With the Federal Government’s YEIDEP grant reopening, Lagos youths now have a golden opportunity to access funding of up to ₦500,000 for small business ventures.
The grant, designed to empower young entrepreneurs, can be the starting capital for several profitable ventures in Africa’s most populous city.
Here are five small businesses that fit within the ₦500,000 YEIDEP grant budget:
1. Food Delivery Or Small Catering Service
The demand for convenient meals in Lagos is growing, especially in busy commercial areas.
With a budget under ₦500,000, youths can start a small catering business, home-based food delivery service, or even a mobile food cart.
Initial costs cover raw materials, simple kitchen equipment, and basic marketing.
Pairing the business with social media promotions can help reach a wider audience.
You see, Lagosians are constantly on the go, and affordable, tasty meals always attract steady customers.
2. Fashion And Tailoring Business
Lagos has a thriving fashion scene, and tailoring or custom clothing businesses remain highly profitable.
With YEIDEP funding, youths can purchase a sewing machine, fabrics, and starter materials to begin small.
Offering specialized services such as school uniforms, corporate attire, or casual wear can quickly grow a client base.
The fashion industry in Lagos is resilient, and word-of-mouth and social media marketing can significantly expand clientele.
3. Agricultural Ventures (Urban Farming)
Urban farming, such as vegetable gardening, poultry, or fish farming, is ideal for youths with limited space but big ambitions.
The grant can cover initial setups like seeds, poultry chicks, feed, and irrigation equipment.
Products can be sold directly to households, restaurants, or local markets.
The truth is, rising food prices and demand for fresh produce make agriculture a steady and profitable business, even in urban settings.
4. Digital Services (Graphic Design, Social Media Management, Content Creation)
Youths with digital skills can start graphic design, content creation, or social media management services.
The grant can fund a laptop, internet setup, and basic software subscriptions.
Services can be offered to small businesses, influencers, and startups looking to improve their online presence.
With Lagos being a hub for startups and digital businesses, online services have low overhead and high earning potential.
5. Beauty And Personal Care Services
A beauty salon, hair braiding, or barbing service can be started within the YEIDEP budget.
The grant can cover salon chairs, hairdressing tools, skincare products, or barbing equipment.
Mobile services or home-based operations are also viable for those with limited capital.
This will work because Lagos residents value grooming services, and consistent quality. This can quickly build a loyal clientele.
Key Tips for Grant Beneficiaries
* Plan carefully: Draft a simple business plan to maximize the grant.
* Use social media: Platforms like Instagram, TikTok, and WhatsApp are free and powerful marketing tools.
* Start small: Focus on one or two products/services initially, then scale gradually.
* Track expenses: Proper financial records will help measure success and growth.
Also Read: New Nigerian Service Chiefs Arrive Senate for Screening & Confirmation
The YEIDEP grant offers youths a chance to turn entrepreneurial dreams into reality.
With careful planning, creativity, and dedication, Lagos youths can build sustainable businesses that not only generate income but also contribute to the city’s vibrant economy.
