Welcome to Trending Now! In this post, we are going to reveal to you the 12 hidden business opportunities in Nigeria that can fetch you a good amount of money. We will also discuss everything you need to know about starting a business in Nigeria. So continue reading if this is what you are looking for!
Hidden Business Opportunities In Nigeria
Starting your own business is no doubt a very great step that can sustain you in Nigeria, but yet challenging if you fail to go for the right business.
There are thousands of businesses running in Nigeria, but most are already saturated, leaving fewer chances for incoming entrepreneurs to succeed.
As an entrepreneur who is working for good, you need to target and scale out of the rivalrous businesses and stand tall in your niche in other to attract success.
This is the common mistake most people make when venturing into business. They went for a highly competitive business instead of otherwise. A good example of it is starting a POS business in a location that is already filled up with the same business. You have fewer chances of succeeding in this business due to several factors, and the mother of it is competition.
The simple calculation here is going for a business that is highly demanding with low competition. A business is never a business if there are no customers or buyers, and again, it’s never a business to start if it is demanding but highly competitive.
Knowing this and putting it into practice is the beginning of your success as an entrepreneur. But hey! How can you choose an untapped, lucrative business idea?
Well, you should worry not, that’s where this article comes in, and I believe at the end of it, you will handsomely go for a business opportunity that will get your bank account smiling all through. Now let’s dive in!
12 Hidden Business Opportunities In Nigeria
1. Agricultural Storage Business
The agricultural storage business is the process of purchasing farm produce during surplus time and holding it to sell during times of scarcity.
As we all know, the demand for food is rapidly increasing not only in Nigeria but the whole world at large hence food is our basic need. Along the way, more than 80% of the agricultural production in the country is done during the rainy season. Thus, products need to be effectively stored over time to ensure supply during the dry season hence the demand for the products is relatively constant throughout the year.
By so doing, you can seize the opportunity and fill your pocket with millions of Naira in no time by venturing into the agricultural storage business. With this, you should know that you are not only making money but also saving lives by ensuring the continued distribution of food.
Hidden Business Opportunities In Nigeria
Permit me to share with you how a friend of mine made a profit of about 3.8 million Naira within a year in this business in 2020/2021.
He bought 40 bags of Unpeeled melon seed, otherwise known as Egusi, at the rate of N20,000 per bag during harvest/ surplus time and stored it in a safe place. Within the range of 8-10 months, he was able to sell each bag at the rate of N120,000.
The initial amount of money he spent on purchasing the goods was N800,000, and the amount he spent on transportation was about N200,000, making up the sum of N1,000,000. Now, if you multiply N120,000 by 40 and subtract the startup capital, you will realize that the young man was blessed with a profit of 3.8 million Naira within a year.
There are a lot of products you can store in Nigeria and make huge amount of money. Some of them are:
- Unpeeled melon seeds
- Bambara nut
- Soya beans
- Guinea corn, etc.
One of the good aspects of it is that the business is easy to start and it doesn’t require any special skills. However, you need to have deeper knowledge concerning agricultural storage and preservation and also marketing in other to avoid losses.
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2. Selling of Honey Business
Another gold mine business on the list of 12 hidden business opportunities in Nigeria is the selling of the honey business.
This simply involves the buying and selling of honey. You buy it in places where it is surplus to sell in places where it is scarce.
In most cases, this business is attractive to people who love beekeeping. However, you can successfully venture into the business without having any idea about beekeeping.
As we all know, honey is commonly used as a natural sweetener. It’s also used health-wise as an anti-inflammatory, antioxidant, antibacterial agent, and natural cough syrup, among others.
By so doing, the demand for honey is very high, and you can dive in as a honey trader and start cashing out big time! Just like we previously stated, all you will be doing is buying this honey where it’s surplus to sell in places where it is scarce.
Some of the honey-producing states in Nigeria are Benue, Adamawa, Kogi, Nasarawa, and Kaduna, among others.
Just like any other business, you need to conduct market research, properly develop a business plan, do a market survey, set a budget, and also, you need to have good marketing skills, to be successful in this business.
Hidden Business Opportunities In Nigeria
3. Cosmetics Business
Another one on the list of 12 hidden business opportunities in Nigeria is the cosmetics business!
This business is no doubt turning a lot of people into millionaires, and you can also be a part if you understand how the market system works.
Just as we stated in our previous post, People (especially women) will always need items like Moisturizers, Foundation, Lotions, Ointments, Gels, Creams or emulsions, Face powders, Concealer, Lipstick, Lip balm, Mascara, Highlighter, Eye shadow, Setting Spray/Powder, etc.
As such, the demand for all types of cosmetic products is rapidly increasing, making cosmetics a money-making business.
I know you will be imagining how blogging finds its way on this list because it’s quite an old business idea, and also saturated to some extent. Well, let me explain!
If you can recall, we mentioned a very vital tip to consider when starting a business in Nigeria which is “going for a business that is highly demanding with low competition.” It’s a very important aspect to consider when venturing into blogging.
You have to go for a demanding and high search volume blogging niche with low competition. With this, you will easily build up and start cashing out huge in no time!
A lot of bloggers are suffering to see success because they chose an already saturated niche instead of otherwise, so don’t make the same mistake. Consider narrowing it to a sub-niche where you can easily gain authority.
