Doing what every other person is doing isn’t unique. True satisfaction and reward come with being special and exceptional. This principle also applies to business and several areas of life.
Starting a business in Nigeria may not seem like an itsy-bitsy in current times, as most business ideas have been explored, rampant, or no longer invoked. Yes, this can be frustrating and tiring!
Hey there! We have good news just for you! After extensive and credible research, we have found the top hidden business opportunities in Nigeria.
These untapped business ideas are what you need to decide on what business to venture into. Enough of these formalities; let’s get right into it!
About Hidden Business Opportunities in Nigeria
The business opportunities in Nigeria are not often pronounced as most citizens are used to “pretty” white-collar jobs. This has been changing with the ever-rising rate of unemployment and the clamour for entrepreneurship and business ventures.
Indeed Nigeria has vast business opportunities, and many of these opportunities still need to be explored.
For instance, the agricultural sector is still blooming with prospects that need to be handled and utilized. The tech world is ever-green and growing, with several digital opportunities yet to be tapped.
We still have the untapped healthcare sector. The large population of Nigeria complains of inadequate healthcare facilities. Significantly, there is a high demand for healthcare services and products.
Nigeria has hidden business opportunities and ideas across various sectors; agriculture, creative, healthcare, technology, etc. Let’s move on to explore these untapped business ideas in Nigeria.
Hidden Business Opportunities in Nigeria
Doing business in Nigeria can be profitable. Here are Nigeria\’s untapped and hidden business opportunities to consider in 2023.
#1. E-commerce Business
E-commerce Business is one of the hidden business opportunities in Nigeria. With a large number of the Nigerian population being young people who can use a smartphone and order stuff online rather than going to the physical market, this industry is promising.
Although, there are still challenges that need to be addressed, like poor logistics infrastructure, low internet penetration, and a lack of trust in online transactions among consumers. These are factors you can consider before embarking on an E-commerce business.
Try to craft your E-commerce business to solve these problems and watch your ideas thrive as a perfect hidden business opportunity in Nigeria.
There are still brands thriving in the e-commerce industry in Nigeria. The primary purpose of this business is to understand the unique challenges and opportunities of the market and to provide solutions that meet the needs of Nigerian consumers.
With the right strategy and execution, you can build an e-commerce business that will be highly profitable and rewarding.
#2. Blogging/ Content Creation
With the rising move of technology and digitalization, searching for information and content has become more prominent.
Blogging and content creation have become increasingly popular in recent years and are a great way to gain from the well of making money. Blogging and content creation present a significant untapped business opportunity in Nigeria.
There are several ways to monetize a blog or content creation business in Nigeria. Content Creators have become money makers in this part of the world by utilizing platforms like Google, Youtube, and TikTok alongside other social media handles.
To thrive in this business, you can utilize the right strategy, branding, and audience targeting; blogging and content creation can be a highly profitable business opportunities in Nigeria.
#3. Mobile Car Wash Service
Although it may seem like a bland business idea and not nice enough, this hidden business opportunity in Nigeria is a great one and is untapped.
With the increase in car ownership in Nigeria, there is a growing demand for car wash services. However, traditional car wash services are often located in fixed locations, which can be inconvenient for car owners.
Viola! This is where mobile car wash services come in, allowing car owners to wash their cars at their doorstep or workplace; at their convenience.
Mobile car wash service allows one to be creative and initiative in offering a valuable service and solving problems.
To start a mobile car wash service, you need to invest in equipment such as a portable water tank, a pressure washer, and cleaning supplies. You will also need a reliable vehicle to transport your equipment and reach your clients. You can market your services through social media channels, networking, etc.
#4. Renewable Energy Business
Renewable energy is another unhidden and untapped business idea and opportunity in Nigeria with many potentials.
It’s no old news that electricity in Nigeria can be unreliable, and Nigeria has abundant renewable energy resources, including solar, wind, hydro, and biomass. And relying on fossil fuels, particularly oil, to generate electricity harms the ecosystem.
This presents an opportunity for businesses to invest in renewable energy solutions such as solar panels, wind turbines, and small-scale hydroelectric power stations.
These solutions can go a long way in improving electricity and providing clean and reliable energy to businesses, homes, and communities.
Although some businesses in Nigeria are already taking advantage of the untapped potential of renewable energy, there is still a lot of room for growth and innovation in this sector.
Entrepreneurs can explore opportunities in developing, installing, and maintaining renewable energy systems and manufacturing-related components such as solar panels and wind turbines.
Nigeria can lead in the renewable energy sector as the world increasingly moves towards sustainable energy solutions. You can be part of the pioneers by exploring these hidden business opportunities in Nigeria.
More Hidden Business Opportunities in Nigeria
- Personal shopping and concierge services: This refers to a type of service where a company (or even a person) provides personalized assistance to individuals or businesses in managing their day-to-day tasks, including errands and shopping. It can range from helping clients with their grocery shopping to providing luxury services such as arranging for personal trainers, booking travel, or even providing exclusive access to events.
