The entrepreneurship space is very competitive with brilliant but, sometimes over-saturated ideas. There are numerous opportunities that people are yet to explore. Currently, there are plenty of untapped business ideas, that are lucrative as well in Nigeria.
As there is relatively a small number of entrepreneurs in these lines of business, competition is minimal which accounts for a higher chance of succeeding especially if smart and consistent strategies are adopted.
Here are six (6) lucrative and untapped business opportunities in Nigeria that you might want to consider:
1. Security Services
We see security personnel at events or functions almost all the time but we fail to recognise the profitable opportunity of owning a security company. Imagine having your workers stationed at several events on weekends or even hired by a company. Sounds like some tangible amount of money right? This is definitely one of the hottest businesses in Nigeria right now and unlike some other business ideas, it is arguably not a flooded space.
A point to note here also is that security services are mostly considered and requested by the rich which means that you will likely be catering to a rich clientele that can afford your fees.
2. Snail farming
A lot of people are not aware of the profitability of snail rearing. By the way, have you tried buying snails in the market lately? Alright, you get the drift.
You can get a good return on investment when your snails mature by selling to hotels or restaurants. According to experts, you can start the business with N60,000 or N100,000, depending on how large you want your snail farm to be. The amount can yield 1,000,000 snails worth more than N5 million twice a year. Typically, snails reproduce five times a year and each time a snail lay an average of 80 eggs which means that in a year, a snail farmer could have over 400 eggs. Now imagine this number of eggs from about 30 or more snails and then selling them.
According to reports, Nigeria’s snail farming sector is worth $12,000,000,000. Nigeria’s annual snail consumption is about 450,000 tons, while annual demand is around 7.5 million kilograms.
3. Pet breeding
This is another relatively untapped business idea in Nigeria. Yes, there are people who are already in the business but there is definitely room for more. The most popular is dog breeding for sale either as mature dogs or puppies. In Nigeria, dogs are usually kept for security reasons or for company. This could be a very lucrative venture.A valuable example of how profitable it is could be seen with the Rottweiler puppy which can be sold for as high as N400,000 today.
4. Rabbit farming
If done correctly, you could make some good cash from rabbit farming. There’s been quite some enlightenment about how lucrative this business could be in recent times. Raising rabbits just like raising other animals involves feeding, housing, temperature regulation, disease control, etc.
Rabbit farming has not been fully explored in Nigeria as most entrepreneurs are occupied with fish farming, food crop farming and the likes. Apart from rearing rabbits as livestock for meat, they could be raised for their fur. This aspect of the livestock industry has the potential to make a lot of money.
5. Shoe production
For starters, handmade shoes could go for as high as N80,000 or more. They are usually of high quality coupled with the fact that they are made with attention to detail by a creative and experienced shoe manufacturer. Footwear including shoes, sandals and slippers are worn on a daily basis. If you are skilled in the craft of shoe making, then it would not be long before you begin to rake in profit.
6. Pig Farming
There is a good market for pigs’ meat also known as pork. You can commercially raise pigs to supply to local markets or to export. If you are considering pig farming, look for those who are already in the business to learn from them. Also, do a lot of research to know how to start and the best approaches.
There you have it! A list of some of the untapped and lucrative business ideas in Nigeria. These businesses are not saturated yet so you can start any one of them with the right research, market analysis and low competition.