Centre for Entrepreneurial Research and Development identifies SME opportunities for 2025

The Centre for Entrepreneurial Research and Development, led by Kola Owolabi, has highlighted key opportunities for small and medium enterprises (SMEs) in Nigeria to thrive in 2025. Despite economic challenges, such as the Naira’s sharp devaluation and rising national debt, the current climate offers unique prospects for entrepreneurial growth and innovation.

Turning Challenges into Opportunities

The economic downturn, including the Naira’s exchange rate now exceeding ₦1,700 per dollar, presents an advantage for local producers. Imported goods have become expensive, creating an opportunity for Nigerian-made products to compete favorably both locally and in export markets. Entrepreneurs who combine competitive pricing with quality production stand to gain significantly.

Identified Business Opportunities

1. Manufacturing:

• Light Manufacturing: Entrepreneurs can start small by adding value to raw materials and producing finished goods. Contract manufacturing services are available to help produce goods without heavy initial investment in equipment.
• Export Potential: With the Naira’s devaluation, Nigerian products are highly affordable to international buyers, especially in neighboring West African countries like Ghana, Togo, and Benin.
• Local Demand: Nigeria’s large population ensures a consistent demand for locally produced goods, from food items to consumer products.

2. Remote Digital Employment:

• Digital Services: Drawing lessons from India’s success, Nigerians can explore opportunities in remote call center operations, software and app development, and other IT services.
• Global Opportunities: Skills such as teaching, fashion design, or nutrition can be marketed online to international clients, generating significant income due to favorable exchange rates.
• Upskilling: Investing in digital skills positions Nigerian entrepreneurs to excel in emerging tech-driven fields, enhancing the global competitiveness of Nigerian SMEs.

How to Get Started

Entrepreneurs should identify their marketable skills and explore digital platforms to connect with clients. For instance, online courses, remote teaching, and freelance services can be monetized with minimal startup costs. Manufacturing-focused entrepreneurs should research demand and leverage contract manufacturing to scale production affordably.

Guidance and Support

The Centre for Entrepreneurial Research and Development, located in Igbesa near Crawford University, offers support through business plan preparation, feasibility studies, and market research. Entrepreneurs can book consultations by calling or sending a WhatsApp message to 08023203198.

Expert Advice

Kola Owolabi, a Fellow of the Nigerian Institute of Management Consultants, underscores that 2025 is a pivotal year for SMEs willing to innovate. By seizing these opportunities, Nigerian entrepreneurs can not only survive but thrive in an evolving economic landscape.

With determination, adaptability, and the right resources, the future of SMEs in Nigeria looks promising, offering pathways to success even amidst challenges.