Despite a tough economic climate and government policies that would dampen spirits in many countries, Nigerians, especially graduates, are demonstrating remarkable resilience and creativity in finding ways to survive.
One of the means they deployed to defy the hard times is by operating a Point of Sales business.
Some of these entrepreneurs, who spoke with The Point, explained that if one is lucky to be in areas with high foot traffic, PoS business is lucrative.
Emeka Philip, a graduate of Agricultural Economics in one of the nation’s public universities, is a PoS operator in Lagos and he told The Point how he has been fending for himself and aged parents since he left the university in 2019.
“About five years ago now that I completed my first degree, I am yet to get a job despite various applications. I discovered I am not getting any younger and I needed to do something for myself especially when I am the only son my parents have. Two years ago, I decided to start a PoS business and I must confess that it has been helping me to survive.
“I was lucky to get a spot where I stay within Oshodi Terminal and people, especially travellers patronise me very well. Sometimes, I make up to N10, 000 profits in a day while other days, I may go home with N5, 000. If there is high patronage, I don’t even mind not getting white collar job again because in a month, I know how much I am making.”
He explained how he takes care of his aged parents from his business, saying, “As I think of myself, I even think more of my parents. That was why I relocated to Lagos and every month, I have to send money to my parents in Anambra State for their upkeep. I get this money through my PoS work. It is not easy in this country but if one can be disciplined and stay at strategic locations where people are, PoS is a good business.”
Philip added that overcoming challenges such as getting enough cash, network issues, fraud, high commissions, competition, and regulatory compliance demands careful planning and continuous adaptation.
Another graduate of a State Polytechnic in Osun State, Tudun, disclosed that PoS business has been sustaining her as she is unable to get employment in corporate establishment after she carried out her national service last year.
She said, “I started my PoS business with the sum of N100, 000 that I was able to save after my NYSC in 2023. I stand at Igbona market in Osogbo holding my terminal every day and the business has been improving.”
It is no longer news that the economic hardship in Nigeria is becoming severe on a daily basis. Many citizens continue to grapple with poverty, as highlighted by the World Bank’s report indicating that 14.2 million Nigerians fell below the poverty line in 2023.
The report attributed this increase to sluggish economic growth and rising inflation, emphasising the challenges faced by Africa’s largest economy.
However, many citizens are defying the odds and sustaining themselves with menial jobs they can lay their hands on.
Many Nigerians are starting their own businesses, often small-scale ventures, to supplement their income or create new opportunities. This entrepreneurial spirit is a major driver of the Nigerian economy.
Nigerians are also investing in learning new skills to improve their employability or create new income streams. This could involve taking online courses, attending workshops, or participating in apprenticeship programmes.
Many young graduates are now learning new skills, either online or physical, after spending years in higher institutions.
“I started learning fashion designing during my service year; now it is my major source of income and I don’t bother myself with searching for jobs again,” Rachael, a university graduate, said.
Other creative ways Nigerians are generating additional income include ride-sharing, online freelancing, or selling crafts and goods online.
Many who are gainfully employed now have “side-hustle” to augment their income in the face of rising cost of living.
“After going to work, Monday-Friday, I do car-hailing during the weekend to make extra money,” a banker said on the condition of anonymity.
