Several people in Nigeria have dreams of becoming successful business owners in Nigeria. And while there are numerous business ideas across different industries, a lot of businesses fail for various reasons. That’s why going into an untapped business in Nigeria can be the difference between being a successful business owner or not.
Nigeria’s business world is very competitive, so a lot of people are unsure of the portable business to venture into while putting off competitors at the same time.
However, since the demand for innovative business ideas and products is constant, coupled with the huge number of underserved consumers there is always lucrative untapped business in Nigeria to go after.
Let’s take a look at some of the profitable untapped businesses in Nigeria you can do.
List of Untapped Business in Nigeria
- Alternative Energy
- E-commerce Warehousing
- Online Grocery & Gadget Store
- Homebased Healthcare
- Fitness Specialist
- Home Chores Service
- Water Transport Business
- 3D Printing Services
- Online Reputation Management (ORP)
- Children’s Games & Toys
1. Alternative Energy
Nigeria has one of the poorest rankings when it comes to producing energy or electricity access, so there’s a lot of potential to produce a lot of electricity from free energy sources like solar power, biofuels, biodiesel, wind turbines, and biomass energy.
These alternative energy sources are an untapped business in Nigeria for innovative entrepreneurs willing to do the work especially when you consider that Nigeria has a lot of materials to develop this Alternative energy for consumers in the country.
2. E-commerce Warehousing
E-commerce Warehousing involves the storage of physical goods to be shipped when they’re bought online. A lot of businesses trading online don’t have the space to warehouse and fulfil orders from their customers.
If you have the capital to start an e-commerce warehouse, especially with the dawn of q-commerce (quick commerce – delivery of goods under an hour), you will have a profitable untapped business in Nigeria in your hands.
You just have to find vendors or e-commerce merchants that need e-commerce warehousing and you’re good to go.
3. Online Grocery & Gadget Store
Groceries are a necessity for every household. When you consider the hectic work-life schedules of families and how a lot of people don’t have the time to physically visit stores and purchase groceries. You’ll understand why people are now very okay with having their groceries delivered to them.
Online grocery stores are a perfect solution to this phenomenon and are estimated to grow at an annual rate of 30%. Whatever the state of an economy is, it does not affect the purchase of groceries.
If you can deliver groceries, supplies and even gadgets to people in under a day in Nigeria and become a trusted brand, you might really have a fairly lucrative untapped business in Nigeria.
To start an online grocery store will require you to build a user-friendly e-commerce website where people can easily complete their orders and make payments. But it doesn’t just stop there. You’ve to make sure that their order gets to them on time.
You also have to do some research to find the groceries that are most in-demand as well as a logistics partner to do the delivery. if you have enough capital, you can cover the logistics part yourself as well.
Also See: Best Online Business in Nigeria to Start
4. Home Healthcare Business
There’re a lot of medical practitioners leaving the shores of Nigeria to go find greener pastures elsewhere, but not all of them can leave Nigeria, so if you’re a medical professional in Nigeria with dreams of starting a home healthcare business then you’re in luck.
The home healthcare business can be divided into two types; non-medical health care and skilled home health care.
Non-medical home health care involves assisting the elderly who want to remain in their homes with their daily living activities, e.g meal preparation, housekeeping, and transportation. While skilled home health care involves nursing or therapeutic services delivered in a patient’s home.
Home healthcare is an untapped business in Nigeria because like most businesses it involves a lot of planning and marketing.
SO for this business to work well, you’ll need to set up a website, reach out and network, find and preach your USP (unique selling point) and so forth.
5. Fitness Specialist
Health matters to every person no matter the age. The fitness industry is currently enjoying a boom, especially with the billions of fitness content on social media propagating healthy living.
The demand for fitness specialists is really high. if fitness is a passion of yours and you have some fitness skills, like callisthenics, yoga, aerobics or any other form of fitness, you can start a fitness business of your own.
You don’t have to own a gym (which would be nice though), as there are several ways to monetize as a fitness specialist, like consultations, creating fitness content or products and so on.
This is definitely one of the untapped business in Nigeria that has a low barrier to entry if you’re willing to put in the work.
6. Home Service Business
people are busy chasing their dreams and a lot of people would rather not do house chores. So this presents a business opportunity for the willing entrepreneur in Nigeria.
Home services can include house cleaning, handyman services, laundry services, food prep, gardening services and so on.
Starting a business to address this need might be lucrative as the home services industry in Nigeria is still in its infant stages.
This untapped business in Nigeria is what is referred to by some as on-demand home services. The beauty of this business is you can always start small with little capital, but i encourage you to think it as well.
7. Water Transport Business
People need to move, they require transport services to make it from point A to B and public transport sorts this need.
The transport industry in Nigeria is very profitable despite its insufficient capacity to meet demand. A lot of transport modes in Nigeria are via road transportation. So that part of the industry is very competitive.
But do you know which part is an untapped business in Nigeria? water transportation. However, this business only works in places where there are water bodies people can use to move from point A to B. one such place in Nigeria is Lagos.
If you can get enough boats to start a water transportation business in Nigeria, you can be sure it will be lucrative if you have the correct business plan and strategy in place.
8. 3D Printing Services
3D Printing is gaining ground across the globe. It has so many use cases like for; making the manufacturing moulds for making jewellery, creating customizable gifts and especially for producing miniatures.
3D printing is slowly taking over the old-school printing process with innovative and advanced solutions. So, with the right investment and the right business plan, you can start a lucrative 3D printing business in Nigeria.
9. Online Reputation Management (ORP)
We are at a point where our physical presence is being eclipsed by our online presence. The virtual world and online presence are gaining importance with each passing day. People are judging other people based on their online presence.
So this is an untapped business in Nigeria for people who are interested in managing the online presence of people with a high online following.
Online reputation management is definitely one of the most lucrative future business opportunities of the next decade.
10. Children’s Games and Toys
Managing kids is a very challenging thing to do. Doesn’t matter if their infants or teenagers, one thing that helps is keeping them busy.
And one thing that keeps kids busy is toys and games. The Children’s toy and games industry is very massive with opportunities for new entrants.
This is an untapped business in Nigeria for entrepreneurs interested in creating games and toys that are specific to the Nigerian or African market. They just have to make sure that these games and toys are of high quality and meet international standards.
if you can infuse recreational or social activities in these games or toys, then the better for you.
Making an Untapped Business in Nigeria Work
To fully maximise untapped business opportunities in Nigeria, we have to think about these business ideas in a whole new way and think of them using first principles. You also have to make sure that you as an entrepreneur or business owner is well suited to the business as well.
For what is worth here are some qualities you need to possess to truly maximize the potential of any untapped business in Nigeria:
- Passion: You need to have a passion for your business, the value you’re creating and the people you’re serving. Your passion will keep you grounded during business downturns so make sure you have a significant amount of interest in the business you want to start.
- Market Fit: Going into a business means you need to have the right understanding of the market as well as the right skills to solve skills, go for a tech-related business. Doing this will help you direct your energy and passion to the problem your business is trying to solve.
- Business Planning: You need to have a detailed plan for your business that allows you to be flexible because markets are uncertain. This means you must be in continuous learning mode.
- Financial Prowess: It is important how to know your business numbers. you need to understand how money flows into and out of your business. This is one of the biggest lifeblood of any business.
There are tons of untapped business in Nigeria people can start. But the ones we mentioned in this list are some of the best, and can even give you other ideas for untapped business in Nigeria. But the most important thing is to start, to take action and make sure you have the right information.
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