Hidden Business Opportunities in Nigeria 2024

Nigeria has vast economic resources and hidden business opportunities. Starting your own business is a significant step, but it can be challenging if you choose the wrong business. There are already many businesses in Nigeria, and some are very competitive, making it hard for new business owners to succeed.

To succeed as an entrepreneur, you should avoid highly competitive businesses and instead focus on ones with high demand and low competition. Inorder to choose a profitable and hidden business idea, follow the advice in this article. By the end, you’ll have a business opportunity that can earn you a good income. Let’s get started!

Hidden Business Opportunities In Nigeria

Below are some hidden business opportunities in Nigeria, with less competition, you might want to consider diving into, whether you just started or want to start another business.

Waste Management

The Increasing population of Nigeria has brought about a surge in waste generation, thereby opening up a significant gap in the recycling industry. This widening gap has ushered in a promising opportunity for businesses to step in and play a crucial role in waste management through recycling.

Waste recycling is not just a sustainable practice; it’s a potential goldmine waiting to be tapped into. Businesses that venture into this field have the chance to collect and recycle various waste products, ranging from plastics and paper to electronics and organic materials. This endeavor not only contributes to mitigating pollution but also holds the power to create employment opportunities and generate substantial revenue.

One of the key advantages of investing in recycling businesses is their positive impact on the environment. By diverting waste from landfills and incineration, recycling reduces the strain on these waste disposal methods, which can be environmentally harmful. Instead, it promotes a more eco-friendly approach by transforming waste materials into reusable resources, conserving energy, and conserving natural resources in the process.

Moreover, recycling initiatives have the potential to boost the local economy. They generate income through the collection, processing, and sale of recyclable materials. This not only bolsters the financial well-being of the business itself but also contributes to the overall economic development of the region.

Read Our Article on How To Set Up A Waste Management Company In Nigeria

Real Estate

The real estate sector in Nigeria has been steadily growing for a while now. It offers opportunities in both commercial and residential properties. The increase in population has created a higher demand for housing that’s both affordable and comfortable, making real estate a profitable business in Nigeria.

One particularly promising opportunity lies in building affordable housing units. Nigeria has many people with low to medium incomes who can’t afford expensive properties. Creating affordable housing options for them is a smart business idea.

Investing in commercial properties, like office spaces, shopping centers, and malls, is another way to enter Nigeria’s real estate market. As the economy grows, more businesses are seeking suitable spaces to operate and serve their customers.

Land banking, where you buy land now to sell it later when its value increases, is also a viable opportunity. Nigeria has plenty of land, and as demand for it rises, this can be a profitable venture.

Renewable Energy

Nigeria faces a constant issue of power shortages, and this is common knowledge. This situation has led to a significant need for energy solutions that are both dependable and affordable.

Renewable energy technologies, like solar panels, wind turbines, and hydroelectric generators, stand out as promising prospects for businesses aiming to tackle the energy problem. These technologies offer an opportunity to provide inventive solutions to meet the rising energy demands of homes and businesses.

By stepping into this arena, businesses can not only supply clean and reliable energy but also play a part in reducing harmful carbon emissions. Furthermore, they contribute to the growth of the economy by helping to bridge the energy gap that has been holding Nigeria back.

Honey Business

This business involves the simple trade of buying and selling honey. You purchase honey in areas where there’s an excess supply and then sell it in places where it’s in short supply.

While this business often attracts those who are passionate about beekeeping, you can enter it without any prior beekeeping knowledge. Honey is widely known as a natural sweetener and has various health benefits, serving as an anti-inflammatory, antioxidant, antibacterial agent, and even a natural cough syrup.

The demand for honey remains consistently high, making it an excellent opportunity for aspiring honey traders to make substantial profits. Your main task is to procure honey in regions where it’s abundant and sell it in areas where it’s hard to find.

Just like any other business, success in this venture requires thorough market research, a well-structured business plan, market surveys, a defined budget, and practical marketing skills. By following these steps, you can thrive in the honey trading business and reap the rewards.

Among the state that produces much honey in Nigeria are; Kaduna, Adamawa, Kogi, Benue, Nassarawa, Maiduguri, Gombe, etc

Livestock

This business involves the care and breeding of domestic or farm animals like cattle, sheep, goats, pigs, poultry, rabbits, and snails, among others, for commercial purposes.

