Top 7 untapped businesses in Nigeria
Nigeria remains a land blessed with vast opportunities. Being the largest country in Africa, Nigeria has a huge market that allows easy product penetration. Although plagued with a high unemployment rate and other disadvantages, there are still many untapped businesses that anyone can take advantage of.
These untapped businesses in Nigeria have medium competition but high demand. The advantages of venturing into an untapped business are many. Apart from steady profits in business, you can easily become an authority in your own niche or industry.
To be among the successful SMEs in Nigeria, you must possess the knowledge, skill, and passion. You must be ready to take the risk of pushing the frontiers of your business.
In this article, we will explore 7 untapped businesses in Nigeria that you might consider starting today. Let’s dive in!
Transportation Business
With the ever-increasing population in Nigeria, the transportation business is ever in need.
People would always need to transport themselves within a city or between states.
The transportation business in Nigeria has evolved. Today, we have BRTs in cities like Lagos. We also have taxis from private companies like Bolt and Uber.
This business has a wide range of opportunities. You can choose to go into Uber driving and move passengers within a city. The great part about the Uber business is that it is flexible.
You might also want to consider bus transportation. With this, you can make about 25,000 to 30,000 every week. You could also decide to go into the interstate transportation business, i.e, transportation between states.
Interstate transportation has been a huge success in Nigeria, with popular companies like The young shall grow and CHISCO. Whatever your choice is, you are sure to be at an advantage.
Real Estate
There are no limits to the possibilities available in the Real Estate sector. Real estate is one of the most secure investments you can make in 2021. Unlike the stock market with high volatility, real estate has low risks and keeps appreciating in value.
With the increase in population, people, especially in urban cities continue to scramble for affordable accommodation. From working-class people to married people and even students.
You can invest in Real estate with little or no capital by partnering with already established real estate companies. You can also partner with a real estate company as a realtor and earn a commission.
Freelancing
Freelancing has become a viable business in 2021. There are a vast number of opportunities available in the world of freelancing.
You can start a freelancing business and offer skills like writing, social media management, and SEO services.
Freelancing is scalable and requires no capital. All you need is a laptop, internet and a portfolio of work to show potential clients. You can join freelance sites like Upwork and Fiverr to get started.
Online Tutoring
Online tutoring is one untapped business in Nigeria that you can start today. If you love teaching and you are skilled in a particular subject, you can start teaching people online.
Nigerians are in search of various skills and they want to quickly learn them online. What better way to meet this demand than to start your own online tutoring business? You can set up an online tutoring website like Udemy, where you upload courses for sale.
You can also create groups on social media and hold paid classes for students in need of your knowledge.
Vlogging
Many people are familiar with blogging. But what is vlogging? Vlogging is simply blogging with video. Video content is now highly consumed. This is why skits do so well. You can create video content on any subject of your interest for your audience, upload it on YouTube, and make money from it over time.
Website Design & Management
With the rise of digital services, companies are now in need of a website. A website establishes authority for any business or brand.
Most SMEs in Nigeria now require a standard website to compete in the saturated market. You can offer your website design and management skills to businesses that need them and make money. All you need to start is a laptop and internet service.
Car Wash Business
Urban cities in Nigeria are filled with many cars and a large number of busy people.
In cities like Lagos, people don’t have the time to wash their cars and would rather go to a car wash. You can start your own car wash business and offer your services to these kinds of people. You would need a car wash pressure machine as well as other tools and equipment. The secret to succeeding in the car wash business is to strategically position yourself at a good location. This way, you can attract a large chunk of people within a locality.
Conclusion
These untapped businesses in Nigeria are very lucrative. If you put in the work, you are sure to make a profit in the short term. Every business has its risks and starting a business doesn’t come easy. You can check out our article on the 5 risks involved in starting a business in Africa to help you know and plan towards these risks in business.
Do you have questions or comments on SMEs in Africa? Kindly drop them in the comment section below.
