Nigeria, one of the largest economies in Africa, is brimming with untapped business opportunities that can be a goldmine for entrepreneurs.
Despite its challenges, Nigeria is a country with a thriving business landscape, and several sectors offer hidden business opportunities waiting to be explored.
According to a report by the National Bureau of Statistics, small and medium-scale enterprises (SMEs) account for about 84% of jobs in Nigeria and contribute over 48% to the country’s GDP.
In this blog post, you’ll discover some of the hottest hidden business opportunities in Nigeria and how to tap into them.
Hidden Business Opportunities in Nigeria
Are you aware of the hidden business opportunities in Nigeria? With its promising market and rapidly expanding population, Nigeria offers many exciting possibilities for entrepreneurs. From event rental business, mobile phone repair, sales of electronics, and waste management business to the T-shirt printing business.
#1. Event Rental business
Are you looking for a business opportunity that’s hidden in plain sight? Starting an event rental business in Nigeria might be just what you need!
With this business, you can rent (out) items like chairs, tables, and tents for weddings, parties, and corporate functions to earn some serious cash. Of course, you’ll need to do some planning and gather some capital to get started.
But essentially, research your local market, find a reliable supplier for your equipment, and create a pricing strategy that works best for your business.
Depending on the size of your operation, you might need to invest between ₦500,000 and ₦2,000,000. But with the right marketing approach and customer service, you could earn a monthly income of ₦100,000 to ₦500,000 (or even more!).
#2. Mobile Phone Repair
If you are interested in a profitable business opportunity in Nigeria, consider mobile phone repair.
With so many people using their phones for daily tasks, there’s a huge demand for this service. So, If you’re good with tech, starting a mobile phone repair business could be a great choice (for you).
While you’ll need some basic tools and a reliable supplier for parts, you also need a reputation for quality work.
That said, you might need to invest between ₦100,000 and ₦500,000 to start up, depending on where you are and the size of your business,
It may interest you to note that some of these guys at popular markets like Computer Village (in Ikeja, Lagos) ₦100,000 to ₦300,000 or more every month. But then, that is determined by how good marketing and customer service are.
#3. Waste Management Business
Waste management is a hot and profitable business that involves collecting, disposing, and recycling waste materials. In Nigeria, where the waste management is still a challenge, there are great opportunities to start this business.
But if you want to venture into it, you’ll need to get the necessary permits, buy equipment such as trucks and bins, and build relationships with potential customers like homes and businesses.
So, you might need to invest between ₦1.5 million and ₦10 million to kickstart a business in this industry. Again, that may be influenced by your location and business size.
What’s more? One could earn a monthly income of ₦500,000 to ₦2 million or more. But that depends on a business marketing strategy and level of efficiency.
#4. Selling of Electronics
Did you know that selling electronics is a hot business in Nigeria? Considering the high demand for technology, there’s a great opportunity to make a profit by buying and reselling gadgets like smartphones, laptops, and home appliances.
But if you want to dabble in this business, you need to identify your target market, find reliable suppliers and set competitive prices.
Well, that’s just part of what you need. Of course, you might need a start-up cost between ₦500,000 and ₦5 million. But that depends on the size of your business.
According to research, you could earn a monthly income of about ₦100,000 to ₦1 million or more when you have good marketing and customer service in place. Just to add, the income potential in this business is limitless.
#5. Uber Service
If you’re a car owner in Nigeria and you’re looking for a hot business opportunity, then Uber might be just the thing for you.
That’s because, as an Uber driver, you’ll use your car to provide rides for people through a mobile app. But you’ll need to register as a driver and meet certain vehicle and documentation standards to get started.
But if you don’t have a car already, you’ll need to invest in a car and smartphone. Again, the amount to invest would depend on the car you choose. But an amount between ₦1 million and ₦4 million is an average estimate of the start-up cost.
Meanwhile, there is a “delivery option,” whereby you use someone else’s car on an agreement to be remitting a certain percentage of the earnings. Either daily, weekly, or monthly.
That said, with consistent demand and good driving skills, you could earn a monthly income potential of ₦200,000 to ₦500,000 or more. Particularly in big cities like Lagos, Abuja, Port Harcourt, etc.
