you need is a washing machine, good detergent, and a mobile phone for customers to reach you.

28. Photography

Pictures help preserve memories, and since memories is one of human’s best asset, photographers are in high demand. You can make enough money by taking pictures of people. This business does not require much. All you need for a start is a good camera, tripod stand, and good lighting. If you feel the capital requirements are overwhelming, you can look up platforms like loanspot.africa to pick a loan option tailored to meet your needs.

29. Liquid Soap Production

Liquid soap is one of the high-demand kitchen products. This is because of their ability to remove stains with no hassle. The cool thing is that you can leverage the high demand for your benefit. You can start producing liquid washing soap in small or large quantities. To start this business, you can take training on how to make liquid soap using YouTube videos, or register with a professional. After this, you can start producing. In addition to producing, you need to ensure that you are on top of your game when it comes to branding. This is to make your product stand out and appeal to your customers.

30. Ice Block Business

The erratic power supply and the harsh weather condition in Nigeria is the primary reason why this business is a hot cake. You sure make good money venturing into this business. All you need to start is an ice block-making machine and a good generating set to ice the water. In fact, you can do this right in your home without bothering yourself about renting a space. All you have to do is ensure that your publicity is top-notch.

31. Affiliate Marketing

Affiliate Marketing is the new oil well in Nigeria. Day by day, people make millions of Naira via several affiliate marketing programs. Basically, all you have to do is register with a company of choice, advertise and sell their products, and earn commission on your sales. You can leverage several channels such as YouTube, Twitter, blog, Instagram to advertise your product. To start earning you can join affiliate programs such as Amazon affiliate, Jumia Affiliate, Clickbank, Expertnaire, etc.

32. Graphics Designing

Some years back, this business was not in demand as it is now. At the moment, this is one of the most sought-after digital skills. The reason for this is not farfetched; it is because images and beautiful designs linger for long in the human memory. On this note, organizations are in massive demand for exceptional graphic designers. If you are talented at creating good images, and beautiful designs, then this is a business you can start. To start, you do not need much capital. All you need is a good Laptop, and design software.

33. Tutorial Business

If you are good at sharing knowledge, then you can look into the tutorial business. You can organize Math, English, and other subject tutorials to help students of primary and secondary schools. To start this business, you need capital, a chalkboard, and enough space to house the students. If all these are in place, this business is a great way to earn good returns.

34. Beauty Business

At the moment his is one of the in-demand businesses in Nigeria. This business is so lucrative that you can make as much as N200, 000 and more in a week doing makeup and selling beauty products to people. The reason for this is not far-fetched, Nigerians are social, and they want to look good to events. Therefore, they do not mind spending a fortune to look good. If you have a flair for beauty products and makeup, this business is a hot cake.

35. Gas shop

In Nigeria, the use of Kerosene as the main source of fuel for cooking is long gone. Almost everyone has a gas cooker now as compared to 10 years ago. For this reason, the demand for liquid gas has skyrocketed. You do not require much capital to start this business. In addition to capital, you need a good shop, gas cylinders, and some other items such as fire extinguisher, hose, and scale.

36. Hotel Services

People need a comfortable place to lay their heads late at night during travels, and they are ready to pay any amount to get it. If you have enough capital, this business is one with good returns.

37. Freelance web development

Freelance web and app development is the in-thing at the moment. This is because a lot of businesses want to increase their customer reach. Therefore, they invest heavily in hiring developers that can design apps and websites to promote their products. With this business, you can earn good money, all at the comfort of your home. You can leverage freelance websites such as Fiverr, Upwork, etc.

38. Interior Decoration

Interior decoration is one of the new sought-after services. If you are exceptional in the art of home and interior decoration, you can take up projects to design commercial and residential buildings. This business has good returns and will yield high profits.

39. Event Planning

As we have stated earlier in this article, in Nigeria there is no weekend without one function or the other. The fortunate thing is that for these events to go on accordingly people need event planners. Therefore, you can seize this opportunity to venture into this business. You can improve your skills by attending different training.

40. Freelance web development 

One of the foundational steps when going digital as a business is to own a website. This both helps promote a business and its product in the digital sphere, and if you can create catchy/ responsive sites, then you would be in high demand. Web development remains one of the most lucrative businesses to start as you can choose to freelance or work full time all at the comfort of your home.

In Conclusion

The business ideas we have listed in this article are the best you can find anywhere. Although to start you will require capital no matter how small, but that is not a problem. You can leverage lending platforms with good interest rates and repayment options for a loan. As you earn returns on your investment you can repay.