Nigeria and Africa as a whole is fertile ground for several business ideas to thrive as the recent economic boost across Africa has revealed the readiness of the continent to accommodate new businesses. But then, a lot of investors are still wary, and so, are testing the waters or waiting to see if others would bell the cat.
There are business ideas that have been introduced into the Nigerian, and by extension, African economy, but remain relatively untapped. Rather than join the tide of existing traditional businesses which are already saturated, you could start any of these untapped lucrative business ideas in Nigeria and Africa that while active, are still underdeveloped.
If you are looking for untapped business ideas in Nigeria, Africa and many places around the world to start up, these 35+ untapped business ideas are a great place to start:
1). Food Invention:
Certain regions in Nigeria are blessed with different varieties of local dishes and soups. There are limited varieties of food in Nigeria. People often say they are tired of eating the common meals. Inventing new food or recipes is an untapped business that few people have been able to hack.
For example, innovating around food varieties like cocoyam powder and alternative flours will make the preparation of meals like the pounded cocoyam easier.
2). Recycling Business:
Recycling waste is a lucrative business but not many waste items are recycled in Nigeria, Africa and many places around the world. Recycling involves converting used items like plastic bottles, newspapers, bulbs, empty cans, batteries, glass, and others into new products. Products such as tissue papers, tiles, glasses, exercise books, and much more.
The recycling waste materials business idea is seen as a dirty business by most peiople but it is a good way to convert dirt to wealth.
3). Alternative Energy Production:
According to reports by the electricity generating company in Nigeria, the average power supply is not close to the needed power. The utility grid fails to meet up to national demands. Hence, an alternative becomes necessary.
Such alternatives include solar power, wind energy, biofuels, and more. Although it requires some significant startup capital, delving into an alternative energy business is a way to create wealth in Nigeria, Africa and many places around the world.
4). Driving School Business:
Driving school is an informal school business not limited to car owners only. Adults learn how to drive because of the nature of jobs and in case of emergency. So, there’s always a ready market for the school-driving business.
To start this untapped business, you need to have a couple of cars for practice as well as skilled trainers.
5). Pig Farming:
Pig farming is one of the most lucrative untapped businesses that can change one’s net worth quickly. This is largely because pigs give birth to a lot of piglets and, in most cases, all the piglets survive.
Pig farming is still relatively untapped in most parts of Nigeria and Africa at large. Hence, existing pig farmers struggle to catch up with the demands because pork consumption has increased recently.
6). Animation Movies:
Nowadays, cartoons are not just for kids. The global animation industry has evolved to create appealing visuals even for adults, especially in the movie production industry.
As a software developer, the production of animation characters could be a great business idea for you. You can network with producers in the entertainment industry, and ad production industry, amongst others.
7). Maize Farming:
To make the best of this untapped lucrative business, it is important to start big and get a business plan alongside. Maize has a large market and different forms of end products. Capitalizing on this means having a large farm.
For effective maize farming, you need to invest in a good land tractor, fertilizers and sufficient manpower.
8). Cassava Processing:
Cassava processing is another highly untapped business, especially in modern towns and cities in Africa. Industrial cassava processing is left to local communities alone, and this results in gross insufficiency of the sector as far as meeting demands are concerned.
There is a constant demand for cassava-related foods and products such as garri, fufu, starch, cassava bread, etc. Plus, you can equally process cassava into products for national and international distribution.
9). Poultry Feed Production:
Poultry feed production involves formulating nutritional poultry feed to meet the nutrition requirements of different poultry birds. Producing animal feeds requires combining different agricultural products in the right proportion.
Producing the right poultry feeds requires in-depth training in the right agricultural products and their appropriate proportion. You also have to invest in devices such as pellet machines.
10). Fresh Vegetable Business:
The fresh vegetable business has to do with selling fresh vegetables to individuals, hotels, restaurants and other businesses in the food production industry in various quantities.
Although vegetables have a low shelf life, you can build a great business once you have a good preservative system and quick distribution channels.
11). Cucumber Farming:
Cucumber is a highly nutritious fruit with great market demand. Unfortunately, the business is one of the most untapped businesses in Nigeria and other parts of Africa. If you’re interested in starting a farming business, cucumber farming is a great business idea in Nigeria, Africa and many places around the world.
