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With 50k You Can Start These Businesses In Nigeria

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With 50k You Can Start These Businesses In Nigeria | Fab.ng

You can start these businesses in Nigeria. Unemployment is continuously on the rise today, and many of the available jobs offer poor compensation and working conditions. Consequently, individuals are choosing to create their own businesses rather than wait for opportunities that may be scarce or undesirable. As technology connects the world, the global economy presents exciting new possibilities for business ventures.

Nigeria is no exception; the nation’s entrepreneurial spirit is thriving, with men and women making significant contributions to the business landscape. Interestingly, research suggests that periods of economic downturn or financial uncertainty can be an ideal time to launch a business, as entrepreneurs often bring much-needed energy, innovation, and solutions to address societal challenges.

If you’re one of those individuals choosing to create your own business, you can start these businesses in Nigeria with fifty thousand naira.

Baking

With 50k You Can Start These Businesses In Nigeria | Fab.ng

Baking is a rapidly growing and highly profitable industry in Nigeria. Nigerians love cakes and pastries. There’s hardly any party or event without pastries in Nigeria. They’re essential for events ranging from weddings and birthdays to graduations. With a little creativity and dedication, you could launch your own successful baking business right from your home kitchen. Start by creating delicious mini cupcakes and savoury snacks to sell for profit. Then, promote your baking business on social media to gain visibility, attract customers, and begin generating substantial income.

Small-scale Farming

Small-scale farming can be a highly profitable business venture. You even have the flexibility to start right in your own backyard. Whether you choose to plant peppers, cultivate a vegetable garden, raise snails, or start a poultry farm, you can launch your agricultural enterprise with minimal resources and see significant returns. You can even explore niche options like snail farming or poultry. The potential for success is high, even with limited starting resources.

Liquid Soap business

With 50k You Can Start These Businesses In Nigeria | Fab.ng

The thriving liquid soap industry is a compelling opportunity for ambitious individuals. With demand skyrocketing due to the essential nature of the product for every household and an ever-growing population in Nigeria, established companies are struggling to keep up. With a modest investment, you can enter this profitable venture and create your own liquid soap brand. Target various markets, including supermarkets, retailers, restaurants, bakeries, caterers, and even professional cleaning services like housekeepers.

To establish a strong presence in the market, consider investing in eye-catching branding and attractive packaging. These elements, combined with the high demand and relatively low barrier to entry, can translate into a flourishing business.

Imagine discovering unbranded liquid soaps in plain plastic bottles selling for N300 to N500! This underscores the potential for creating and marketing high-quality, branded liquid soaps. The investment required is minimal. It’s a business accessible to anyone.

Affiliate marketing

This exciting online opportunity allows anyone to begin earning money, regardless of their previous experience. In affiliate marketing, you collaborate with businesses or individuals to promote their products in exchange for a share of the profits. These products can be physical items you might find in a store or digital goods you can download online. You have the flexibility to choose from countless affiliate programs and then advertise their products on social media platforms or dedicated websites. Notably, many Nigerians have achieved significant financial success through affiliate marketing.

Eggs Distribution

Eggs are a nutritious food, packed with protein, and enjoyed worldwide. They are surprisingly versatile and can be used in everything from sweet treats and beauty products to cleaning supplies and even hair care. Due to this high demand, the egg supply industry is booming, and it’s a business you can start small and grow big.

If you’re interested in entering this exciting field, the first step is finding reliable sources of eggs. This could involve partnering with reputable chicken farms or large wholesalers. You can then distribute these eggs to various outlets, including shops, supermarkets, restaurants, bakeries, and individual homes.

Building strong connections with these potential buyers in your local community is crucial for success. To run your business smoothly, you’ll need empty egg cartons and a reliable way to deliver your products.

The good news is, you can get started with less than N100,000! If you don’t currently own a delivery vehicle, you can begin by delivering eggs on foot using a cart. As your business grows, you can then invest in a used vehicle for added efficiency. Remember, every successful journey starts with a single step.

Coaching/ Tutoring

With 50k You Can Start These Businesses In Nigeria | Fab.ng

When it comes to service-based businesses, offering tutoring is a lucrative opportunity to rake in some cash. You have the flexibility to either provide private in-home tutoring for children across various subjects or join online platforms that connect you with parents seeking tutors for their children.

