Nigeria, dubbed the “Giant of Africa,” is a region of enormous potential and rich business opportunities. With a population of over 200 million people and a vibrant economy, the country has several opportunities for business success. In this article, we will explore the top hidden business opportunities in Nigeria that require little to no capital investment.
Overview
Starting your own business is without a doubt a tremendous move that can maintain you in Nigeria, but it can also be difficult if you do not choose the proper business. There are thousands of enterprises operating in Nigeria, but the majority are already saturated, leaving less opportunities for new entrepreneurs to flourish. In order to attract success as a good entrepreneur, you must target and scale out of competing enterprises and stand strong in your specialty.
This is a frequent error that most individuals make while starting a business. They chose a highly competitive business over another one. Starting a POS business in a place already occupied by the same business is a good example. You have lower odds of success in this business due to a variety of issues, the most important of which is competition.
The basic calculation here is to choose a very challenging business with little competitors. A business is never a business if there are no clients or purchasers, and it is never a good idea to start a business that is demanding but extremely competitive. Knowing this and putting it into action is the start of your entrepreneurial success. But wait! How do you pick an undeveloped, profitable business idea?
Well, don’t worry; that’s where this article comes in, and I believe by the end of it, you’ll be eager to pursue a business opportunity that will leave your bank account smiling all the way through. Let’s get started!
Top Hidden Business Opportunities In Nigeria
Everyone wishes to establish their own business and become a millionaire or billionaire. In a highly competitive market like Nigeria, most people are unsure about what business to start for maximum profit with less competition.
Let’s have a look at some undiscovered business areas and opportunities in Nigeria where an entrepreneur can generate money:
#1. Waste & Sanitation Management
Around 11 billion tons of rubbish are collected globally each year, generating a remarkable $410 billion in revenue. If you are from a developing country, such as Nigeria, the possibility to become one of the richest entrepreneurs in Nigeria simply by collecting and recycling rubbish from people’s homes is endless.
Everyone wants a clean environment because of hygiene awareness, yet no one wants to clear the filth. As a small business owner, you do not have to be in charge of recycling; all you need to do is find a way to deliver waste items to organizations who have recycling plants, and you will get compensated for it. So, if you’re willing to get your hands filthy, an undiscovered business opportunity is waiting for you.
#2. Food Truck/Container Business
Another underutilized business opportunity in Nigeria is a food container business that caters only to the working class.People are too busy these days, and few take the time to cook their own meals or go out. Most people’s problems are solved by your food truck business, which provides the meal to them. You would need to stock up on food that the majority of people would eat and stay in high-traffic areas.
#3. Organic Farming Business
Unlike other African countries, Nigeria has struggled to fully realize its agricultural and farming potential, despite being an agrarian country with a track record of being a world-leading producer of some crops at one point or another. Organic farming in an organized fashion is still relatively new in the country, having been practiced for less than ten years.
Organic produce is in high demand all across the world, so put on your pajamas and head out into the field.
#4. Cosmetics Business
Another one on the list of hidden business opportunities in Nigeria is the cosmetics business! This business is undoubtedly making a lot of individuals millionaires, and you can join them if you understand how the market works. Some of these goods are always in demand in the field of costemtics.
As a result, the market for all types of cosmetic products is fast expanding, transforming cosmetics into a profitable business.
#5. Blogging
I’m sure you’re wondering how blogging got on this list because it’s an old business idea that’s also somewhat saturated. So, allow me to clarify!
If you recall, we provided a very important advice to consider while beginning a business in Nigeria, which is “going for a business that is highly demanding with low competition.” It’s a crucial factor to consider while getting started with blogging.
You must choose a high-demand, high-search-volume blogging niche with low competition. With this, you will quickly accumulate and begin cashing out large sums!
Many bloggers are struggling to find success because they choose an already saturated niche rather than something less saturated, so don’t make the same mistake. Consider refining it to a sub-niche in which you can quickly establish authority.
#6. Agricultural Storage Business
The agricultural storage business is the process of purchasing surplus farm produce and storing it for sale during times of scarcity.
As we all know, the demand for food is continuously increasing not only in Nigeria but throughout the world, hence food is our most fundamental necessity. Along the way, the rainy season accounts for more than 80% of agricultural productivity in the country. As a result, items must be effectively stored throughout time to maintain availability during the dry season, resulting in generally continuous demand throughout the year.
#7. Selling of Honey Business
Another gold mine business on the list of hidden business opportunities in Nigeria is honey selling. This is basically the purchasing and selling of honey. You buy it in locations where it is plentiful in order to sell it in places where it is scarce.
Most of the time, this business appeals to people who enjoy beekeeping. You can, however, enter the business without any prior knowledge of beekeeping.
#8. Rearing of Livestock
Another one of Nigeria’s hidden business opportunities is cattle breeding! This includes the commercial management and breeding of domestic or farm animals such as cattle, sheep, goats, pigs, poultry, rabbits, and snails, among others.
