Expert Outlines Viable Business Opportunities

Business and Feasibility Study Consultant, Mr Kola Owolabi, has outlined some business opportunities that can capitalise on the current economic policies of the country and be successful.
Owolabi, also the Chief Executive Officer (CEO) of David Richard Associates, made this known in the company’s August 2023 report last Friday in Lagos.
He noted that to some, the recently unfolded economic policies of the current dispensation in Nigeria might be considered harsh and unfriendly, particularly to the Nigerian masses.
He, however, stated that the ball of opportunity was passed to some people, saying, “this is their time to make good money if they can quickly capitalise on these opportunities”.
Owolabi said the business opportunities to succeed include manufacturing that use local content, exports and skills with international demands.
“We are not talking of opportunities for those who are close to the people in power, these opportunities are for you and I who are in businesses that can be started and grown to become a force to reckon with in the future.
“Manufacturing of goods and products with the use of local raw materials is a business opportunity that will thrive under the current dispensation and the reason is obvious.
“The merging of the two windows of the exchange rate has seen the naira crashing by nearly a hundred per cent.
“It means that manufacturers who were getting foreign exchange under the old dispensation at official rate have to pay double to access it to use for importation of critical raw materials for manufacturing.
“This will lead to steep increase in the market price of their end products, meaning those who rely on local raw materials will not have to worry so much.
“Even if prices of local raw materials will go up, it would not be as much as what we have seen happen to foreign sourced raw materials”, he said.
Owolabi listed examples of manufacturing that involved mainly locally sourced raw materials to include shoes, bags and other fashion industry products that relied on locally raw materials such as leather, cotton, fabrics and others.
Others, he said, are production of food products and beverages using local inputs like cocoa, coffee, corn, amongst others.
“There is also agric processing using our various agric produce and finally so many other light manufacturing activities using locally sourced raw materials.
“The huge devaluation of the naira has given Nigeria a big advantage in the area of export of goods from Nigeria.
“It means that goods going out of Nigeria are extremely cheap to people abroad; from raw materials, to intermediate products and processed goods, the export market is now a gold mine.
“People with skills that have international demand is the icing on the cake of business opportunities that will thrive under the current dispensation.
“For people who have skills in the digital platform space, those who have coding skills and ability to use AI (Artificial Intelligence) in a wide range of applications you have good opportunity to make good money.
“This is due to the high demand for these skills and the fact that they will be paying you in foreign exchange”, he said.