For more visibility, consider using readily available platforms like WhatsApp or Facebook to conduct group learning sessions known as masterclasses. By uploading your courses to online platforms, you can earn a commission every time someone enrols in your class. This approach allows you to reach a wider audience and potentially increase your income.

Many of Nigeria’s most successful millionaires started their journey with only a small amount of money and built their wealth from humble beginnings. They are now widely recognised figures across Africa. You, too, can start these businesses in Nigeria and embark on your path to success; remember, even the longest journeys begin with that first step.

Which of these businesses will you be trying out?

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BUSINESS

Women Leading Nigerian Banks Climbs An All Time High

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Women Leading Nigerian Banks Climbs An All Time High | Fab.ng

Adaora Umeoji will be taking on the leadership helm at Zenith Bank, a major Nigerian bank. She’ll officially start as the group’s managing director and CEO on June 1, 2024. This is exciting news, as Umeoji joins a growing group of powerful women leading Nigerian banks. There are already seven other female CEOs running major banks in the country.

Adaora Umeoji takes over from Ebenezer Onyeagwu, who’s been the CEO for the past five years. His term ends on May 31st. This isn’t the only recent change at the top of Nigerian banks with female leaders. Just a few months ago, Yetunde Oni became the new managing director of Union Bank of Nigeria. In February, Bolaji Agbede stepped up as the acting group CEO of Access Holdings after the passing of Herbert Wigwe.

A report by Agusto Consulting just revealed that women are making big strides on company boards. In 2022, the number of female board members reached an all-time high. This isn’t a one-time jump, either. Over the past five years, the number of women on boards has steadily increased. In 2018, only 18% of board seats were held by women. But by 2022, that number had risen to an impressive 25%.

While Nigeria is making progress, there’s still room to grow. Countries like South Africa (at 36%), the United Kingdom (at 41%), and the United States (at 35%) all have a higher percentage of women in board positions. This shows there’s an opportunity for Nigeria to continue its upward trend and reach an even greater gender balance.

Profiles of Women Leading MDs and CEOs of Some Other Major Nigerian Banks.

Nneka Onyeali-Ikpe, Fidelity Bank

Onyeali-Ikpe, one of the powerful women leading Nigerian banks, is the current managing director/CEO of Fidelity Bank. She holds degrees from the University of Nigeria and Kings College, London, and has attended executive training programs at several institutions. Onyeali-Ikpe was previously the executive director for Lagos and the South West region of the bank. She is also an honorary senior member of the Chartered Institute of Bankers of Nigeria.

Tomi Somefun, Unity Bank

Tomi Somefun is the current MD/CEO of Unity Bank. She graduated from Obafemi Awolowo University with a Bachelor of Education in English Language. She holds an honorary degree of Doctor of Business Administration from Redeemer’s University. Before she was appointed the managing director/CEO of Unity Bank in August 2015, she served as the executive director overseeing the Lagos and South-West Business directorates, the financial institution division, and the treasury department of the bank. She is a fellow of the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers of Nigeria.

Miriam Olusanya, Guaranty Trust Bank Limited

Miriam Olusanya is the managing director of a bank in Nigeria. She holds a Bachelor of Pharmacy degree from the University of Ibadan, Nigeria, and a Master of Business Administration from the University of Liverpool, United Kingdom. Before becoming the bank’s MD, she served as the group treasurer and head of the wholesale banking division. She is also a non-executive director of the Nigerian Interbank Settlement System and the Shared Agent Network Expansion Facilities. Additionally, she is a member of the Financial Markets Sub-Committee of the Bankers’ Committee.

Ireti Samuel-Ogbu, Citi Bank

Ireti Samuel-Ogbu is the CEO and country officer for Nigeria and Ghana at Citi Bank. She holds a BA Hons degree in Accounting and Finance from Middlesex University, UK, and an MBA from the University of Bradford, UK. Before she was appointed CEO, she served as the managing director of Europe, Middle East, and Africa payments and receivables head, treasury, and trade solutions under Citi’s Institutional Clients Group, based in London, UK. Ireti Samuel-Ogbu also co-founded two impactful mentorship initiatives within Citi. These include the Sapphire Leadership Program for the Middle East and Africa, and the Momentum Program in the UK.

