We all dreams of having our own business and becoming a millionaire or a billionaire but in a high competitive market such as Nigeria, sometimes, people are confused about the best business idea to start for profit with less competition and this led to the question, What are some profitable untapped business areas and opportunities in Nigeria that an entrepreneur can make some money from? Well, this article takes you deep dive into some of those profitable business opportunities that remain untapped in Nigeria.
Profitable untapped business areas and opportunities in Nigeria
1. Waste Management
2. Food Truck Business
3. Organic Farming
4. Alternate Energy For Homes
All over the world, about 11 billion tons of waste is being collected which is currently making a global revenue of $410 billion. For those from a less developed country like Nigeria, the opportunity to become one of the richest entrepreneurs in Nigeria just by collecting and recycling waste that you collect peoples houses is limitless due to awareness of hygiene, everyone wants a clean environment but nobody wants to clean the dirt.
Many tons of products can be generated from recycled waste materials like Plastic & Broken Bottles, Roofing Sheets, Slippers and many more.
Now, as a small scale business owner, you don’t necessarily have to be the one doing recycling, all you need to do is look for a way to get the waste products to the recycling firms and get paid for it. So if you are ready to make some cool cash out of dirty hands, then I recommend this untapped business idea for you.
Food Truck Business
Another untapped business idea in Nigeria is a food truck business where you caters solely for the working class. Some of the working class people are too busy and sometimes don’t have the time to cook their own food or visit a restaurant. So your food container business solves the problem for them, as it brings the food to them. To be successful in this area, you need to stock up on food that most people are likely to eat, and stay in locations that have a high amount of traffic. And, I suggest you focus mainly on providing light breakfast such as tea, coffee and snacks that workers can grab on their way to the office and for lunch, you can sell white and jollof rice, yam and indomie, etc.
You can have your truck in car parking areas or any crowded location. The best part about this business idea is that you can reduce your rent by 70% because you will require less space as sitting arrangements are less required.
Organic Farming Business
In a country like Nigeria that is yet to fully develop its potential in terms of agriculture and farming, despite being an agrarian country with a track record of being one of the world leading producer of some crops. Organic farming is an untapped business idea that you can venture into.
With a high demand for organic food all over the world, you can produce vegetable, crops, milk or any daily requirement product and soon people will see you on the cover of top business magazines. Another interesting fact about this organic farming is that the government is supporting it by providing agricultural grants and subsidies for entrepreneurs that are willing to start it.
Alternative Energy for Homes
Since 2005 that the whole electricity sector was privatized, it has become the sole responsibility of private organizations to make sure that power is supplied to over 200million Nigerians which they have obviously failed to achieve.
You can decide to be providing alternative sources of energy that can be used in homes like Solar Power, Biofuels, Wind Energy, Biomass Energy and many more. You can make good money off this bad governance and leadership in this country because the Nigerian energy supply does not seem to be getting better soon. Although this idea is high capital intensive unlike others, the potential and readily available market is more than what you can imagine.
Majority of Nigerian business owners and entrepreneurs are focusing on business sectors which have been discovered and highly overcrowded.
It’s time you think completely differently to find these Untapped Business areas & Opportunities In Nigeria and be able to address the market needs and timely execute on it, without getting influenced by the existing noise.