14 Top Untapped Businesses In Nigeria With Little Startup Capital

Would you like to know more about the untapped businesses in Nigeria?

The present generation of entrepreneurs and business owners in Nigeria is hugely focused on aspects that have been discovered and are now oversaturated.

We have several untapped businesses in Nigeria, and entrepreneurs need to leverage them.

This article has compiled a list of top untapped businesses in Nigeria, things you will need, and things to expect when starting an untapped business in Nigeria.

What Is An Untapped Business Idea?

Now you’re curious, what exactly is an untapped business idea in Nigeria?

An untapped business idea is an idea that nobody considers a lucrative business to venture into.

They are often seen as challenging to start and might need huge capital to set up.

In Nigeria today, several business ideas are left unattended where they are. Lots of profitable business ideas that one can choose from to begin at the moment.

So while many Nigerians are rushing into popular businesses, there are many untapped business ideas in Nigeria with more potential and little capital that could easily earn you millions.

Things You Will Need In An Untapped Business

To be successful in your business, there are some qualities you have to possess for the business to thrive.

Skill Acquisition

Possessing the right skills in your line of business will prove to assist you to weather terrible days and give you the chance to become a professional in those skills.

For instance, if you love cooking and have culinary skills, go for a catering-related business. Doing this will help you direct your passion and energy to the right place.

Passion

Starting a business, you have developed a passion for will fuel to strengthen you when you face low sales or no sales.

If you don’t have passion for the business you’re about to start, then you shouldn’t go into it at all.

Business plan

It is essential to have a detailed plan for your business, so you don’t go off track in the course of running your business.

Most times, when you are earning huge returns, you may tend to spend extra to buy extra equipment or to scale up.

Part of your plan should have room for a Plan B in case of a necessity.

Good financial capability

Please don’t choose a business that will make you go bankrupt while still trying to build it. Always cut your coat according to your size.

Businesses grow in stages, and you cannot build one without challenges. So be prepared for financial challenges, as they are the worst type in a business that can lead to frustration.

14 top untapped businesses in Nigeria with little startup capital.

Drop-shipping

Dropshipping is a big business idea that many people are yet to tap into.

This business involves setting up an online shopping website to display your products.

When a client makes an order, you then transfer the order to your supplier, who will process it and take care of the delivery.

Your supplier will also handle the inventory, so you won’t have to spend money buying and storing any products.

Mini Importation

The mini importation business promises to earn you lots of money.

This business involves importing products from foreign countries and then selling them at a lower price to earn your profit.

To start this business, you should perform market research and focus on hot products with a high-value margin that sells off fast.

Sites where you can purchase these products are 1688 and AliExpress.

Real Estate Business

The real estate business is more of a passive stream of income that has the potential to increase your net worth in a matter of a few years.

This business model involves buying plots of land at lower prices and then waiting for the land to gain value before selling them off.

It is a kind of investment you won’t ever regret as land is seen as a valuable asset.

Garri Processing Factory

Garri is a hot commodity in Nigeria. It is popular to the extent that people buy it without relying on branding or adverts.

Recently, the price of garri has increased due to the high inflation rate, thereby increasing this business’s profit rate.

You will need to set up this business in a remote area to make quick and long-lasting gains.

Child Care Business

Lots of parents rely on housemaids and nannies to take care of their children while they are at work.

But, most parents look for professional child care centers that can handle the workload.

So, if you plan to start a nanny business, you should target high-paying areas where parents would save no cost to make sure their children are well taken care of.

Home Cleaning

If you reside in commercial areas like Port-Harcourt, Lagos, or Abuja, you will discover that there is a high demand for this service.

Any gender can carry out this business if you have the proper training.

As a home cleaner, you should have some type of identification. You might also choose to register the business to add to your credibility.

Fish Farming

Starting a fish farming business could amount to some huge expenses, which is why few people are tapping into its gains.

An advantage of the business is that it never goes out of season, making it a profitable agribusiness that will regularly make money into your pocket.

You will need a water supply, fishpond, fingerlings, and feed to get started. You will also have to set up the fish pond in the right location convenient for your fish.

Palm Oil Business

The palm oil business is growing as many companies require the commodity to manufacture other products.

But, you should be aware that the business is seasonal. So to earn the best profit, you will not have to do the production.

Instead, you will purchase it cheaply and then resell it during scarcity months.

Rice Farming

Nigeria ranks #1 when it comes to rice consumption in Africa.

This is the reason the price of the commodity increases during the festive season when people are ready to pay extra to take a bag home.

Currently, Nigeria has many laws encouraging local farmers to take over the market, which allows you to make millions of naira.

Vlogging

When we talk about online businesses, vlogging stands as one of the most profitable.

You can create videos on YouTube, place ads in them, and get paid when people view your videos.

You can as well earn money when you post sponsored content on your channel.

Snail Farming

Many people don’t know about snail farming; they think snails cannot bring them good money because they are small.

If only they knew that snails don’t cost much to rear, and if you start with 50 snails, you can earn a lot of money when they mature; by selling them to eateries or hotels that have snails added to their menu.

An amazing side of snail farming is that a snail can lay up to 500 eggs. If you begin with 50 snails, and then they produce 400 snails each, you will have 20,000 snails to sell when they mature.

Now, let’s assume you sell your 20,000 snails for at least a minimum of 50 naira each to buyers. This means you will make 1 million naira after successfully selling everything.

This is for a business that will not cost you more than 100,000 naira for training and feeding.

Online Advertising Agency

The best way to market yourself or your products is to do it online, as almost 80% of Nigerians use social media regularly.

So anyone ready to take up the challenge of building an online agency is sure to earn a lot of business customers. However, you have to be creative in your thinking to thrive in this business.

Event Planning Company

For an event to be successful, it needs a lot of planning and organization.

Event planners in Nigeria are very few. If you can coordinate a team dedicated to planning events, you are sure to build a company from scratch to be a successful business.

Home Tutoring

If you are good at teaching, you can consider offering your services to several homes needing extra tutor classes for their children.

You can get paid handsomely well, and when they discover positive changes in their children’s performance, they can decide to raise your payments.

Frequently Asked Questions

What businesses are in high demand in Nigeria?

Agriculture business
Real Estate Business
Food Business
Transportation Business
Blogging Business

What is the fastest growing business in Nigeria?

Real Estate
Bottle/Sachet Water Production
Catfish Farming
Food Processing
Poultry Business
Daycare Center

What business can I start in 2022 in Nigeria?

Agriculture Business
Real Estate Business
Mini importation Business
Sales and Installation of Solar Systems
Transportation Business
Delivery Services Business

Things To Expect When Starting An Untapped Business In Nigeria

It would be best to be confident of encountering some things when starting an untapped business in Nigeria.

Zero or low competition
Chance of being the best in the industry
Fewer people in the business
Slow but steady sales and returns on business

Conclusion

There are several other untapped business ideas in Nigeria, but the above-listed ones are some of the best.

You no longer have an excuse to start making money today; however, ensure you perform your research on whichever business you finally decide to do.