Top High-Paying Side Hustles in Nigeria that Qualify for Business Grants

Nigeria’s economy offers countless opportunities for those seeking side hustles to supplement their income. However, while many people aspire to start a side business, accessing funds can be challenging. This guide highlights high-paying side hustles in Nigeria that not only promise lucrative returns but are also eligible for various business grants, providing aspiring entrepreneurs with financial support to kickstart their ventures.

Understanding Business Grants in Nigeria

• What Are Business Grants?
  Business grants are non-repayable funds provided by governments, NGOs, or private organizations to support small businesses and startups, encouraging economic growth and innovation.
• Benefits of Securing a Grant for a Side Hustle
  • No Repayment Obligation: Unlike loans, grants do not need to be repaid, making them a favorable option for young entrepreneurs.
  • Boost for High-Cost Ventures: Grants help cover startup costs, enabling individuals to pursue side hustles that might otherwise be financially inaccessible.
• Available Grant Programs in Nigeria
  Examples include the Tony Elumelu Foundation Entrepreneurship Programme, YouWiN Connect Nigeria, and the Bank of Industry’s Youth Entrepreneurship Support (YES) Programme.

Top High-Paying Side Hustles Eligible for Business Grants

Each side hustle below is high-paying and qualifies for grants that support small business initiatives in Nigeria.

1. Agribusiness Ventures

• Overview
  Agribusiness, including poultry farming, fish farming, and crop production, is lucrative due to Nigeria’s high demand for food and agricultural products.
• Earning Potential
  Side hustlers can earn between ₦500,000 to ₦3,000,000 annually, depending on the scale and type of agribusiness.
• Grant Eligibility
  • Popular Grant Programs: CBN Agricultural Credit Guarantee Scheme (ACGSF), the Youth Entrepreneurship Support Programme (YES).
  • Requirements: Business proposal, proof of agricultural knowledge, and personal identification.
• Steps to Start

• 1. Conduct market research to identify profitable crops or livestock.
  2. Apply for agribusiness-specific grants or loans.
  3. Set up farming operations and distribute produce to local markets.

2. Digital Marketing Agency

• Overview
  With the rise of online businesses, digital marketing skills are in high demand. Services can range from social media management to SEO consulting, content creation, and advertising.
• Earning Potential
  Monthly earnings can range from ₦200,000 to ₦1,000,000 based on client volume and service type.
• Grant Eligibility
  • Relevant Grants: Tony Elumelu Foundation Entrepreneurship Programme, Youth Enterprise with Innovation in Nigeria (YouWiN).
  • Requirements: Business plan, marketing strategy, and sometimes proof of digital marketing certification.
• Steps to Start

• 1. Choose a niche within digital marketing (e.g., SEO or social media).
  2. Build an online portfolio and market your services.
  3. Apply for grants to cover initial business expenses, like software tools or advertising.

3. Fashion and Tailoring Services

• Overview
  The fashion industry in Nigeria is booming, with high demand for customized clothing, alterations, and fashion consulting services.
• Earning Potential
  Tailors and designers can make upwards of ₦300,000 per month, especially during festive periods.
• Grant Eligibility
  • Relevant Programs: YES Programme, Development Bank of Nigeria (DBN) grants for young entrepreneurs.
  • Requirements: Business plan, proof of fashion design skills, and occasionally a vocational certificate.
• Steps to Start

• 1. Take a professional tailoring or design course.
  2. Create a brand and showcase your designs on social media.
  3. Apply for grants to invest in sewing equipment and marketing.

4. Tech-Based Solutions (App Development, Web Design)

• Overview
  Tech startups focusing on app development, web design, and software solutions are in high demand, as many businesses transition online.
• Earning Potential
  Tech side hustlers can earn between ₦500,000 to ₦2,000,000 per project, depending on client requirements.
• Grant Eligibility
  • Available Grants: Tony Elumelu Foundation, AYEEN (Africa’s Young Entrepreneurs Empowerment Nigeria).
  • Requirements: Tech-related degree or certification, business model, and sometimes a prototype.
• Steps to Start

• 1. Identify a market gap that can be solved with technology.
  2. Develop a Minimum Viable Product (MVP).
  3. Use grant funding to expand and market the solution.

5. Renewable Energy Solutions

• Overview
  Renewable energy solutions, like solar panel installation or biogas production, address Nigeria’s frequent power shortages and offer sustainable energy alternatives.
• Earning Potential
  Annual earnings for side hustlers in renewable energy can range from ₦700,000 to ₦3,000,000.
• Grant Eligibility
  • Relevant Programs: GroFin Grant, Bank of Industry Green Energy Fund.
  • Requirements: Environmental business plan, experience in renewable energy, and financial documentation.
• Steps to Start

• 1. Study renewable energy technologies.
  2. Register as an official business entity.
  3. Apply for grants to invest in equipment and installation tools.

How to Apply for Business Grants for Side Hustles in Nigeria

• Develop a Strong Business Proposal
  A well-outlined business plan highlights your side hustle’s objectives, strategies, and potential impact.
• Prepare All Necessary Documents
  Common documents include personal identification, financial records, and a detailed proposal.
• Research Grant Application Periods and Deadlines
  Different programs have specific application timelines; missing these could mean a lost opportunity.
• Use Grant Funds Responsibly
  When awarded a grant, ensure the funds are used strictly for business needs to build credibility with grant providers.

Conclusion

Pursuing a high-paying side hustle in Nigeria is an excellent way to supplement your income while potentially qualifying for valuable grants. These side hustles are designed to meet market demand and contribute to economic growth, which aligns with the eligibility criteria for many grant programs. With careful planning and strategic funding, you can turn a side hustle into a profitable venture.