Nigerians are known for their hustle!
We live by the motto “if you no work, you no go chop”.
This unfriendly economy even drives you further to do anything (nothing bad o) to make the dough.
Well, I’m here to help.
Let me take you through 7 lesser-known business opportunities that require reasonable investment and can make you quick bucks!
P.s I curated this list from from experience and a deep understanding of the Nigerian context.
Top 7 Profitable Hidden Business Opportunities in Nigeria
1. Urban Farming and Agribusiness
See eh, Agriculture is the real cash cow these days.
I mean have you seen the prices of food in the market these days?
That means to grow these foods alone and of course sell them is gold!
Urban farming is particularly gaining traction in Nigeria’s bustling cities like Lagos, Abuja, and Port Harcourt.
Why It Works
According to Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), “The size of food and agriculture in Africa will rise to $1 trillion by 2030. The population of Africa, now at 1.2 billion, will double to 2.5 billion by 2050. They all must eat. And only through food and agribusiness can this be achieved.”
With this, I bet you can already tell that if you really want to make money in Nigeria, one of your surest bet is Agribusiness.
Plus, the initial investment is relatively low, and the returns are quick as crops can be harvested multiple times a year.
Getting Started
To get started, you’d need to first narrow down what aspect of Agriculture you want to focus on.
Here’s an idea, why don’t you check out my detailed guides on Agribusiness in Nigeria and the best Agricultural business ideas in Nigeria.
You’re welcome!
2. Ice Block Production and Sales
Ice block production and sales is another hidden business opportunity in Nigeria that I can beat my chest for.
My neighbour tried this business and trust me she made bank!
I’m not even joking.
Ice block production is a simple yet highly profitable business in Nigeria.
With frequent power outages, many households, businesses and events (did someone say Owambe?) rely on ice blocks to keep their food and drinks cold.
Why it Works
The demand for ice blocks remains high throughout the year, especially in urban areas.
The business requires a small initial investment in ice block making machines and freezers, and the sweetest part? It can be run from home!
According to the De Koolar Nigeria Limited, a company that specializes in ice block production, “the capital required to start an ice block production business in Nigeria depends on the quantity of ice block you intend to produce per day. You can start with 50 blocks ice making machine which is less expensive and less profitable. But if you want to generate say N300, 000 per month, then you need about Three (3) Million Naira and above as capital to purchase your Ice block making machines and other equipment needed.”
You should consider it.
3. E-Book Publishing
With the rise of digital reading platforms and increasing literacy rates in Nigeria, there is a growing demand for e-books across various genres.
This is a great untapped business opportunity because people are constantly looking for valuable information and knowledge.
Lol, maybe I should make this blog post into an e-book.
E-book publishing allows authors to reach a global audience without the costs associated with traditional printing.
Why it Works
It works because as an author, you can self-publish e-books at minimal cost, making it accessible for aspiring writers and niche markets.
Your readers even appreciate the convenience of instant downloads and lower prices compared to printed books.
Getting Started
- Writing and Editing: Create compelling content or collaborate with writers.
- Formatting and Cover Design: Ensure professional formatting and eye-catching covers.
- Distribution Platforms: Publish on platforms like Amazon Kindle Direct Publishing and Okadabooks.
4. Handmade Soap Production
Lol, this is a DIY that makes you money.
My girls will back up when I say skincare is on a high rise in Nigeria today.
I mean we don’t have to look like what we’re going through right? The skin must glow regardless.
Plus, there is a growing preference for natural and locally-made skincare products in Nigeria.
You didn’t know that right? That’s why it’s an untapped business opportunity.
Why it Works
Handmade soaps appeal to consumers seeking quality, authenticity, and skin-friendly products.
And trust me, they’re a lot.
Just ask my girlies.
Getting Started
- Recipe Development: Experiment with ingredients like shea butter, coconut oil, and essential oils.
- Production and Packaging: Manufacture soaps in small batches and design attractive packaging.
- Marketing and Sales: Sell through online platforms, local markets, and beauty stores.
5. Digital Marketing and E-Commerce
The world and most definitely is digital now!
Yes, we may have a few who aren’t internet savvy but they are just that – few.
I would daresay 90% of Nigerians are technologically savvy. They live for the internet and you can use that to your business advantage.
The great thing is there are many untapped business ideas with just a digital marketing expertise.
You could do content creation, social media management or even the full package!
Why it Works
With the rise of social media and online shopping, digital marketing offers a cost-effective way to promote products and services.
E-commerce platforms allow businesses to sell to customers nationwide without the need for a physical store.
Getting Started
Here, I can really help you.
If you want to get started with digital marketing and make good money, check out the Wild Fusion Digital Centre the offers digital marketing intensive programme that not only prepares you for the real deal but also allows you to do the real deal.
Trust me, it’s such a great stepping stone.
6. Renewable Energy Solutions
I don’t even think I need to tell you how good and profitable this business opportunity is.
I mean, this country no dey get light.
Some areas suffer from very poor electricity and you can leverage this.
Why it Works
With the government’s push towards renewable energy and the high cost of diesel generators, solar energy is a sustainable and cost-effective alternative.
You can tap into this market by providing solar installation services, maintenance, and sales of solar products.
Don’t say I didn’t tell you.
Wait! Before you go, I think you should check out these helpful guides:
Top 10 Profitable Business Ideas in Nigeria, 2024
Steps on How To Start a Small-Scale Business in Nigeria
In Conclusion
Nigeria is a lot of things but it’s also a land full of hidden opportunities for business.
My list isn’t exhaustive but you can definitely start with these.
Now is the time to take that bold step and explore these hidden business opportunities in Nigeria.
Olamide Famuwagun
Olamide Famuwagun is a financial wordsmith with a passion for empowering Nigerians to make informed investment decisions. As a content writer and editor for Investmall.co, a leading investment blog in Nigeria, Olamide crafts clear, insightful articles that navigate the ever-changing investment landscape.