- Digital marketing agency: A digital marketing agency provides marketing services to businesses using digital channels such as social media, search engines, websites and email. The agency\’s main focus is to help businesses promote their products or services through different digital marketing techniques, including; social media marketing, pay-per-click (PPC) advertising, search engine optimization (SEO) and content marketing.
- Agriculture business: Agriculture business refers to the cultivation, processing, and distribution of crops and livestock for commercial purposes. It includes a wide range of activities, from planting and harvesting crops to raising and selling livestock, as well as processing, packaging, and transporting agricultural products to market.
- Mobile app development: Mobile app development is the process of creating software applications that run on mobile devices such as smartphones and tablets. It involves a combination of software development skills, creativity, and business acumen to create apps that meet the needs of users and businesses alike.
Mobile app development has become increasingly important in today\’s digital world, as more and more people use mobile devices to access information, services, and products. It offers businesses and organizations the opportunity to reach a wider audience and improve customer engagement and loyalty.
- Waste management and recycling services: Waste management and recycling services refer to the collection, transportation, processing, and disposal of waste materials in a safe and environmentally responsible manner.
Waste management includes a variety of activities, such as garbage collection, landfill management, waste-to-energy conversion, and hazardous waste disposal. Recycling on the other hand involves the recovery and reuse of materials such as paper, plastics, and metals through various methods such as sorting, cleaning, and processing.
Waste management and recycling services are important for reducing the negative impact of waste on the environment and public health, as well as conserving natural resources and reducing greenhouse gas emissions. - Cleaning services: This refers to professional services that provide cleaning and sanitation of residential, commercial, or industrial spaces. Cleaning services typically involve trained professionals who use specialized equipment and cleaning products to clean and sanitize various surfaces, such as floors, walls, carpets, windows, and furniture.
- Property management: This involves managing and leasing properties. It refers to the administration of real estate properties, whether they are residential or commercial, on behalf of the property owner.
The responsibilities of a property manager typically include tasks such as finding and screening tenants, collecting rent, handling maintenance and repairs, managing finances, and ensuring compliance with local laws and regulations.
- Social media management and marketing: This involves creating, publishing, promoting, and analyzing content on social media platforms to achieve marketing and branding goals. Social media marketing helps businesses build and maintain relationships with customers, drive traffic to websites, increase brand awareness, generate leads and most importantly, boost sales.
- Food delivery service: A food delivery service is a service that delivers food to customers\’ homes or workplaces. Food delivery services typically charge a fee for delivery, and some may also charge a commission fee to the restaurant or kitchen for each order. Customers can order food through the service\’s website or mobile app and also often track the delivery status of their food and communicate with the delivery driver through the service\’s app.
- Fitness and wellness coaching: Fitness and wellness coaching is a process where a trained professional provides guidance, support, and motivation to help individuals achieve their health and wellness goals. This may involve creating a personalized fitness plan, providing nutritional guidance, and helping individuals develop healthy habits and lifestyles.
- Event planning and management: This involves the organization, coordination, and execution of events, such as weddings, conferences, festivals, corporate events, and more. The process typically includes determining the purpose and scope of the event, identifying the target audience, selecting and securing a venue, creating a budget, and coordinating logistics such as transportation, catering, audiovisual equipment, decorations, and entertainment.
- Car rental service: Car rental service provides vehicles on rent to customers for short periods of time, usually a few hours to several days. The rental cars may be used for various purposes, such as leisure travel, business trips, or local transportation and typically offer a variety of vehicles to choose from, ranging from economy cars to luxury vehicles.
The car rental industry has grown significantly in recent years due to increasing demand from consumers who prefer to rent a car rather than buying one. - Fashion design and tailoring services: Fashion design and tailoring services involve creating clothing that is custom-made for individual clients or for retail sales. Fashion designers are responsible for creating new designs, selecting fabrics, and overseeing the production process. Tailors, on the other hand, are skilled professionals who specialize in altering and fitting clothing to ensure a perfect fit for the customer. Both fashion designers and tailors work closely with their clients to create unique and personalized garments that reflect their individual style and preferences. In addition to creating custom clothing, fashion designers and tailors may also offer alterations and repair services for existing garments.
- Graphic design and printing services: This involves creating visual content for clients, such as logos, business cards, brochures, and other marketing materials, and printing them using various techniques and materials. Graphic design and printing services are essential for businesses of all sizes, as they help to create a strong brand identity and effectively communicate the company\’s message to its target audience.
- Interior design and decoration services: Interior design and decoration services involve designing and decorating interior spaces such as homes, offices, and public spaces to make them functional, aesthetic, and comfortable. Interior designers work closely with clients to understand their design preferences and requirements and create a design plan that reflects their style and personality.
- Photography and videography services: Photography and videography services are professional services that involve capturing images and footage respectively, typically for various purposes such as events, business promotions, personal projects, and more.
