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Entrepreneurship :- The Panacea for the present Economic Recession?

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Recession which is a period of temporary decline where trade and industrial activities are reduced has become a regular word to the average Nigerian in recent times.

Over the years, the mode of exchange of goods and services has evolved from shells to cowries to kobo and finally to the  Naira. It is important to note that with the advent of the ‘Then Naira’ within the early 70s to 90s, Nigeria arguably had the best economy in Africa and perhaps, across the world-Too bad we can’t say same for this present Naira and generally for the current economic period.


Lately employees have been laid off from their jobs, companies are downsizing and restructuring due to lack of funds to pay their workers, market activities have drastically reduced due to increase in the prices of goods and commodities and  families are cutting costs immensely. Whilst some look at the brighter side and hope for a revived economy, others have decided to adopt easier ways of spending and saving money.

If you were once used to eating chicken 5 days a week, you probably will have reduced it to once a week. Many might have even downgraded to Ponmo from all kinds of assorted meat,  but when asked about the sudden change may go all “Healthy Eating” on you with a response like ‘It’s important to watch what one eats you know, too much fat from constant eating of chicken and red meats is not good for the body’, Hahahaha….,such a convenient excuse!


As survivors that we are in Nigeria, many have resorted to engaging in more industrious activities to make a better living and consequently to ‘Grow the Naira’ as is the recent tagline on everyone’s lips. But the major question here is “Is Entrepreneurship the way out of our problems?  Is it Indeed the panacea to overthrowing the status quo of dearth in our once highly-valued economy? The word “Entrepreneurship” deals with setting up a new business for the purpose of making money. A recent research carried out by the Global Entrepreneurship Monitor (GEM) shows that Nigeria leads the world in Entrepreneurship-which obviously explains why we can still make ends meet and continue the cycle of affording 3-square meals, sending our children to school and generally providing our basic necessities for survival in Nigeria. This fact  simply goes to show that we need Entrepreneurship to navigate through the tough economic times and it indeed serves as a panacea for the current situation-it is a No-Brainer! We need to continue towing this path if we constantly want to be satisfied as a people. Having made this point, I implore every reader at the moment to take out time and find an  oppurtunity to engage in any lucrative business opportunity. Be deliberate, passionate and find an entrepreneurial activity that best suits you – Yes, everyone may not particularly find interest in being an entrepreneur but how about looking for what you enjoy doing the most and making money out of it, EVEN as a paid employee? Sounds cool right?! Indeed it is….,Multiple sources of income is the  new cool, I mean, the new Financial cool. You can also be a serial entrepreneur (watch out for my next article on Serial Entrepreneur) by coming up with an idea, setting up a business from that idea and appointing someone trustworthy to run that business for you, whilst you continue your day-to-day activities or that 9-5 job. This is really useful, especially if you don’t have the patience or interest of going through the painstaking processes of growing a business as an entrepreneur.

As an entrepreneur, your interest may also cut across different sectors e.g. Manufacturing, Beauty & Personal  Grooming, Textile services, Health & Wellness, Computer & IT Programming or even in the Arts and Entertainment field. You may also want to strictly focus on a specific industry. Although being an entrepreneur, especially in Nigeria has its challenges,  it’s a means to making steady income if done the right way. Your clients will always come back once they notice you’re competent at what you do. Which is why it is important to adopt a hands-on approach to whatever business you set out to do.

Have you ever thought of engaging in any entrepreneurial activity? Below are few relevant business services that have come to stay in Nigeria :-
•Restaurant / Culinary Services.
•Health & Wellness Consultation.
•Fashion & Textile Designing / Trading.
•Digital Marketing and Web Designing.
•Hair Styling and Grooming [Hairdo for Women & Shaving/Barbing for Men].
•Water Production, Bottling & Packaging e.g. Swan and Cascade Bottled water, Shower packet water, etc.

Did you see any service above that best suits you? Your interest may not be among the list but believe me, there’s definitely something you enjoy doing that can be monetized. In this recession, its dangerous to assume that your 9-5 job can solely put food on your table. It can surely provide a few things but will it guarantee that steady cash flow that will  constantly satisfy you?  Certainly not!

It’s safe to say that if you need to keep your head above the murky waters of recession, you need to join the moving train of the successful people doing the right thing- The Entrepreneurs. Don’t be left out. Entrepreneurship is our new vaccine. It’s INDEED the new cure for this recession!


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