All you need is a plot of land with favourable soil conditions as well as other basic farming elements such as labour, good seeds and fertilizers.
12). Yam Flour Production:
Yam flour is one of the by-products of yam. It comes in two different varieties; yam flour for the Nigerian local meal called amala and the one for pounded yam. Both varieties are in high demand but the processing is limited to localities in Nigeria, which makes yam flour scarce in most towns and cities.
You could capitalize on this gap and start a yam flour production business across major towns and cities in Nigeria as well as other African countries.
13). Shea Butter Extraction:
Shea butter is useful for so many purposes, ranging from skincare to the treatment of minor health challenges. It is also used in the confectionery production industry. But then, Shea butter production companies are few in towns and cities, which makes production and distribution tasking.
You could start a business that will bridge the gap between Shea nut farmers and end-consumers. Starting Shea butter production is a lucrative business idea anyone can start in Nigeria and make a lot of profits from it, while also enjoying fair market competition.
14). Preschool Business:
This lucrative business idea has to do with nanny duties. The preschool business is booming in Nigeria, Africa and many places around the world. It requires good customer service as you will most likely get more customers by recommendations.
For kid lovers, this is an easy way to monetize your interest. It is yet an underrated business in Nigeria but it is highly profitable.
15). Soybeans Production:
Soybeans can be processed for oil, milk, flour, and much more, which makes them a hot demand in the food production industry. However, the available producers of soybean are limited, and this causes a strain on supply and distribution.
You can start a soybean production business in any part of Nigeria or Africa and generate a lot of profits as long as you have a strong distribution network.
16). Tomato Processing Business:
Tomato processing is one of the many untapped business ideas with a lot of potentials and a promise of financial stability. Nigeria has a lot of tomato farmers which will make the tomato processing business flourish with ease. Also, you can process tomatoes into different products such as ketchup, tomato paste, and much more.
Starting a tomato processing business requires good capital and a good location but the market is ready. This will reduce Nigeria’s overdependence on imported tomato products.
17). Online Store:
The world is fast evolving into the digital space, and most people now prefer to conduct all their basic purchases online rather than visit a physical store. There is still enough room in the online store business because there are very few digital stores in Nigeria at the moment.
To set up an online store with varieties, hire a web designer to design a user-friendly website for users to navigate through your products.
Shoemaking is one of the most underrated and untapped business ideas in Nigeria. The focus has instead been on imported shoes. However, there are enough quality materials for producing great shoes in Nigeria and other African countries.
The success of locally produced shoes lies not in duplicating foreign shoes but in making original quality shoes with an authentic brand.
19). Pet Breeding:
Your four-legged friend can also put some money in your pocket. You can rear dogs and cats and sell their offspring! Pets are valuable companions and the pet breeding industry is fast evolving in Nigeria, Africa and many places around the world.
It helps to start with common pets like dogs, cats and bunnies. Pet breeding is still an untapped business because most people rear pets without considering selling them.
20). Pineapple Farming:
Pineapple is in high demand both at home and abroad. Meanwhile, Nigeria and several other African countries have high pineapple production rates because of the fertile land and favourable atmosphere for growing pineapple.
The marketability of pineapple is based on its multiple-use, especially in the food production industry.
21). Solar Installation:
Solar panels are almost commonplace in most towns and cities in Nigeria and other parts of Africa. The use of solar energy is to supplement the erratic utility grid. Selling and installing solar panels is bound to grow into a highly lucrative business as time goes on.
However, the success of this business is predicated on the rate at which people adopt solar energy. Notwithstanding, large businesses and facilities such as hospitals where standby power supply is non-negotiable make up a steady market.
22). Cinema Business:
Opening a cinema is one of the many untapped business ideas in Nigeria. Most towns across Africa have no cinemas while some have a few. This could be an opening for interested businesspersons.
The growth in the Nigerian movie production industry has stirred more interest in movies. More so, people prefer to visit the cinemas both for fun and a full movie experience. Starting a cinema business or a chain of cinemas across several towns will generate a lot of revenues.
23). Landed Properties:
This lucrative business idea starts yielding an increase the day you buy it. Land does not depreciate. This business is suitable for people who do not have the time or power to run day-to-day businesses.