Yemisi Edun, FCMB

Yemisi Edun has a bachelor’s degree in chemistry from the University of Ife and a master’s degree in international accounting and finance from the University of Liverpool, UK. She is also a member of several professional organizations, including the Chartered Institute of Stockbrokers and the Institute of Taxation of Nigeria. Edun began her career with Akintola Williams Deloitte in 1987 and joined FCMB in 2000 as divisional head of internal audit and control. She was appointed managing director of the bank on May 1, 2021.

Bolaji Agbede, Access Holdings

Bolaji Agbede was the most senior founding executive director at the company before being appointed as acting group CEO. She had previously worked at Guaranty Trust Bank and JKG Limited before joining Access Bank in 2003 as an assistant general manager. She has been the head of human resources for the Access Bank Group since 2010. Agbede holds a Bachelor’s Degree in Mathematics and Statistics from the University of Lagos and a Master of Business Administration Degree from Cranfield University, UK.

Yetunde Oni, managing director/CEO of Union Bank of Nigeria

Banking powerhouse Yetunde Oni brings 25 years of experience to Union Bank. She excels at leading teams, and crafting client solutions, and she boasts a strong academic background (Economics degree, MBA, Oxford executive training).

Yetunde Oni began her career at Prime Merchant Bank’s Treasury & Money Markets Group. She then spent 11 years at Ecobank Nigeria as a Relationship Manager. In 2005, she joined Standard Chartered Bank Nigeria, rising to Managing Director & Country Head of Commercial Banking for West Africa. Before joining Union Bank, Yetunde Oni made history as the first female Managing Director and CEO at Standard Chartered Bank in Sierra Leone.

Bukola Smith, FSDH Merchant Bank

Bukola Smith has a bachelor’s degree in economics from the University of Lagos and an MBA from Manchester Business School. She has extensive experience in banking, including customer service, treasury, investment, project finance, audits, and sales. She has held various positions at Fidelity Bank and First City Monument Bank Limited, including divisional head of Treasury and institutional banking, group head of Treasury and Financial Institutions, divisional head of Investment Banking and Financial Markets, director of project and Structured Finance, and divisional head of Group Internal Audit.

Halima Buba, Suntrust Bank

Halima Buba, who is also one of the women leading Nigerian banks, is a seasoned banker with over 22 years of experience. She holds a B.Sc. in business management and an MBA from the University of Maiduguri. She is an honorary fellow of the Chartered Institute of Bankers and a fellow of the Institute of Management Consultants. Buba is the MD/CEO of Sun Trust Bank Ltd. and sits on the board of several reputable institutions.

Kafilat Araoye, Lotus Bank

Araoye has a degree in History and an M.Sc. in industrial relations & personnel management. She holds Islamic finance certifications. She started her career in 1988 at National Oil and Chemicals Marketing Company Plc and moved to Guaranty Trust Bank Plc in 1990 as the pioneer head of human resources.

This increase in female board members is a positive sign. It suggests that companies in Nigeria are recognizing the value of diversity in leadership. The future looks bright for women in Nigerian boardrooms! With continued progress, we can expect to see even more women shaping the direction of businesses in the future.

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BUSINESS

2024 Champion Awards: See The Businesses That Stood Out

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2024 Champion Awards: See Businesses That Stood Out | Fab.ng

Over 5,500 Australian small businesses threw their hats in the ring for the prestigious 2024 Small Business Champion Awards. But only a handful—fewer than 45—made it to the final round in the Business Services and Business Consultancy categories.

This year marks a quarter-century of celebrating Australia’s amazing small businesses. There are a whopping 2.5 million of them across the country, making huge contributions to our economy, communities, and culture. The Champion Awards recognize these incredible achievements.

The finalists truly represent the best of the best in the Business services and Business consulting fields. They’ve impressed the judges with their innovative ideas, exceptional customer service, and commitment to making a difference. Now, they’re in the running to be crowned champions.

Open to any small business in Australia, the Awards celebrate the best of the best across all kinds of industries, from shops and restaurants to factories and manufacturers. There are over 100 different categories to compete in, so there’s something for everyone. A panel of experienced small business owners who know what it takes to succeed will be judging the entries.

Steve Loe, who runs the Australian Small Business Champion Awards, says these businesses are vital and need all the support they can get, especially now. He’s impressed by how tough they’ve been, and he can’t wait to celebrate their success.

The winners of the 2024 Australian Small Business Champion Awards will be announced on April 12th and 13th in Sydney. Popular TV personality Jayne Azzopardi will be hosting the event, and famous singers like Dami Im, Harrison Craig, Johnny Manuel, and Stefanie Jones, the star of Australia’s recent Mary Poppins show, will be performing live.