Photography services may include portrait photography, wedding photography, event photography, and product photography while videography services, on the other hand, involve capturing moving images or footage. This can include events, corporate videos, promotional videos, music videos and documentaries. - Online tutoring and coaching services: Online tutors offer educational support and guidance to students or individuals looking to improve their skills or achieve their personal goals. These services are typically conducted remotely, through video conferencing, messaging, or email.
- Computer repair and maintenance services: Computer repair services may include fixing hardware problems such as broken screens, malfunctioning keyboards, or faulty hard drives, as well as diagnosing and resolving software issues such as virus infections, operating system errors, and driver problems. A professional computer repair technician typically has expertise in diagnosing and fixing a range of computer problems and may offer in-person or remote services depending on the type of issue.
- Import and export business: Starting an import and export business in Nigeria can be a profitable venture, as Nigeria has a large market for goods and services and is strategically located for trade with other African countries and beyond.
To succeed as an importer/exporter, you need to first conduct market research to identify potential products that are in demand both in Nigeria and in other countries, in addition to trade regulations, taxes and duties involved in importing and exporting the products.
After deciding on a niche product or market to focus on, you\’ll then proceed to register your business with the corporate affairs commission (CAC) and other regulatory bodies. This will be followed by establishing relationships with suppliers and buyers of the products and making arrangements for the logistics.
Starting an import/export business in Nigeria can be a complex and challenging process, but with careful planning and execution, it can be a lucrative opportunity for entrepreneurs. It is important to work with reliable suppliers and buyers, comply with all trade regulations, and stay up-to-date on the latest developments in the market. - Beauty and skincare products and services: Beauty and skincare products and services involve products and treatments that are designed to improve the appearance and health of the skin, hair, and nails. These products and services may be used for personal care, as well as for professional purposes such as makeup artistry, esthetics, and cosmetology.
The beauty and skincare industry in Nigeria is a rapidly growing market, with a high demand for quality products and services. To start a beauty and skincare business in Nigeria, you will need to research the market and identify a gap or niche that you can fill. You may also need to obtain licenses and permits, establish relationships with suppliers, and build a strong brand presence to stand out in a competitive market.
- Home improvement and renovation services: Home improvement and renovation services involve making changes to the design, layout, and structure of a residential property to enhance its functionality, aesthetics, and value. These services may include small repairs and upgrades, major renovations, or complete home remodelling projects.
- Transportation and logistics services: Nigeria has a rapidly growing transportation and logistics industry, with a range of services available to businesses and individuals across the country.
Some of the key transportation and logistics services available in Nigeria include; road transportation, air transportation, sea transportation, rail transportation and logistics services. - Online food store: An online food store is a website (or mobile app) that allows customers to purchase food and grocery items online and have them delivered to their doorstep. Customers can browse the available items, add them to their cart, and check out to complete their purchases.
Online food stores typically offer a wide range of food and grocery items, including packaged foods, beverages and even fresh produce. - Mobile phone and accessories store: A mobile phone and accessories store is a retail store that specializes in selling mobile phones, smartphones, and related accessories such as cases, chargers, headphones, and screen protectors. These stores cater to customers who are looking to purchase new or used mobile devices, upgrade their current devices, or accessorize their devices with add-ons.
In addition to selling products, mobile phone and accessories stores may also offer services such as repair and maintenance, unlocking services, and trade-ins.
- Graphic design training and coaching services: Graphic design training and coaching services provide instruction and guidance on the principles and techniques of graphic design to individuals who want to learn or improve their graphic design skills. The goal of these services is to help individuals develop the skills and knowledge necessary to create effective and visually appealing designs.
In addition to technical skills, graphic design training and coaching services may also cover topics such as project management, client communication, and portfolio development to help individuals prepare for a career in graphic design. - Toy store: A toy store is a retail store that specializes in selling toys, games, and other playthings for children. Toy stores offer a wide range of products, including educational toys, action figures, board games, building sets, dolls, puzzles and outdoor play equipment.
These stores may be set up as physical retail stores or as e-commerce platforms that allow customers to browse and purchase products online. Toy stores often create a fun and interactive atmosphere to appeal to children, with bright colours, playful displays, and opportunities for hands-on play.
In addition to the above, toy stores may also offer services such as toy rental, toy repair and gift wrapping.
Conclusion
These are some of the many untapped business opportunities in Nigeria. And, yes, it is vital to know and be up-to-date with the hidden business opportunities in Nigeria in 2023, but this is not the end mark to starting and making money through business.
It is vital to conduct thorough, deep research and market analysis before venturing into any business to ensure profitability and sustainability and if the idea resonates with you.
One of the keys to success in business is knowledge, so in whatever you do, always search for information through books, videos, classes, etc. Cheers to a possible successful business venture!
Curated by: Igbo Stanford (last edited 10th April 2023)