There are expectations that Nigeria’s business landscape in 2019 may start slow in the first half of the year but would pick as the year progresses into second half of the year.
This explains why Nigeria’s business environment has been deteriorating ahead of the general elections scheduled to hold in February.
Experts attributed this to the uncertainties surrounding the environment as many businesses now operate in wait-and-see mode in preparation to the forthcoming election. The situation is expected to continue till after the elections, so that it becomes clear as to who will be in power.
Though in 2018, the Federal Government through the Central Bank of Nigeria (CBN) has done well to keep the naira valuation in check and this is very important to providing the needed stability for business to flourish even in the New Year.
However, Nigerians especially business owners are still being encumbered by not only the high cost of foreign exchange to naira but also the relative scarcity of foreign exchange.
Tony Anakebe, managing director of Gold-Link Investment Ltd, a Lagos-based firm specialised in import and export business, said that one of the major challenges faced by businesses in 2018 was relative scarcity of foreign exchange as many importers and manufacturers that depends on import for their raw materials found it difficult to have access to the required volume of foreign exchange to do business.
“Aside from the 41 items prohibited from accessing forex from the official window, those items allowed to access forex officially also found it difficult to have access to the amount of money required for their business transactions in 2018,” Anakebe said.
Business owners on the other hand, believe that sourcing of foreign exchange in 2019 will be lighter as expectations are high that the international price of oil will either increase or remain stable; thereby, boosting national revenues, contributing to business growth and help in shoring up the nation’s foreign reserves.
Meanwhile, irrespective of how good or bad the nation’s business landscape appears; there are several small and medium scale businesses that are currently making it big in this period of election.
Going by previous trends, pre-election spending is also expected to generate opportunities for the small scale businesses. These businesses ride on the electioneering campaigns including conventions organised by different political parties in the country to feather their own nest.
BD Sunday investigation shows that demand for items such as paper, stationeries, printing material as well as electronic display units would likely witness a sharp increase in the next few weeks to come. Therefore, if you want to earn throughout the campaigns and elections you can try one of the following business ideas.
Printing:
First on the list of businesses presently making it big ahead of the general election is printing business. Elections and campaign strategies involves a lot of printing of several items including posters, flyers, banners, stickers, mufflers, t-shirt, face-cap branding of vehicles, booklets, armbands and among others.
Politicians and political parties make use of these items as campaign channels where their pictures, party logos and campaign promises are made known to the electorates.
Transportation:
Transportation has remained very vital sector in the economy and it has also been seen very crucial in both the campaign and elections period. Transport business is expected to receive greater boost in the course of this year’s general elections as people will travel more to the rural areas to execute their civil right while many others especially those residing in violence prone cities, will travel home fearing eruption of chaos.
Also, campaigns involve traveling to different geographical locations to meet prospective voters. In the course of the electioneering campaign and party conventions, card carrying members of different political parties would be expected to move from their base to cities where the conventions and campaigns would be slated to take place. Members who can afford to pay flight ticket go by air while the upcoming ones travel by road.
During the above mentioned situations both airlines and transport companies tap into the opportunities created by the election.
Hospitality:
Another business that is presently making it big ahead of this year’s election is the hoteliers and owners of event centres that are strategically located.
For instance, during the 2018 national convention of the People’s Democratic Party (PDP) where former Vice President, Atiku Abubakar was nominated as the presidential flag bearer for the party in Port Harcourt, Rivers State, most of the hotels located in the garden city were fully booked following the need for party members to lodge within the period of the convention.
Also, in most state capitals where the political parties hosted their primary elections to nominate their flag bearers in various capacities ahead of the elections, owners of event centres and hotels also benefited from the opportunities created by this compulsory political move.
Notwithstanding, politicians in their various capacity has been hosting various media conferences, constituency meetings and other strategic brainstorming sessions in hotels and event centres for the benefit of the people into such business.
Catering and event management:
Food is what gives us energy to keep going and run other businesses. It is an industry that will never fail irrespective of the economic situation. This is because people must eat, come rain or sunshine, and every gathering has its meal time popularly known as ‘item seven’.
Therefore, it is expected that people who are into business of catering for large crowd will boom during campaigns and elections. Such people would be contracted to cater for the guests during the campaign, strategic meetings, conventions, primaries, press conferences and other gathering associated with the preparation of election.
The business of event management is also thriving ahead of the election because companies that specialise in event management are contracted every now and then to organise one political meetings or the other including the already held primaries and convention, and people into this kind of business are currently making it big.
Election period is also an opportunity for those talented in organising events to make it big. It will include securing venues, availing the required facilities on time, and preparing programmes.
Media and Public Relations:
Media practitioners are another set of business owners that are expected to smile during this campaign and election period. This is because many political parties now engage print media with advert slot; television stations with political commercials; radio stations with political jingles; outdoor advertising firms with billboard advert slots and other types of advertisements.
Creative writers and advert agencies are also engaged by these politicians and political parties to develop interesting advert themes, jingles and commercials for them.
Also, the Public Relations (PR) firms benefit hugely from the campaign and election proper. This is because most of these firms are engaged to execute the audience engagement strategy through the media. They organise press conferences, interview sessions and ensures that stories around their clients (candidates) are placed in the media.
This multi million naira worth of contract create opportunities for media practitioners to benefit from during the campaign and election.
Souvenir making:
Souvenir making is another big business during the election period as politicians and parties distribute gift items that come with their pictures and party logos.
Therefore, at this time of slow economic activities, Nigerians are advised to venture into making custom T-shirt and caps, which are commonly used for publicity during election campaigns. Aspirants for public offices have their pictures and names boldly printed on custom T-shirts and then distribute them to people free of charge as gift.
Also, companies into bottling of branded water are usually contracted by political parties and aspirants during rallies to produce such branded bottled water in bulk and they are distributed to guests free of charge.
Comedians
Comedians are not left out during the election campaigns and conventions. Most of them are contracted by political parties to perform as part of the activities to engage the public and the voters.
Sometimes, some of them are contracted to be the master of ceremony during these political events.
AMAKA ANAGOR-EWUZIE
