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Opportunities to explore in economic crisis

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By Abiodun Okunloye

Nigeria's economic trajectory and foreign exchange position can be reformed.

Despite facing its most significant economic downturn, Nigeria is viewed by many experts as having the potential to revitalise its economy through strategic management. They pinpointed key areas as suitable for development, which could reshape the country’s economic trajectory and strengthen its foreign exchange position. The oil and gas industries, technology, social media influence, security services, and agriculture are all thriving. In Nigeria, the oil and gas sector has long been considered the most accessible area for growth, with many individuals now recognising the potential for new opportunities following a period of decline and minimal investment.

Due to the departure of International Oil Companies (IOCs), there has been a decrease in funding for oil and gas projects. As a result, there is now an opportunity to increase the production and refining of crude oil. Nigerian professionals are being presented with new possibilities by the IOCs. In addition, Nigerian National Petroleum Corporation (NNPC) and the Nigerian government rely heavily on the country’s production for fuel imports and subsidies in global markets. Many oil analysts are confident that Nigeria has the potential to increase its oil production by 500,000 bpd in the near future by offering fiscal incentives. This surge in production could generate the necessary revenue to stabilise the currency market.

Social media influencing and tech are among the in-demand skills.

Additionally, the field of technology presents another promising avenue for growth. Nigeria’s emerging technology sector offers a wealth of possibilities for its growing number of skilled tech professionals. From data centres to software development and cloud computing to IT outsourcing, there are ample opportunities for Nigerian tech talents to provide their services on a global scale without having to leave the country. This means they can earn lucrative dollars while incurring expenses in naira, creating a favourable financial situation for them.

The rise of social media influencers has opened up new earning possibilities for many young Nigerians in the e-commerce sector. With their ability to affect consumer behaviour and drive sales, these influencers are capitalising on this opportunity to generate revenue in US dollars. Surprisingly, the decrease in value has led to an increase in revenue for many influencers, attracting a new wave of young people to join the influencer scene on various social media platforms such as TikTok, Instagram, Snapchat, and even Facebook. The earnings for these influencers are substantial and continue to grow rapidly.

Rising concerns fuel demand for security services and agriculture.

Security services are a rapidly growing sector due to increasing concerns about safety nationwide. The emergence of technology-driven security companies, such as those offering bodyguards, tech, and CCTV services, is evidence of this trend. Israeli experts are playing a significant role in advising Nigerians on how to manage and grow their security businesses effectively. This industry has the potential to become a major player in the business world with proper management and planning while boosting the country’s economy.

On the other hand, Nigeria’s agriculture sector has been making significant strides, resulting in a growth of affordable food that has attracted buyers from neighbouring countries. Addressing the widespread hunger in the region demands a focus on increasing food production to not only sustain Nigeria’s population but also to supply the entire West African sub-region and beyond. With its vast and fertile lands, Nigeria is well-positioned to ramp up agricultural output and meet the growing demand for food.

Related Article: Digital skills vital for graduates — Experts

Now is the perfect moment for the agricultural industry to increase production by implementing large-scale mechanised farming to provide food for West Africa. Furthermore, young individuals have the chance to establish greenhouse farms within their compounds to cultivate crops. Given the high food inflation rate, there is a window of opportunity for increased production as it is the key factor in reducing inflation, not high-interest rates. Nigerian cuisine is in great demand throughout West Africa, and the key to combating rising food prices is increasing production on a large scale.

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