With the current economic situation, the cottage industry in Nigeria may seem the quickest way for the country to get out of the current meltdown. With firms leaving the country, the country’s GDP sinks further. This is as the cost of import has crippled the economic reality in the country. Basic finished goods are now out of reach of ordinary citizens. Nigeria currently seems to be heading to an unpredictable economic situation.

The country is currently in a state of depression but there could be a way out. Like every country that has gone through depression, certainly that has never been the end of such a country but for some, it took way more time for recovery at the expense of several other aspects of such society. Often countries have taken drastic measures to checkmate unprecedented economic meltdowns.

In Nigeria where there are several problems and a lack of national cohesion, reaching a consensus on the way ahead can be complicated. However, we believe tilting towards the cottage industry in Nigeria could be another viable approach to improved production.

Before discussing the importance of the cottage industry in Nigeria, we will touch on the concept of the cottage industry itself. The concept refers to a kind of production that is usually small-scale and done around the house or on a relatively small scale such that an individual or a few individuals can conduct such an industry.

The cottage industry has a smaller workforce and output expectations. Now regarding the cottage industry in Nigeria, we could be looking at a situation where small-scale production can go on around the homes by individuals. This can be a saving grace for Nigeria given current economic difficulties.

The country needs to be able to produce enough food for the population. Apart from food, raw materials need to be processed into finished goods. Then more sophisticated production can be attained with time and by more complex firms. Individuals like housewives can have their cottage industry where they process cassava into garri.

Apart from cassava, much more can be done. To improve the production capacity everyone has to be productive one way or another. When such mass productivity is achieved, there will be more products for Nigerians to consume and even export.

Most things Nigerians consume today especially of finished goods are imported. Currently, it has become harder to import goods into the country and when the cottage industry in Nigeria becomes more productive, things will become affordable again.

The cost of items has gone high in the country. Such cottage industry may require people to relocate to the villages. This is Because several people in the countryside can have access to land and may live in family houses thereby limiting the need for paying rent. This will reduce the cost of living for such people.

There are some downsides to living in the villages as well. This can be seen in the poor electricity supply in rural areas in the country. As for the market, there will be markets for products of such cottage industry in Nigeria. Even when produced in the villages, these products can be distributed nationwide.

While encouraging individuals to relocate to rural areas where it will be cheaper to afford accommodation and other things needed for cottage industries, we also understand that there are limitations to what the rural areas can offer especially in terms of advancement.

We have talked about electricity; it is such that if such a cottage industry that is to be established by individuals requires electricity to function, it may limit the effectiveness of running such a facility in the local vicinity. Not all cottage industries require electricity.

Another concern of rural dwellings is access to other amenities. Access to amenities remains a serious concern before the local cottage industry in Nigeria can be fully harnessed. We also believe that the category of the cottage industry that does not require much of such amenities can be pursued. It is not however like there are a lot of options. Township living is becoming more difficult. Rent is soaring so people will eventually relocate to the rural areas.

The cost of transportation is also becoming a menace. People still need to be transported from one place to another in the villages. Certainly, some of the impacts of the economy on township dwellers also impact villagers but in terms of villages, there’s access to the more affordable cost of living. In the villages also food is more affordable as the cost of transporting to the cities makes food more costly in the cities.

There are lots of factors that favor city dwellings and a lot that favor village dwellings; still given the current economic situation, and outside electricity, the chances of starting a cottage industry in Nigeria are higher in the countryside.

Conclusion

It has become important for Nigerians to meet our needs. The over-dependence on imported products needs to be reduced. This can be achieved quicker if more people engage in production. We understand how costly large-scale production can be. In this case, we recommend focusing on the cottage industry in Nigeria as a means of navigating out of the current hardship.

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