One of man’s earliest economic activity is livestock keeping. It began in the early days but has remained tremendously profitable to this day. Because of the high demand, it is still regarded an unexplored business opportunity. Yes, I don’t need to tell you much about this because you’re already aware of it.
#9. Crop Farming
Crop farming, like animal husbandry, is still regarded an undeveloped business opportunity in Nigeria, despite being one of the oldest ways of producing money.
This is because all humans need on food for survival, and the majority of the food we eat comes from plants, trees, crops, bushes, leaves, and, in some cases, roots. In addition, we regularly employ these crops for production.
Crop cultivation will always be a profitable business and will never become outdated unless humans quit feeding.
#10. Palm Oil Business
The palm oil business involves the purchase and sale of palm oil. Like the honey business, you buy it in locations where it is plentiful and sell it in places where it is scarce.
Without a question, it is one of the most profitable and hidden business opportunities in Nigeria that any entrepreneur may begin and benefit handsomely from. This is due to the fact that palm oil has a wide range of applications; it can be utilized in both food and non-food businesses, making it in high demand.
If you know the proper step to take at the right moment, your success in this business is 90% certain.
#11. Security & Tracking Services
Selling, fixing, and installing CCTV cameras, stun guns, GPS trackers, pepper spray, lasers, alarm systems, car trackers, mobile trackers, and other security devices has proven successful, particularly in places with high crime rates and affluent societies.
The benefits of urbanization are numerous. Unlike bouncer and security services, where you have to do everything physically, machines perform everything here. This business has the potential to generate millions of Naira per month.
#12. Public Relations Services
This skill is great for you if you know how to engage the public. There are numerous professions available for you as a PRO, ranging from celebrities to governors, businesses, and even politicians, as long as you can handle their public profile. This rapidly growing business opportunity in Nigeria will simply ensure your financial independence.
#13. Brewery
Alcoholic beverages are a kind of need at important events and celebrations all across the world, proving that alcohol is in high demand. Most people in Nigeria have a favorite beverage, taste, or flavor.
This business idea has a significant initial investment but is well worth it. Starting your own brewery is a game changer; this high-yielding business concept can revolutionize your life in 36 months.
#14. Furniture Making
Ikea is one of the world’s largest furniture manufacturers. It is now a worldwide brand. In Nigeria, anything that enhances the appearance of a property sells quickly. In Nigeria, everything from tables to cushion chairs, cane chairs, iron chairs, bed frames, and even bookshelves sells quickly. You can build furniture and sell it for a profit.
#15. Car Dealership
In Nigeria, selling cars, vehicles, and other autos has proven to be profitable. As I previously stated, there are over three million automobiles in Lagos alone, thus starting your car dealership early enough might net you a reasonable profit. If you don’t have the funds to begin, you might collaborate with any of Nigeria’s car dealers until your own business becomes a trusted brand.
#16. Transport Services
Another large business in Nigeria is transportation. Tricycles, motorbikes, taxis, and buses may appear to be little companies, yet they generate about $100,000 per week.
Most people who work in air-conditioned workplaces do not earn that much in a month. You may buy any vehicle you want, hire a driver, and earn up to $150,000 each month without physically working.
#17. Sport Trainer
Nigerians enjoy a wide range of sports, including football, basketball, boxing, golf, cycling, and tennis. As a sports instructor/coach, you have a large number of consumers waiting for your attention as long as you have the qualifications and their trust. If you want to grow rich quickly in this field, boost your prices and try to convince some of your team members to travel abroad or participate in something like the Olympics.
What Business Can I Start in Nigeria in 2023?
In Nigeria in 2023, there are several business opportunities, including freelance writing, graphic design, social media management, online tuition, event planning, and many others. The idea is to identify your abilities and hobbies and then discover a niche in which you can add value.
What Can I Produce in Nigeria?
Nigeria has enormous potential for numerous manufacturing companies. Food processing, textile manufacturing, furniture manufacture, renewable energy device manufacturing, and agricultural processing are some examples. Consider utilizing the country’s abundant resources and expanding consumer market.
What Business Can One Start with Little Money in Nigeria?
Consider beginning enterprises such as freelance writing, graphic design, social media management, teaching, event planning, catering services, home cleaning services, online marketing advice, and data entry if you have low cash. These enterprises demand little initial investment and may be run from home.
Which Business Can I Start with 500K?
You can establish a business such as mobile phone repair, vehicle wash services, online store management, personal finance consulting, organic farming, online course production, resume editing, and personalized gift products with 500,000 Naira. These enterprises enable you to enter certain markets and offer valuable services or products.
What Business Sells Most in Nigeria?
Food and beverages, fashion and cosmetic products, mobile phones and accessories, technology, and household items are all profitable enterprises in Nigeria.
However, in Nigeria, the most profitable firms are typically those that provide basic services such as healthcare, education, transportation, and housing.
Conclusion
The present generation of Nigerian business owners and entrepreneurs are primarily focused on already discovered and congested segments.
We need to think differently in order to uncover these untapped and hidden business opportunities, meet market demands, and execute on time, without being influenced by the existing cacophony in Nigeria.
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