#6. T-shirt Printing Business
The T-shirt printing business is all about creating unique and custom t-shirts for people, groups, and organizations. It’s a great opportunity for a profitable business in Nigeria, where people love to showcase their style.
To start, you’ll need good printing equipment, reliable suppliers for blank t-shirts, and an online presence or a physical store. Depending on the scale of your business, you might need to invest between ₦200,000 and ₦2 million.
But with smart marketing and top-quality prints, you could earn a monthly income potential of ₦100,000 to ₦500,000 or more.
#7. Catering Business
A catering business provides food and beverage services for events like weddings, corporate meetings, and parties. Nigeria is a country where people love to celebrate life events, which makes catering a hot opportunity for entrepreneurs.
To get started, you’ll need to identify your target market, get relevant certifications, get necessary kitchen equipment, and hire trained staff. Depending on your business scale, you might need to invest between ₦500,000 and ₦10 million.
With exceptional customer service and delicious dishes, you could earn a monthly income potential of ₦200,000 to ₦2 million or more.
#8. WhatsApp Marketing
WhatsApp marketing is a type of digital marketing that uses the popular messaging app to connect with potential customers and promote products or services.
In Nigeria, where WhatsApp is widely used, there are hot and cheap opportunities to start this business. You only need to identify your target market, create engaging content, and have a reliable internet connection.
You can start with as little as ₦50,000 or less. With effective marketing strategies and satisfied clients, you could earn a monthly income potential of ₦50,000 to ₦200,000 or more.
#9. Blogging Business
Blogging is creating content on a website or blog, typically focused on a specific topic or niche. In Nigeria, where the online space is expanding quickly, starting a blog can be a hot business opportunity.
But you’ll need to choose your niche and pick a domain name and hosting platform. And afterward, you get started by creating quality content… consistently for a long time.
With as little as ₦50,000 or less, you can start this business. By consistently publishing great content and effective monetization, you could earn a monthly income potential of ₦10,000 to ₦500,000 or more. But that depends on the blog’s traffic level, authority, and other factors.
Hot Business ideas in Nigeria
Nigeria has a strong economy and a growing population: making it a great business place. Entrepreneurs can explore many hot business ideas for success, including the importation of used clothes, affiliate marketing, beauty, cosmetics, etc.
#10. Selling mobile phone accessories
Selling mobile phone accessories is a thriving business that offers phone users various add-ons like screen protectors, phone cases, chargers, and earphones. This business is booming in Nigeria, where the use of smartphones is increasing daily, yet with many hidden opportunities.
But to start, you must identify your target market, source quality suppliers, and establish an online presence or physical store. Depending on your business scale, you may need to invest between ₦50,000 and ₦500,000.
With superb customer service and quality products, you could earn a monthly income of about ₦100,000 to ₦500,000 or more.
A bakery business that specializes in baking and selling bread, pastries, cakes, and other baked goods. In Nigeria, where bread and pastries are staple food: there are hidden opportunities to start a profitable bakery.
To start, you’ll need to know who your target market is, get relevant certifications, get necessary kitchen equipment, and hire trained staff. But the capital requirements for this business range from ₦500,000 to ₦10 million, depending on your business scale.
But with quality ingredients and delicious products, you could earn a monthly income of about ₦100,000 to ₦2 million or more.
#12. Importation of Used Clothes
Starting an importation of used clothes business entails purchasing second-hand clothing from other countries and reselling them in Nigeria. This business (aka. “Akrika” or “Acubay” business) is lucrative in Nigeria, where affordable fashion is highly valued.
To begin, you’ll need to research reliable suppliers, get relevant permits, and establish an online or physical store. But based on your proposed business scale, you might need a capital investment of ₦100,000 to ₦5 million.
But with good quality clothes at reasonable prices, you could earn a monthly income potential of ₦50,000 to ₦500,000 or more, depending on the demand for your products.
#14. Logistics Company
A logistics company is a business that helps transport goods from one location to another. With Nigeria’s growing demand for efficient transportation and delivery services, starting a logistics company can offer hidden opportunities.
To start, you’ll need to register your business, get the necessary vehicles and equipment, and hire reliable drivers and staff. You might need to invest between ₦1 million to ₦50 million or more, based on your business scale,
But, with top-notch customer service and timely delivery, you could earn a monthly income potential of ₦500,000 to ₦10 million or more.
