Nigeria has recently been dubbed as the hub for startups in Africa becoming the country that generates so many successful business ideas turned lucrative businesses that it’s tough to keep track. In fact, Nigerians are setting an example to many other countries showing a slow but steady diversification of their economic structure, stepping away a little from their sole valuable resource for years: oil. This new generation is opening doors and demonstrating that they are a new kind of entrepreneur who can identify and execute innovative business opportunities.
Nigeria’s pool of business opportunities has become quite large in a number of different segments. So, if you’re looking for just the right business idea to develop this is a great place to start.
Fast food business
Getting a food business right is the key. There has to be a mix of good customer service and management, besides the obvious initial capital investment. You do have several options to open a restaurant, either start from scratch or acquire a franchise.
All of the tools and the collaborative community available at your fingertips will make any ecommerce business easier to get off the ground. This a low-investment start up that allows for easy and on-the-go adjustments with a quick learning curve. The other big advantage is that there are tons of tools to measure the effectiveness of business strategies along the way.
The potential behind agriculture has spread to a few different types and is now leading at the front of business ideas as a replacement for the oil business. Poultry farming is one of the biggest ones, and giving up to 30 million Naira annually. Cassava, which up to recently had not been explored, is now on the rise especially since it is a main ingredient in many dishes in Nigeria. Snail rearing is also on the list, although many people are still not doing it on a large scale. Finally, rice farming, which if managed correctly can bring in a big return, will be able to compete with imported rice and fill the need of the food by choice of Nigerians.
The Nigerian population continues to rise and so does the need to build housing. Trying to keep up, the construction and housing business has boomed in the past few years. There is great demand for variety, so there all types of projects available. The investment is considerable, not as much as other businesses, but what you can be sure of is that you won’t be short of work to make the return.
This is a quite competitive business, but if done right it can be just the right timing to get into the hotel and tourism industry. This business idea will require a large amount of capital, planning and patience since it is not a quick return. The key will come down to customer service to get visitors to return and attract new ones.
This is a good business idea that responds to real need in Nigeria. The rail transportation system in Nigeria is very poor, so having alternative for shipping goods is an excellent service to offer.
Dry cleaning tends to be a quite expensive business in Nigeria, so finding affordable rates and good quality service is very scarce. To be successful you really have to set yourself apart from the current services offers by keeping to deadlines and offering fair prices.
Again in this case the imported furniture is quite expensive, so being able to design and assemble furniture locally can also be a great business idea. You don’t necessarily have to be a carpenter, you could outsource and just make sure to get a responsible and punctual provider.
Online advertising agency
As mentioned before, there has been an increase in all things online related, so of course other business ideas surge from the booming industry. One of the most relevant nowadays is online advertising which takes care of promoting online businesses and managing marketing strategies for them.
Fashion and entertainment business
There has been a boom in the entertainment business in Africa in general, but Nigeria has definitely stood out especially in music and movies reason why it was coined Nollywood. In 2009 it had surpassed Hollywood as the world’s second largest movie industry, preceded by Bollywood. With this in mind, it is no surprise that the fashion industry followed in line and started to cater to all of the new national and international stars of the Nollywood industry with its particular style. They are setting trends, making big moves in the movie and music industry, so being part of this growing community right now would be a smart business move. The important this is to know where you would fit and what service or product you could offer to the already structured segment.