Nigeria is a large and diverse country. This makes it attractive to start a business. With a population of 190 million, there is a vast market to be tapped into by new businesses starting out in the West African powerhouse.
It offers many business opportunities to both foreigners and local people. However, the level of success depends on your strategy. There is an abundance of amazing business opportunities.
Despite dwindling purchasing power, eating and dining still remain an important part of the Nigerian culture. This makes catering an attractive business opportunity.
To reach their work place on time, some Nigerians still find it challenging to cook meals at home, especially working couples in Lagos.
Those working in the Lagos Island, wake up from 4 am to beat the early morning traffic.
As a result, they eat most of their meals outside of the home. These set of Nigerians and others make restaurants and other forms of catering outlets popular.
Although there are many restaurants all over Nigeria, there is still enough room for new investors, as there is a demand for food.
One can open a restaurant that offers local dishes, if there are few in a location. Similarly, there are opportunities to offer foreign cuisines, such as American, Chinese and Italian.
Furthermore, there are prospects for food entrepreneurs to provide catering in events, such as wedding receptions, birthday parties, anniversary dinners and retirement parties.
As large as the opportunities are, one can start with N100, 000. With N60, 000 for instance, one can establish a roadside food joint and graduate to a full house canteen.
Product sourcing agent
For youths, without enough capital, one way to start business is to provide service as a product sourcing agent. A product sourcing agent connects manufacturers of products to distributors or end users.
It is one business that can be started with minimal starting capital.
To achieve success, one must be organised as the job entails making contacts, getting the product and reselling it at a profit.
Individuals and organisations are looking for markets and outlets to purchase cheap quality items in wholesale quantity.
One can fill in the gap by starting a product sourcing agency. Offer to help them purchase it and then earn commission for one’s services.
Brokerage services provide an opportunity for one to promote a business between a buyer and a vendor. As one develops core abilities in the business,w one begins to learn more concerning the changing regulatory and legal atmosphere.
Ice cream and frozen snacks
Everyone relishes ice cream these days because of the hot climate. Nothing could be more relieving on a hot day than ice cream or frozen yoghurt.
So, it makes sense to start it as a business. Operators of ice cream business are successful and make good profit margin. One can run the business on a part-time, seasonal or even full time. One needs good locations for an ice cream stand.
You can explore malls, food courts, beach areas or small storefronts. With a small capital like N100, 000, one can run an ice cream business on a cart. More money enables one to convert a delivery van into an ice cream stand.
Auto spare parts
Probably because most cars in Nigeria aren’t bought new, there’s a high demand for auto spare parts. This places a lot of money on the table for investors who can venture into this business.
Starting a business that sells auto spare parts is very easy. But a good knowledge of the various automobiles and their parts is needed.
Being in the middle of the demand and supply chain, motor parts sellers are the ones that go between importers and consumers. If there is a product that is giving problem, it is the dealer that passes the information.
This entirely places heavy burden on the retailer. The dealer must therefore, be literate enough too carefully and professionally take stock of complaints and forward same to importers.
Foodstuff business is one of the most lucrative opportunities.
The demand for food is much more than the supply by local farms.This has necessitated the need for more Nigerians to get involved in foodstuff business.
There are huge opportunities for investors. The business is easy to start, as it usually requires little capital. Depending on the amount of capital available, business models include online marketplace; a warehouse storage and individual customer retailing.
There are many elements to starting a food stuff business. These include staples, packaging costs, processing yield lost during production, storage and distribution.
The seller must make sure the food stuff is free from microbial, chemical and physical health issues.
Small scale cattle rearing business
With three cattle one can start a profitable business that the return on investment (ROI) is 100 per cent
The opportunity to make money in the cattle business has never been better, especially with mama cows that usually don’t eat purchased feed.
All the costs associated with that business – land, grass, cows and health. The e potential net is a good income, probably better than most young professionals outside of agriculture earn.
While other enterprises in agriculture look as promising, The Nation learnt that the cattle business is the best place to get a start. One can start with N500, 000 and make good money after eight months.
Skilled tailoring is a traditional occupation. But modernisation has raised the bar. Fashion designing business has developed significantly. Most people in urban, semi- urban areas and towns are quite style conscious.
Today, a good business idea is to start a dressmaking. One could start a clothing line or just make local dresses, which one can sell to people.
If one has the right skill and keen to work on clothes or fashion accessories, the sky is the limit. The pay for skilled cutters and tailors is still extremely good.
There are about 40 hours of hand labour in a custom-made suit and top quality fabric for a suit.
One starts after a few days course in basic sewing. One is required to own a sewing machine. Textiles and fabrics are imported due to the huge demand for these products.
As an investor, one can start a business that imports these products and sell them in the local market.
Mobile device repairs
The mobile phone repair is a big business opportunity with increasing number of smartphones. With every passing day, more smartphones are sold.
These sales range from adolescents getting their first phone to seniors making their third upgrade. But the one thing each of these smart devices has in common is their fragility.
Consequently, there is a need for mobile phone repairing. This is a big industry that requires minimum investment. At Computer Village, Ikeja, Lagos, lots of youths are going into mobile repairing.
This is because one can start the business with a very small investment. Those with capital of about N2000, 000 set up small shop or service centre.
It allows that to keep the entire necessary inventory at one place as well as build up a repairing team.
Before one establishes the business, it is advisable to undergo apprenticeship or a six-month training on how to repair handsets. It will expose one to handling software as well as hardware cases that arise in smartphones and tablets.
One will stand out from the rest, by offering highly specialised and advanced mobile phone repair services.
Nigerians love their pets. Many of them are becoming enthusiastic pet owners, willing to spend big on their dogs and other animals.
For many pet owners, caring for and pampering their animals is a top priority. From a pet daycare to a dog walking or grooming service, the opportunities are endless.
With the increase in pet ownership, healthcare and spending, the pet industry is expected to grow. Pet ownership as well as expenditure per pet is increasing.
The average spend on pets around the world, including Nigeria, is at about five per cent of household income, with the spending on food and services even higher among families that do not have children.
Dogs are the most popular household pets in the country. In some cases, pet owners treat their dogs, like family members. There are companies and individuals are selling premium pet food.
Much like real estate, cleaning services are one of those businesses that are not likely to go away. Boom or bust, there’s a lot of things to keep clean in our society.
With a cleaning business, one could serve residential customers, commercial, or both. The possibilities are quite broad in this business and the customer base is massive.
While it may not sound glamorous, a cleaning business is easy to start and find customers for. You don’t need special training or licences, just a willingness to work, cleaning supplies and equipment.
Maintaining a nicely manicured lawn is hard work. And it’s a work that many people simply don’t like to do. Like a cleaning service, landscaping is not glamorous. But it’s a service people need and are willing to pay for.
Association of Micro Entrepreneurs of Nigeria(AMEN) President Prince Saviour Iche said the economy has opportunities for entrepreneurship.
He said there were lucrative opportunities for investment, production, and delivery but that small businesses require enabling environment and increasing finance access.
According to him, small businesses should be encouraged to fulfill growing demand while managing the challenges to create high returns. (The Nation)