#15. Fashion and Clothing
Fashion and clothing are all about making clothes that are not only practical but also stylish. So if you want to start a fashion business in Nigeria, there are many hidden opportunities to explore!
But the first step is to figure out what kind of clothing you want to make – whether it’s ready-to-wear, bespoke, or accessories.
After that, you’ll need to know how much money you’ll need to get started. But that would depend on the business proposed size of your operation. Well, you could start with as little as N50,000 or as much as N5,000,000.
Lastly, your monthly income will depend on many factors, like how much you charge: who your customers are, and how well you market your business. But with hard work and dedication, you could earn between N100,000 and N500,000 monthly.
#16. Renewable Energy
Renewable energy is all about using natural resources like sunlight, wind, and water to create sustainable power.
So, if you’re contemplating starting a renewable energy business in Nigeria, there are lots of hidden opportunities waiting for you!
But the first step is to figure out what kind of renewable energy you want to specialize in, whether it’s installing solar panels, maintaining wind turbines, or generating hydroelectric power.
That said, the amount of money you’ll need to get started will depend on the scale of your proposed business operation. But through hard work and dedication, you could make between N200,000 and N1,000,000 every month.
#17. Fitness Center
Starting a fitness center can be one of the hidden business opportunities in Nigeria! A fitness center is a cool place where people can get together to work out, keep fit, and do other healthy activities.
So, if you love fitness, starting a fitness center in Nigeria can be profitable but requires a solid business plan and some investment. It’s often advisable to have at least N10 million to start if you want to dabble in this business. But that depends on where and how big you want it to be,
Yet, with proper marketing, you could potentially earn between N500,000 to N2 million monthly.
#18. Livestock Business
Nigeria is a land of hidden opportunities when it comes to business. One such opportunity is livestock farming!
Of course, livestock farming is about raising, breeding, and selling domesticated animals for meat, milk, or other products. But to start a successful livestock business in Nigeria, you need a clear business plan, suitable land, and appropriate animal breeds.
That said, the capital you’d need depends on the scale of the business. But it can range from N500,000 to N10 million. Even so, when your business is up, proper management and marketing could help you earn between N50,000 to N2 million monthly.
#19. Resort Business
As one looking for hidden business opportunities in Nigeria, starting a resort business could be a great idea.
A resort is a place where people can relax, have fun and enjoy leisure activities. But to start a resort business, you need an excellent business plan, suitable land, and the necessary amenities for your guests.
The start-up cost for a resort business depends on the size of your proposed business. But prospective entrepreneurs who want to tread this path are advised to have at least N50 million.
What’s more? With proper marketing and location strategy, you could potentially earn between N5 million to N30 million monthly.
#20. Tutoring and Training Business
As one searching for workable hot business opportunities in Nigeria, consider starting a tutoring and training business!
It involves providing learning opportunities for individuals seeking academic or professional guidance. But to get started, you’ll need a passion for education, knowledge of the subject matter, and a clear business plan.
Depending on the scale of the operation, you could start with a capital of N50,000 to N500,000. While the capital need is relatively high, the monthly income potential is enticing. It can range from N100,000 to N500,000.
But that is hinged on the quality of service, marketing strategies, and client retention.
#21. Event Planning Business
Another business with hidden opportunities in Nigeria is event planning! It involves the exciting task of organizing and managing weddings, parties, and corporate functions.
So if you have a strong passion for organization and creativity, starting an event planning business in Nigeria can be a profitable venture. But to start, you’ll need a well-written business plan, strong networking skills, and a portfolio of previous events.
The Capital requirements for this type of business can range from N500,000 to N5 million, with monthly income potential ranging from N200,000 to N2 million or more. Provided effective marketing and client retention strategies are in place.
#22. Hotel Business
Also, as one looking for a hot business opportunity in Nigeria, you may want to consider the hotel industry.
As you know, the hotel business offers lodging, food, and hospitality services to travelers and tourists. But if you want to start a hotel business in Nigeria, you’ll need to do thorough research, create a solid business plan, and get suitable land with the necessary amenities for guests.
But depending on the scale of your proposed business, you may need a capital of about N50 million to N500 million to start a hotel business.