Livestock farming is one of humanity’s oldest economic activities, dating back to early history, and it remains highly profitable today. Its attractiveness as a business idea lies in the consistently high demand for livestock products.

You’re likely already familiar with this, but it’s worth emphasizing that this sector is considered untapped due to the persistent demand. This means there are ample opportunities for entrepreneurs to explore and make a profit.

In Nigeria, some of the most lucrative livestock farming options include poultry, goats, cattle, pigs, fish, snails, rabbits, sheep, and even honeybees. Each of these can be a rewarding venture if managed well.

To succeed in livestock farming, you need to choose the type of livestock that suits your resources and interests, develop proper farming practices, and ensure effective marketing. With dedication and a well-thought-out plan, you can enter this sector and start generating income.

Mini importation

This business involves the practice of purchasing or importing goods directly from manufacturers overseas and selling them in your own country.

What’s intriguing about this business is its accessibility, even with limited capital. You can initiate it by identifying products that align with your budget. These products could range from cosmetics, jewelry, mobile phone accessories, bags, electronic equipment, or any items that you can afford and have confidence in selling at a profit.

There’s a wide array of platforms available for sourcing your products, including well-known options like Amazon, Aliexpress, and Alibaba, among others.

For newcomers to this venture, it’s advisable to seek guidance from a mentor who can provide valuable insights and guide you through the various processes involved.

Read Our Article On How To Start Mini Importation Business From China To Nigeria

Transportation

 The shortage of dependable public transportation in Nigeria opens doors for businesses to step in and offer reliable and reasonably priced transportation solutions.

There’s a notable demand for ride-hailing, bike-sharing, and car rental services, making it a fertile ground for businesses to provide transportation options.

Through the provision of accessible and affordable transportation services, these businesses can play a pivotal role in boosting the economy and enhancing access to vital services.

It’s worth noting that this opportunity thrives particularly in states like Abuja, Lagos, Rivers, and Kano. These areas have a high demand for better transportation options due to their urbanization and population density.

E-commerce

The e-commerce industry stands out as one of the most promising hidden business opportunities in Nigeria today, driven by the expanding internet access and smartphone usage in the country.

Nigerians are progressively embracing online shopping, presenting a fertile ground for businesses to participate in this flourishing market. Within this realm, there’s a burgeoning demand for online marketplaces, efficient delivery services, and secure payment platforms. The growth potential in this sector is nothing short of vast.

Businesses that dive into the e-commerce world have a unique chance to provide customers with convenience, affordability, and accessibility. As more people opt to shop online for various products and services, the opportunity to meet these needs and tap into this growing market becomes increasingly compelling.

Palm Oil Business

The palm oil business involves procuring and selling palm oil, much like the honey trade. The strategy is to buy it where it’s abundant and sell it where it’s in short supply.

Without a doubt, this is one of Nigeria’s most profitable yet lesser-known business opportunities that can yield handsome returns for any entrepreneur. The versatility of palm oil, suitable for both food and non-food purposes, makes it a high-demand commodity.

Success in this business is highly probable if you follow the right steps at the right time.

It’s crucial to note that palm oil is primarily produced in states like Abia, Anambra, Bayelsa, Benue, Ebonyi, Ekiti, Enugu, Imo, Kogi, Ogun, Osun, and Rivers. These are areas where it’s plentiful.

On the flip side, palm oil is scarce in states like Bauchi, Borno, Gombe, Jigawa, Kaduna, Kano, Katsina, Kebbi, Kwara, Lagos, Nasarawa, Niger, Plateau, Sokoto, Taraba, Yobe, and Zamfara.

Understanding this geographical distribution can be a key factor in your success as a palm oil trader, as it guides your sourcing and selling strategies to meet the demand in different regions.

Agricultural storage business

The agricultural storage business revolves around a straightforward concept: purchasing farm produce when there’s a surplus and storing it for later sale during times of scarcity.

This business idea holds immense promise, not just in Nigeria but worldwide, given the ever-increasing demand for food, which is a fundamental necessity for everyone. In Nigeria, a significant portion of agricultural production happens during the rainy season, leaving the need to store these products effectively for supply during the dry season. This helps maintain a steady and reliable food supply throughout the year.