You should also know that you must acquire some skills (both easy and hard) to become a successful blogger. It’s not an overnight money-making business, but trust me, it can fetch you good money if you follow the right steps.
You can refer to this article to learn how to successfully start a blog.
5. Rearing of Livestock
Another one on the list of 12 hidden business opportunities in Nigeria is the Rearing of livestock!
This involves the management and breeding of domestic or farm animals such as cattle, sheep, goats, pigs, poultry, rabbits, and snails, among others, for commercial purposes.
Livestock rearing is one of the oldest economic activities of man. It started right from the early days but yet highly lucrative to date.
It’s still considered an untapped business idea because of the excess demand. Yes, I don’t need to tell you much about this because it’s something you are already conversant with.
You can venture into any of them and start making your money. Some of the lucrative livestock farming in Nigeria are:
- Honeybees, among others.
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6. Crop Farming
Crop farming is still considered an untapped business idea in Nigeria even though it’s one of the oldest ways of making money, just like animal farming.
This is because all humans depend on food for sustainability, and most of the food we eat comes from plants, trees, crops, bushes, leaves, and sometimes even roots. Also, we frequently make use of these crops for production.
With this, crop farming will always remain a money-making business and can never be obsolete unless humans stop feeding.
Some of the profitable crop farming in Nigeria are cassava, maize, rice, beans, yam, plantain, sweet potatoes, Melon, Bambara nut, and vegetables, among others.
7. Jewelry Business
Another one on the list of 12 hidden business opportunities in Nigeria is the jewelry business!
This business is highly profitable, especially when you target the right audience and choose the right location.
It’s good to acknowledge that the jewelry business is a little bit competitive. However, you can still be successful in the business if you have a well-planned business strategy and also determination.
To make your jewelry business do wonders, you should consider doing a market survey and product requirement study, develop a marketing strategy, pick the right niche and target the right market, promote your business online, and also, consider building a good relationship with your customers.
8. Beauty Salon
The dream of every woman is to look beautiful, so they will always look for establishments that offer various kinds of beauty treatments and services to people, such as treatment of hair, nails, makeup, skin, and cosmetics treatments, among others.
With this, you can venture into the business and start making awesome cash. One good aspect of it is that the beauty salon business is not only lucrative but also comes with lots of fun, oh yes!
No one can deny the fact that a beauty salon can be a steady, profitable business, but before you open one, you need to have a strong business plan and preparation, choose the right niche, and also employ knowledgeable workers.
You should also be aware that your visitors are not only coming to treat their hair, nails, skin, etc. They come because they want to feel special, so your number one priority should be your customer satisfaction if you want to succeed in the business.
9. Palm Oil Business
The palm oil business involves buying and selling palm oil. You buy it in places where it is surplus to sell in places where it is scarce, just like the honey business.
Without a doubt, it is one of the most lucrative businesses in Nigeria that any entrepreneur can start and make huge profits. This is because palm oil is diverse in use, it can be used for both food and non-food industries, making it to be highly demanding.
Your success in this business is 90% guaranteed if you know the right step to take at the right time. One sweet aspect of it is that it’s very easy to start. However, you need to do thorough market research and survey.
10. Phone Accessories Business
With the increment of phone usage in Nigeria, starting a phone accessories business is another vibrant business idea to consider.
Yes, people will always look for items like headphones, screen protectors, smartphone cases and covers, selfie sticks, micro SD Card, power banks, portable Bluetooth speakers, etc, to enhance the functionality of their phone or makes it look better.
By so doing, you can fetch a good amount of money by venturing into the business, but hey, consider choosing the right location for your business and also going for products that are demanding in your location.
11. Fashion Designing Business
Another top-notch business idea on the list of the 12 hidden business opportunities in Nigeria is fashion designing!
Without a doubt, this industry is among the hottest and fastest-growing industries in the world. This is because people tend to be interested in purchasing all kinds of designer clothes.
People who are into this business are making awesome cash, and you can also be a part. However, you need to acquire some skills (both hard and soft) to become a successful fashion designer. Some of the skills are art skills, sewing and crafting skills, creativity, communication skills, In-depth knowledge of fabrics, leadership skills, etc.
12. Mini importation
The last business opportunity we will be discussing on this list is mini importation!
This involves the process of buying or importing goods overseas directly from the manufacturers to sell in the country.
One interesting part about this business is that you can start it even with low capital. All you have to do is to look for products that fit your budget. It can be cosmetics, jewelry, mobile phone accessories, bags, electronic equipment, or any goods you can afford. However, it should be products you easily sell and make your profit back.
You should also consider getting a mentor who will be taking you through all the processes if you are new to the business.
12 Hidden Business Opportunities In Nigeria: Summary
- Agricultural Storage Business
- Selling of Honey Business
- Cosmetics Business
- Rearing of Livestock
- Crop Farming
- Jewelry Business
- Beauty Salon
- Palm Oil Business
- Phone Accessories Business
- Fashion Designing Business
- Mini importation
Hidden Business Opportunities In Nigeria: Conclusion
So far, this is our list of the 12 hidden business opportunities in Nigeria.
I hope you have gone through the article and by now perfectly chosen the one that is best for you, and if you do, which one is that?
Are you going for agricultural storage business or phone accessories business?
Whatever you decide, let us know by leaving a comment below!