While most Nigerians are rushing into popular businesses, there are many untapped business ideas in Nigeria that have more potential and could easily make you a millionaire. Some of these businesses would require little capital to start and still give you millions within a few months.
In this list, you will find 20 untapped business ideas in Nigeria.
1. Mini Importation
The mini importation business is one that is sure to bring lots of profit. This business model involves importing products from foreign countries and selling at a cheaper price to make a profit. To get started, you should research the market and focus on hot products with a high-value margin that sells off quickly. You can purchase these products from sites like AliExpress and 1688.
Dropshipping is one big business that many people are yet to know about. This business involves creating an online shopping site with products on display. When a client makes an order, you transfer the order to your suppliers who will process it and handle the delivery. The supplier will also handle the inventory so you won’t have to spend money purchasing any products and storing them.
3. Real Estate Business
The real estate business is more like a passive income stream that has the potential of inflating your net worth in just a few years. This business involves purchasing plots of land at cheap prices and waiting for the land to gain value before selling off. It is a sort of investment you won’t regret as land is considered a valuable asset.
4. Transportation Business
The transportation business is another goldmine that Nigerians are yet to tap from. Millions of Nigerians rely on public transport to get to their destination. You can start this business via any means. You could go for a Taxi, Keke Napep, and sign up on Uber or Bolt.
5. LPG Filling Plant
The use of gas cylinders is on the rise which makes this one of the most lucrative businesses to tap into. This business would bring you quick profit but that would depend on the area you are in. You should go for a location with little or no competition to maximize your chances of making gains from this business.
6. Garri Processing Factory
Garri is a high-demand commodity in Nigeria. It is quite popular that people purchase it without relying on adverts or branding. Recently, the price of garri has gone up due to high inflation rate thus raising the profit rate of this business. To make quick and long-lasting gains, you will have to set up this business in a remote area.
7. Supermarket Business
Nigerians love supermarkets because of the quality products they offer, which is why you see lots of people storming malls like Shoprite. However, starting a supermarket is no small feat. The actual startup cost will depend on how big you want the supermarket to be. Take note that supermarkets perform best only when placed in commercial areas.
8. Dry Cleaning Business
With so many small-scale dry cleaning businesses spread all over the country, this business no longer counts as one of the most lucrative options to go for. However, if you live in the high-brow areas, you’re sure to make a lot of profit by starting a dry cleaning business.
9. Car Rental Business
This business should be restricted to only individuals with verifiable income sources as well as those living in high-brow areas. If you’re able to meet these terms, you should make lots of money renting out luxury cars even if it is for one hour.
10. Gym Business
This is another business that would bring you lots of profit in a high brow area. You will have to splash a lot of cash on this business as getting quality gym equipment could incur some huge costs. After setting up the gym, you could get celebrities and influencers to advertise while exercising at the gym. This could attract more customers and give your brand some exposure.
11. Auto Repair Business
The auto repair business is already booming in Nigeria but at a local level. You will find more local mechanics than professionals which will give you an edge. Many car owners prefer professional mechanics that they can trust with their vehicles so setting up this business will bring you quick gains if you make your brand look as professional as possible.
12. Child Care Business
Many parents rely on nannies and housemaids to take of their kids while they are at work. However, there are more parents looking for professional child care centers that can handle the workload. If you’re planning on starting a nanny business, you should target high-earning areas where parents would save no expense to ensure their kids are well taken care of.
13. Home Cleaning
If you live in commercial areas like Lagos, Port Harcourt, or Abuja, you will find that there is a high demand for this service. This business can be done by any gender just as long as you have the right credentials. As a home cleaner, you should have some form of identification. You might also have to register the business to give you some credibility.
14. Fishing farming
Starting a fish farm could cost some huge expenses which are why there are very few people tapping into its profits. The best thing about the business is that it never goes out of season making it a lucrative agribusiness that will bring money to your pocket on a daily basis. Getting started, you will need a fish pond, feed, fingerlings, and water supply. You will also have to set the fish pond in the right location that will be convenient for the fish.
15. Palm Oil Business
The palm oil business is booming as many industries require the commodity for manufacturing other products. However, you should note that the business is seasonal. To gain the best profit, you would not have to produce palm oil but purchase it when it is cheap and resell during scarcity months.
16. Rice Farming
Nigeria takes the top spot when it comes to rice consumption in Africa. This is why the price of the commodity goes up in the festive season when people are ready to pay more to take a bag home. Today, Nigeria has many laws to encourage many local farmers to take over the market which gives you an opportunity to make millions.
17. Catering Business
If you have some serious cash and connection, you can easily make lots of money as a caterer. Starting a professional catering service might require funds in the hundreds of thousands and getting clients will require more connections than advertisements. You will make more profit if you move your business to any of the high-brow areas in the country.
18. Cake Baking
Whether for birthdays, anniversaries, or weddings, cakes are quite symbolic and must be present on any special occasion. That’s why the cake-making business is booming in the country. This business would require that you have the best cake baking skills. You will also need funds to print business cards and flyers to market the business.
When it comes to online businesses, vlogging stands as one of the most lucrative. You can create videos on YouTube and get paid when people watch the ads displayed within these videos. You will also get paid for posting sponsored content on your channel.
20. POS service
If you’re already into one or two businesses and you could easily be approved as a POS agent. This business is sure to bring you lots of money but only if you set up shop in the right. You can later expand your business to several locations giving you many ways to earn.