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The number of N-Power beneficiaries is increasing daily, with about 5 million persons applying for the last one. But with Nigeria's economy heading for recession, it's uncertain if the Federal Government will be willing to continue paying N-Power beneficiaries for the long-term, as the government continues to seek ways to cut spending due to low revenue.
The social intervention programme has been sustaining the unemployed or lower class households since President Muhammadu Buhari's administration came to power. The benefit of N-Power to the economy is limited, and government could begin to cut down on N-Power funds in order to reimburse money-generating sectors.
So, it's important for N-Power beneficiaries to invest their money in businesses that can sustain them if the government decides to stop N-Power payment. The N-Power funds have helped many Nigerians escape poverty, but in order not to return to that economic state, there are small businesses that offer an impressive return on investment (ROI) or profit.
AllNews collated five small businesses that N-Power beneficiaries can earn revenue from due to their high demand in Nigeria. The following businesses are part of the daily lives of Nigerians, so there are always customers waiting to patronise.
Baking: You want to earn big in a small business, open a baking business. Nigerians are lovers of anything flour. Luckily, a baker has several options, from donut-making to cake, and small chops - which is currently in vogue in Nigeria.
The baking business success is one of the most kept secrets in Nigeria. Ask yourself, why are there more small chops and cake makers than there were two years ago? That's because gradually people are beginning to discover the value of owning such business.
Bread making: This was intentionally separated from baking because of its significance. Bread sells in the morning, afternoon, and at night in Nigeria. In fact, bread is probably the most consumed food in Nigeria after rice.
Today, there's hardly any street that doesn't have a bread bakery. Gone are the days when bread baking was left to the lower class, even the rich are also tapping into the business to milk the revenue opportunities. You can make bread from the comfort of your house without having to rent a shop.
Barbershop: Do you know how many people cut their hair on a daily basis? Haircutting is a lucrative business that you can invest your Npower money into. It's one of the most lucrative small businesses that low-income individuals can take advantage of to double their income.
Despite barbershops saturating almost every nook and cranny in Nigeria, there's always space for new barbershops to emerge, as the existing ones are not enough to meet the demands of customers.
Football Viewing Centres: This is another business idea that Npower beneficiaries can take advantage of in order to remain employed when the Npower programme ends. With the return of football this month, September, even COVID-19 hasn't stopped football fans from visiting viewing centres to watch their favourite football clubs.
In Nigeria, we have over 100 million young adult population, and most of them love to watch football at sport viewing centres regardless of how they are shaped or built. Although, the revenue of viewing centres is not realised on a daily basis, however, it comes once or twice a week, and on every other weekend.
Bead making: This is another handcraft that is popular in Nigeria and is in high demand. Nigeria is a country with a population that loves to celebrate events with cultural attires, and there's hardly any tribe in Nigeria that doesn't use beads to complement their attire.
Beads are also used in cloth making as well. So, with high demands come high revenue. What makes bead-making more profitable is that you don't need a shop.
Makeup business: For N-Power beneficiaries that are good at facial makeup, this business isn't costly for you to start. The makeup business is one of those ventures that do not require a shop for you to start.
All you need to do is buy a makeup bag, and you are good to go. What makes makeup businesses more valuable is that while you are busy making up one person at a party, you can get several other makeup contracts, and you can get referrals like barbershops and bakers.