7 Untapped Business Opportunities in Nigeria
Nigeria is filled with so many untapped business opportunities, finding them is the issue. Let’s face it, starting and running a business in Nigeria is not a walk in the park. The first hurdle most potential business owners face is finding the perfect business to run. Many potential business owners often make the mistake of starting businesses that are not lucrative or worse, highly competitive businesses. Hence, making their journey to running successful businesses more challenging than it should be.
When looking to start a business, the best place to look at is untapped business opportunities. Doing this will save you a lot of time, effort, money, and ultimately increase your chances for success.
We understand that finding these opportunities can be difficult at times. As a result, we have put together our list of the top 7 untapped business opportunities in Nigeria.
What are Untapped Business Opportunities?
Successful businesses are known to provide solutions to common problems. An untapped business opportunity is a business that meets the demand for services or products that many existing businesses don’t satisfy.
One benefit of such opportunities is that it allows you to be one of the first brands in that field. How does that benefit you?
In Nigeria, most people refer to a product or service by the brands or companies that started offering it. For example, many Nigerians refer to noodles as Indomie and the circulation and shortage of power supply as NEPA. In the case of the latter, it didn’t matter whether or not the company still existed. The brand continues to remain the reference point for such services.
Top 7 Untapped Business Opportunities in Nigeria
Great, you now know what untapped business opportunities are. Now, let’s look at a list of the top 7 untapped business opportunities.
Agri-Business
The ideal agricultural environment, sufficient land, and farm produce make agric-related businesses amazing opportunities for potential small business owners. There is also a high demand for agricultural produce. This demand makes this business opportunity perfect for anyone looking to start a lucrative and not-so-competitive business.
There are so many farmers and agric-related businesses in the country. However, the never-ending demand coming from over 200 million citizens makes this business opportunity viable.
The agricultural world is wide, so, you will need to differentiate untapped business opportunities from the highly competitive ones. For instance, while rice farming and production remain in high demand, it is competitive and expensive for new business owners. However, other aspects like pig and snail farming are less competitive and remain untapped to date.
Technology-Based Learning Platforms
Virtual learning remains an untapped business opportunity in Nigeria. Truth be told, the technology sector in the country is still at its infancy stage. The sad part is that the use of technology in education is yet to be fully exploited in Nigeria. Hence, making businesses in this line pioneers of tech-based learning in the country.
Due to the COVID-19 lockdown, the country began to notice its deficiency in this area. There is very little competition in this field. As such, Tech-based Learning Platforms are among the untapped business opportunities you can take advantage of in Nigeria.
Employee Empowerment Businesses
At first, you may wonder how employee empowerment businesses are seen as opportunities in Nigeria. The success of any business hinges on having the best employees on its team. Where the challenge lies is that very few businesses consider training their employees to become better at what they do.
You can start a business that looks to train employees in various fields such as Customer Service, Excel, Bookkeeping, etc.
Cybersecurity
According to reports, Nigerian organizations lose an excess of $3.5 billion to cybercriminals and hackers. This is a result of the country slowly embracing technology and what it has to offer. Nigeria only began to train its citizens in technology and invest in this sector recently.
Today, cybersecurity is one of the fastest-growing sectors in the country. However, the presence of only a handful of cybersecurity companies makes it one of the untapped business opportunities in Nigeria.
Video and Film Production
Film production is one of the things Nigeria is known for. Nollywood is one of the biggest film industries in the world. Yet, just a few of its movies are regarded as excellent. The originality of the stories is one of its strengths, however, the production techniques are usually crude and average. Hence, leaving the industry with cries for improvement.
With the majority of the country’s population being youths, anyone with the necessary skill will be accepted and celebrated. If you focus on the production aspect and do it well, your company will thrive easily in Nigeria.
Startup Financing
Angel Investment is one of the untapped business opportunities in Nigeria. With many business owners seeking to fund their businesses, being an angel investor may not be such a bad idea.
We must tell you that this business opportunity is risky. However, investing in the right businesses will demand less effort and time while ensuring that you make amazing profits. The key to being successful in this area is taking your time to research the business before investing your money. Make sure that the idea is viable before committing to it financially.
Urban Logistics
Nigeria has the largest population in Africa and its population will continue to rise. This projected rise only points to the fact that the demand for urban logistic businesses will continue to rise. Despite the significant economic opportunities provided by the government, citizens often have to cope with several logistics issues. Some of them include the delivery of goods and services and locating people in smaller towns.
Investing in urban logistics may not provide enormous returns at first. However, pioneers will make a lot of profit as the country develops.
Conclusion
The best place to look into as a potential business owner in Nigeria for business ideas is untapped business opportunities. They are usually less expensive to start and with less competition.