Meanwhile, with proper management, marketing, and excellent customer service, a hotel business’s monthly income potential can range from N5 million to N50 million o
#23. Fishery Business
Starting a fishery business can be an exciting and profitable opportunity for you in Nigeria. That business involves breeding, harvesting, and selling fish.
But then, you need to plan and invest wisely to succeed. That said, you’ll need to find a good location and set up ponds or tanks to raise fish. You’ll also need to buy fingerlings or fish seeds.
Furthermore, you may need to invest between ₦500,000 to ₦5,000,000 initially. But that depends on how big you want your business to be.
Meanwhile, the interesting part is that if you manage your business well, a medium-sized fishery in Nigeria can earn you a monthly income of between ₦200,000 to ₦1,000,000.
#24. Furniture Making Business
Furniture making is a hot business opportunity that involves creating and selling different types of furniture in Nigeria. Often, starting this business requires a combination of creativity, technical skills, and investment.
You’ll need to find a workspace, buy tools and equipment, and source quality materials to make your furniture. Depending on the size of your operation, you may need to invest between ₦500,000 to ₦5,000,000 initially.
Meanwhile, a well-managed furniture-making business in Nigeria can earn you a monthly income of between ₦300,000 to ₦2,000,000. With dedication and hard work, this business can be very profitable.
#25. Beauty and Cosmetics
Beauty and cosmetics is an exciting business opportunity that involves selling makeup, skincare, and fragrances. Starting this business in Nigeria requires some initial groundwork such as researching the market, sourcing high-quality products, and establishing a sales channel.
Accordingly, you may need to invest between ₦200,000 to ₦5,000,000 initially, based on your business model.
In any case, a well-managed beauty and cosmetics business in Nigeria can earn you a monthly income of between ₦100,000 to ₦1,000,000. You see why this business is perfect for those with a passion for beauty and fashion. Yet many hidden opportunities are waiting to be discovered!
#26. Software Development
Software development is another fascinating business with hidden opportunities waiting to be explored. Of course, it involves creating computer programs and applications that solve problems or meet specific needs.
But if you want to start this business in Nigeria, you need to have the necessary technical skills, equipment, and software tools.
Besides that, you may need an initial capital ranging from ₦500,000 to ₦10,000,000. But would be determined based on the size of your operation.
That said, if well-managed, a software development business can generate a monthly income of between ₦300,000 to ₦5,000,000. Again, this business is perfect for those with a passion for technology and innovation.
#27. Digital/Affiliate Marketing
As one passionate about marketing and technology, Digital or affiliate marketing business is for you. It has hidden opportunities.
Not only that, it’s a low-cost business opportunity in Nigeria that requires digital marketing skills. Also, you need an online presence and partnerships with businesses.
So, this business requires you to promote and sell products or services online, particularly those of others. Depending on the scale of your operation, You can start with as little as ₦50,000 to ₦1,000,000.
Yet, a well-executed digital or affiliate marketing business in Nigeria can generate a monthly income of between ₦50,000 to ₦1,000,000.
#28. Vlog Business
As its name implies, Vlogging involves creating and publishing video content on online platforms like YouTube.
But if you want to start this business in Nigeria, you need to have a camera, a good internet connection, and content creation skills.
Also, you need the right content strategy so that your vlogging business can generate revenue for you. From ad revenue and sponsorships to affiliate marketing revenues.
That said, you may need an initial investment of between ₦50,000 to ₦500,000. But that’s based on your equipment needs, But a successful vlogging business in Nigeria can generate a monthly income of between ₦100,000 to ₦1,000,000.
Many hidden business opportunities in Nigeria can lead to profitable ventures. So whether you have an eye for fashion, a knack for technology, or a creative mind, there’s a business idea for you.
With the right skills, resources and mindset, you can turn your passion into a successful and profitable business.
Meanwhile, there’s no need to be held back by fear or lack of resources when pursuing your dreams of entrepreneurship. Again, Nigeria’s business landscape is ripe with opportunities waiting to be explored.
So, by embracing the possibilities and tapping into the untapped potentials of Nigeria’s business environment, you can make a significant impact on the country’s economy. And eventually, create a brighter future for yourself and those around you.
In conclusion, Nigeria’s hidden business opportunities are vast and varied, just waiting to be discovered. So, leap and explore the possibilities.
With determination and perseverance, you can turn your dreams into reality and contribute to the growth and development of Nigeria’s economy.