Get the latest and greatest updates right away! Join our exclusive WhatsApp channel and never miss out on exciting news again.

Supported by big names like Commonwealth Bank, Nine Ad Manager, and NOVA Employment, these awards celebrate the incredible work of small businesses in many different industries.

Twenty-two businesses are finalists in the Business Services category. This includes A.S. Virtual Solutions, Actwell Lighting, and Premier Team Building. They’re all competing to be named the Champion of Business Services. In the Business consulting category, BDC Partners, Blue Sky Career Consulting, and Impact HR are battling it out to be the Champion business consultants.

The awards will pick one winner in each category.

For more information about the 2024 Champion Awards, including a full list of 2024 Finalists, visit here

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BUSINESS

Here Are Nigerian Banks With Increased E-banking Income

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Nigerian Banks Have Increased E-banking Income | Fab.ng

Nigerian banks are experiencing a surge in digital banking activity, further solidifying their position in this rapidly growing financial sector. According to recent data on revenue earned by Deposit Money Banks (DMBs), seven Nigerian banks raked in a combined ₦495.57 billion in 2023 from electronic banking charges, account maintenance fees, and other related income.

This impressive figure represents a significant 36% increase compared to the ₦365.11 billion earned in the previous year (2022). The frontrunners in this digital banking boom include FBN Holdings Plc, Stanbic IBTC Holdings Plc, Fidelity Bank Plc, FCMB Group Plc, Wema Bank Plc, Sterling Financial Holdings Company Plc, and Jaiz Bank Plc.

These Nigerian banks are capitalising on the growing trend of Nigerians embracing digital banking solutions.

FBN Holdings emerged as a major player in the digital banking space, pulling in a substantial ₦66.04 billion in electronic banking fees during the review period (2023).

This wasn’t their only source of income; they also collected ₦204.9 billion from various fees and commissions, along with an additional ₦22.08 billion generated from account maintenance charges. These figures highlight FBN Holdings’ significant revenue stream within the digital banking landscape.

Stanbic IBTC made a lot more money from bank fees and commissions in 2023 than in 2022. Their income from these fees went up by 23%, reaching ₦117.84 billion in 2023 compared to ₦96.07 billion the year before.

FCMB Group’s financial performance in 2023 showed a positive trend in their fee and commission income. According to the bank’s unaudited results and accounts, they generated ₦60.78 billion from these sources.

Nigerian Banks Have Increased E-banking Income | Fab.ng

This represents a significant increase of 38% compared to the ₦44 billion earned in 2022. This growth suggests that FCMB Group is effectively capitalising on new revenue opportunities within the fee and commission segment.

Fidelity Bank enjoyed a banner year in 2023 when it came to fee and commission income. According to their reports, the bank raked in ₦44.91 billion from these sources, reflecting a substantial growth of 44% compared to the ₦31.15 billion earned in 2022.

This significant increase suggests that Fidelity Bank is successfully implementing strategies to expand its revenue streams within the fee and commission sector.

Sterling Bank’s income from fees and commissions saw a positive upturn in 2023. The bank’s earnings in this category increased by a noteworthy 17.6% compared to the previous year.

In 2022, Sterling Bank reported ₦22.28 billion in fee and commission income, and this figure rose to ₦26.32 billion in 2023. This growth indicates a promising trend for Sterling Bank’s revenue generation within the fee and commission sector.

Wema Bank witnessed a remarkable surge in its fee and commission income in 2023. The bank’s earnings in this category jumped by an impressive 51.5% compared to the previous year.

This significant increase, from ₦16.59 billion declared in 2022 to ₦25.14 billion in 2023, highlights a positive trend in Wema Bank’s revenue generation strategy.

The Nigerian Central Bank’s (CBN) Naira redesign policy has been credited by experts as a major driver behind the booming e-banking sector. This policy, by incentivizing electronic payments, nudged many Nigerians to embrace cashless transactions.

This shift resulted in a significant surge in the volume of cashless transactions nationwide. The CBN itself, anticipating this trend, outlined its “Payments Vision 2025” document, which predicts a continued decline in the use of cash for everyday transactions by 2025.

This policy, coupled with a growing awareness of the convenience and security of digital payments, is propelling Nigeria towards a more cashless future.

For more on business and finance, visit here.

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