Plus, you can lease your landed property to farmers, small-scale businesses, or turn it into a car park while it continues to appreciate.
24). Car Rental Business:
The clients for the car rental business are not necessarily only those that do not have a car. People with cars rent cars for different purposes at one point or the other. Although a car rental business requires some capital, the profit is massive and it enjoys a large market.
25). Quail Farming Business:
Quails are small birds capable of laying eggs daily. The birds can be reared in a small floor space, but you need to maintain a clean environment around them.
Quail farming is underrated in Nigeria but it has high profitability, especially as people become more conscious of their diet.
26). Frozen Foods Production:
The frozen foods business involves distributing foods such as shrimp, prawns, chicken, fish, turkey, and much more. Due to the level of capital required for this business, it has remained relatively untapped.
Yet, it has a massive demand. To benefit from the frozen foods business, you could start by focusing on a few frozen foods at a time.
27). Fertilizer Production:
Nigeria and most other African countries are blessed with arable land for the cultivation of different plants. Notwithstanding, for effective crop yield, it is necessary to apply fertilizers during cultivation. This creates room for fertilizer production. Whereas most fertilizers are imported, starting a loyally made fertilizer production business will make a great business idea.
28). Rice Farming:
Rice is one of the staple foods in Nigeria. It is also one of the most consumed foods in the world. Having a large farm that produces processed and unprocessed rice is still an untapped business idea in Nigeria.
There are markets for rice both at local and international levels. With a strong distribution channel, you can reach a wide market and make a lot of profit.
29). Investing In FinTech:
The financial technology industry enjoys a regular increase in stock price, increase in revenue, and strong growth. These features are part of the things to consider before investing one’s money. You can invest in tech startups or existing ones.
However, it is important to consult experts or study the tech market for yourself before investing.
30). Plantain Farming:
Plantain is valued for its nutritional benefits. Plus, it can be processed into different snacks like plantain chips, fried plantain, plantain puff puffs, pancakes, and much more.
Although plantain has always been a major meal in Africa and other parts of the world, making new plantain recipes is a great business idea that anyone could tap into.
31). E-book Writing:
E-book writing is the act of writing and selling a book online. Publishing an online book is a good way to sell knowledge and contribute to global scholarships while also generating a lot of revenue.
32). Bee Farming:
Bee farming is part of the untapped businesses that people are afraid to start because of the hazards involved. Stinging is a rare possibility once you are well protected. Meanwhile, honey is a highly marketable product.
With a lucrative bee farming business in place, you can reduce the demand for imported honey and enjoy high profitability.
33). Snail Farming:
Snail farming cuts across just rearing snails. It is one of the few untapped business ideas that encompass distributing to food production businesses and even packaging as snacks.
With such novel ideas in snail farming, there is no end to the possibilities in the business. What’s more, it requires little startup capital.
34). Turkey Rearing:
Turkey rearing involves rearing turkey for meat or eggs. Turkeys are consumed across all regions of Nigeria and other parts of Africa as a whole.
Hotels, restaurants and other food hubs are the major clientele of the turkey business. This lucrative business is profitable and has a high return on investment ratio.
35). Wallpaper Production:
Wallpapers are used to beautify offices, hostels, homes, and stores, amongst others. Most wallpapers used in Nigeria and other African countries are still imported. This implies that locally-made wallpapers will enjoy great patronage.
Wallpaper production is still an untapped business in Nigeria. The best part is that it doesn’t require so much production effort or technical expertise.
36). Export Business:
The global trade of commodities like agricultural products, solid minerals and manufactured goods is growing every day. But in countries like Nigeria and other African countries, the growth pace is extremely slow as they’re highly dependent on imported goods. You could take advantage of this market gap and start exporting commodities from Nigeria to the international market and get paid in Dollars.
To Sum It Up
It is common for entrepreneurs to stick to saturated businesses. However, if you measure the risks and invest in the right equipment where necessary, as well as a suitable marketing strategy, you could build a successful business out of these business ideas. If you are looking for untapped business ideas to invest in, these 35+ untapped business ideas in Nigeria, Africa and many places around the world are a great place to start.
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