Venturing into the agricultural storage business presents an opportunity to reap substantial financial rewards. You can potentially fill your pockets with millions of Naira in a relatively short span. Importantly, by engaging in this business, you’re not only making money but also contributing to saving lives. Your role in ensuring the continuous distribution of food is vital, as it helps meet the essential dietary needs of people.

F.A.Q

What business can I start with 700k in Nigeria?

With 700k in Nigeria, you have several business options:

• Food Business: Consider a small restaurant, food delivery service, or catering business.
• Fashion Business: Start a clothing boutique, or online fashion store, or design your clothing line.
• Agriculture Business: Invest in poultry farming, fish farming, or crop cultivation.
• Beauty and Wellness Business: Open a beauty salon, or spa, or sell beauty products.
• Laundry and Dry Cleaning Business: Launch a laundry service, which can be in high demand.

These businesses offer diverse opportunities for success, but it’s vital to conduct proper market research, plan carefully, and manage your finances wisely for a successful venture.

What business is trending in Nigeria?

In Nigeria, the most commonly purchased items online are clothing and shoes, with 51 percent and 45 percent of consumers, respectively, choosing these categories, according to a 2023 online survey conducted among 1,049 respondents. These findings indicate the significance of fashion and apparel in the Nigerian online shopping landscape, reflecting consumers’ preferences for purchasing clothing and footwear through e-commerce platforms. This data highlights the thriving online fashion retail market and the growing trend of Nigerians turning to digital channels for their fashion needs.

What business sells most in Nigeria? 

The most lucrative businesses in Nigeria for 2023 include:

1. Mobile Food Vendors: Food businesses, especially street vendors and mobile food outlets, remain highly profitable due to Nigeria’s love for diverse and convenient culinary options.
2. Online Advertising Firms: As businesses continue to expand their online presence, digital advertising and marketing agencies are in high demand.
3. Exportation: Exporting local products to international markets can yield significant profits, especially with the global demand for Nigerian goods.
4. Cleaning Services: The need for residential and commercial cleaning services is growing, reflecting the country’s urbanization and increased focus on hygiene.

What business can I start 20k?

• Bedsheet/Beddings Production: Start a small-scale bedding production venture.
• Shirt Production: Create and sell custom shirts or simple clothing items.
• Sales of Men’s Underwear: Sell affordable men’s underwear to meet basic clothing needs.
• E-Payments and POS Business: Offer point-of-sale services, catering to the growing cashless payment demand.
• Mobile and Electronic Accessories: Sell accessories like phone cases, chargers, or earphones.
• Popcorn Machine: Invest in a popcorn machine for events or local sales.
• Sales and Customizing of Football Team Jerseys: Sell football jerseys or offer customization services.
• Snail Farming: Start a snail farming venture, which can be a low-cost and profitable agricultural business.

These options allow you to initiate a business with limited capital, and with diligence and smart management, they can lead to financial growth.

What business is trending in Nigeria?

As of 2023, several trending small business startup ideas in Nigeria include:

• POS Machine Services: Due to the increasing demand for cashless transactions, offering point-of-sale (POS) services is on the rise.
• E-commerce Stores: The e-commerce industry continues to thrive, driven by online shopping trends.
• Fast Food: Fast-food businesses are ever-popular in Nigeria, catering to busy urban lifestyles.
• Mobile Food Trucks: Mobile food vendors are gaining traction for their convenience and varied menus.
• Online Food Delivery Services: With the growth of food delivery apps, starting an online food delivery service is a lucrative option.
• Solar Energy Installation: As interest in renewable energy grows, solar installation businesses are in demand.
• Digital Marketing Agencies: Businesses seek digital marketing services to establish and expand their online presence.
• Real Estate: The real estate sector remains a stable and profitable business in Nigeria, driven by housing needs and property investments.

Conclusion

To succeed as an entrepreneur in Nigeria, it’s smart to avoid businesses where there’s already a lot of competition. Instead, focus on businesses that people need but aren’t many others doing. This way, you have a better chance to do well. Nigeria has many hidden opportunities, like new farming methods or using technology in new ways. Choosing these less crowded paths gives you a good chance to succeed and make a difference in the market. So, look for the places where not many others are working, and that’s where you can find success.