By Afolabi Abisola Favour
In today’s digital economy, social media has become more than just a space for entertainment, it is now a vital tool for business growth in Nigeria. According to Statista (2024), spending on digital advertising in Nigeria stood at $169 million, with social media ads accounting for more than 40 percent of this figure. For students and small business owners, these platforms are rewriting the rules of entrepreneurship.
For many students, what begins as a small hustle within a hostel often transforms into something much bigger. “I started a small food delivery service from my hostel room,” said Aisha Bello, a 300-level student at the University of Abuja. “At first, I only sold to my block mates, but after posting on Instagram and WhatsApp, orders started coming from across campus. In less than a year, I’ve been able to save enough to cover my tuition.”
The story of student entrepreneurs like Aisha reflects a growing trend. The World Bank’s Digital Economy Report (2022) observed that social media platforms “significantly lower entry barriers for small businesses, particularly student entrepreneurs and youth-led ventures.” With minimal capital, students are using digital tools to gain visibility and create steady streams of income.
Small businesses are experiencing the same transformation. For Grace Andrew, a skincare entrepreneur in Lagos, social media became her breakthrough. “I couldn’t afford billboard advertising, but with Facebook and Instagram ads, I reach thousands of women weekly. My business has grown from a side hustle into a registered company.”
Similarly, Kabiru Musa, an Abuja-based shoemaker, shared: “social media gave me visibility I never thought possible. TikTok videos of my handmade shoes brought in customers from cities I’ve never visited. Now, I get bulk orders from outside Nigeria too.”
Research supports these experiences. A 2023 study in the Journal of Business and Retail Management Research found that micro-influencers in Nigeria had a greater impact on consumer trust and purchase decisions than celebrity endorsements, particularly among young people. In addition, KPMG Nigeria’s Consumer Report (2023) revealed that SMEs using social media advertising recorded up to 25 percent higher revenue growth compared to those relying solely on traditional advertising.
Still, the shift has its challenges. A PwC Nigeria report (2023) noted that 48 percent of consumers remain concerned about fraud when shopping online. Issues like internet connectivity and low digital literacy in rural areas also pose obstacles.
Yet, the opportunities remain vast. From hostel rooms to city markets, social media is turning small ideas into sustainable businesses. Whether it is a student paying tuition through online food sales or a shoemaker reaching international buyers, the digital economy is offering Nigerian entrepreneurs a stage far larger than they could have imagined. In a country with millions of young, tech-savvy consumers, social media advertising is no longer optional as it is fast becoming the backbone of modern business growth.
