It is surprising to always see that whenever we talk about small business ideas and opportunities in Nigeria, students are often left out of the discussion. This is not supposed to be so in Nigeria because, in the 2023/2024 academic session alone, about 1.7 million students were recorded in the undergraduate category while over 230,000 postgraduate students were recorded in the same session.
I always state the fact that students are potential entrepreneurs who are also feeling the hardship of the economy. Nigeria’s economic ecosystem as of 2024, has shifted the inflation rate to 29.9 percent. With the labor force in Nigeria projected and forecasted to reach 78 million in 2024, the unemployment rate is high and things do not seem to be cooling off any time soon. Entrepreneurship runs in the blood of students especially those who live in the southern part of the country and this boosts innovative thinking and economic growth.
As parents no longer find it easy to send pocket money to their wards in schools anymore, it is only proper to guide young men and women who wish to pursue financial independence legally on the best ways to do that within the law.
I always tell young men and women who are students that the best categories of side hustles I can recommend to them are businesses that won’t stand in the way of their studies. That way, you as a student, can focus on schooling while also making money at the same time as well as gaining vast work experience that can even boost your resume after you graduate from college.
The businesses in this article only require simple skills, access to the internet, dedication, and resourcefulness. Whether you choose to be active in tech startups, agribusiness, e-commerce, as a marketer, or work as a freelancer. In the Nigerian entrepreneurial landscape, there are limitless potential business ventures that students can explore.
Best Small Business Ideas for Nigerian Students
These are the best successful business ideas and promising business Ideas for Nigerian students that I can vouch for in 2024, that any student entrepreneur in Nigeria can explore and succeed in:
1. Private Teacher
Nigeria is a country where a shortage of professional class teachers is high. To close the huge gap in number, the Government keeps employing teachers in interventions like the NPOWER program, but even with programs like this, Nigeria still lacks sound teachers. As a result of this, students in the country are under-tutored. There are millions of parents who no longer wish to rely on teachers at schools to teach their kids alone. After the pandemic, the need for private teachers skyrocket. There are private tutoring services or remote teaching platforms you can register on to teach as a teacher, and the fun part of it is that you are only required to teach after your school hours or during weekends when you are free from your studies. So that way, you don’t have to worry about your teaching side hustle affecting your regular student activities.
2. Errand service
Whenever I am asked, which business is best for students? I usually recommend this to students who need to earn extra cash. You don’t even need a business website to start any errand service business. As a student, you can help people around you run simple errands like walking kids to or from school or getting foodstuffs from the market as well as grocery shopping. These are things you would normally do for yourself, so why not make money by helping others do them as well?
Best Small Business Ideas for Nigerian Students in 2024
Image: IMT Enugu
Credit: Institute of Management and Technology Enugu
3. Content creation
Platforms like YouTube, Twitch, and TikTok allow content creators to monetize their content through short or long online video content. As these social media platforms have created perfect windows for creative creators to make more money, demand for content creators has increased and it has created the opportunity for young entrepreneurs like students to operate within flexible hours. There are ways students can generate income while still schooling at the same time. Before diving into content creation it is essential to invest time in learning about terms like YouTube Partner Program, channel memberships, live streaming, and also brand sponsorships and collaborations where companies can approach you to push their products or services.
4. Affiliate Marketing
I did this in my schooling days and I made a lot from affiliate marketing. There are Nigerian affiliate programs Nigerian Students can try out with companies like Web4Africa, Wakanow, Travelstart, Jumia, Expertnaire, WhoGoHost, and Qservers among others. Also, international platforms like Fiverr, Rakuten, Shopify, eBay Partner Network, ConvertKit, Semrush, ClickBank, Amazon Associates, and ShareASale offer affiliate programs where people all around the world can make income. How it works is that you get paid a commission of the profit made from any product sold through your affiliate link or generated lead. I would advise you to do your research and build the skills needed for affiliate marketing. The affiliate link from these programs can be placed in your YouTube video descriptions or on your website.
5. Virtual Assistant Business
Before diving into the virtual assistant business, it’s essential to invest time in knowing and building on your skills. There are companies both local and international like Google and Amazon, who no longer wish to hire excess staff, this is because the need to cut costs by business owners has gone up all around the world. Companies now hire virtual staff in positions like secretaries, web developers, social media managers, graphic designers, and content writers among others. While the potential for large profit exists especially if you find yourself working as a virtual assistant for an international company, being a virtual assistant requires experience and a willingness to accept the terms and conditions laid down by the company you will be working with.
6. Sell products online
This is an easy-to-start online business idea for students. You can sell products through online social media platforms like Twitter, Facebook, Instagram, and TikTok among others. The Nigerian digital marketplace landscape has seen significant growth for some time now and this is not changing anytime soon. There are numerous opportunities for Nigerian students to make side online income. For example, the Facebook Marketplace stands as a hub on its own where buying and selling of diverse are allowed. You can also develop your brand and sell it online on local e-commerce platforms like JiJi, Jumia, and Konga. This could include liquid soap, clothes, phones, laptops, or other items. You do not even need a physical office to explore this niche, all you need is an Internet assessable phone or laptop and the product you wish to sell.
