In this post, I want to share with you, list of untapped business in Nigeria that are very lucrative and can make you a dollar millionaire in 2023.
Starting a business is one of the most challenging situations a lot of people face in Nigeria.
One of the mistakes a lot of people made is starting a business that is not lucrative or is too competitive and so many people have ended up wasting money on the aim of starting a business.
It’s wise thus to look for a viable and untapped business idea in Nigeria so that you can be assured you won’t be wasting your time and capital on a business that will not yield results as expected.
The problems so many youths face in Nigeria Is unemployment, there are few opportunities available in the Nigeria Job Market and the best way of survival has always been to create a job for yourself when there is no Job and this is what thousands of Nigerians have been doing to survive the hard economic challenges.
What is an Untapped Business idea?
An untapped business idea is an idea or business plan that involves providing a solution when there’s a demand for a product or service which perhaps may not be currently supplied or offered by any other company.
Starting an Untapped business idea has created an avenue for people and businesses to find an opportunity to be the first brand to offer a product or service.
So yea!
You sure want to start a business, but heck no one wants to invest their time and money on a wild goose chase.
Let’s create a case scenario for this and why it’s wise to always consider thinking of starting an untapped business.
Ogochukwu wants to start a business in Nigeria and Ogochukwu thinks that starting an Ecommerce website where he can sell imported items will be lucrative and will make him rich.
But looking at the economy, there are so many big and successful companies that are into something of this kind and they are doing the business so well.
For example, Jumia is a company that operates a range of online marketplaces, and they are into various kind of imported goods, this company is currently Nigerian’s number one online Marketplace.
Then there is konga, and other options as well.
Ogochukwu will therefore find it hard to strive because apart from the big ones, there are also plenty of small online retail outlets.
The Reality of Starting an Untapped Business in Nigeria.
In today’s economy, there are so many business opportunities in Nigeria but many people have tried starting a business and ended up failing.
Before I share in summary the reasons why it’s so important to start an Untapped business, let’s analyze something.
The two key factors that determine how well a company will perform are:
- Competition: A lot of companies suffer because there are too many companies doing the same thing that they are into, this competition has been one of the reasons so many businesses suffer.
You create a product, and several other companies created the same product, the consumers are then left with so many choices,
It will require a very high marketing skill to influence consumers to pick your product over other’s, and this will be more difficult when you are just starting and this leads to the next big problem.
- Fewer consumers or customers: If there are too many products or service of the same, you will end with a market where there are fewer consumers or people that will be interested in your service.
The Reality.
Almost every new startup businesses in Nigeria popping up every now and there has been cloning or copy existing business ideas, concept, services, products, business style, promotion strategies, pricing and some even use similar names.
Pretty assumable, they also expect to succeed just the way others have succeeded by doing the same business.
After careful research on this trend which happens every day, some of these business owners manage to get the capital they need to start and they start to develop the business ideas for a few months and sometimes years.
Oops! What later happens is that they eventually start running into loss and debts and then shuts down or divert into other fields.
That leaves us with a question- are there still hot business ideas in Nigeria?
of course yes, and the big question again is, how can one suchceed when starting a business in Nigeria.
The simple logic is to start a business that is relative of less competition and at the same time a great demand.
Before giving you our own researched list of untapped business in Nigeria, let me show you just how to find untapped business ideas in Nigeria.
4 Ways to Find Untapped Business ideas in Nigeria on your own.
In this section, I am going to show you the most effective method to Identify the Rare, Untapped business ideas in Nigeria.
We can also concoct that you can research for the best business in Nigeria that is still hot and fresh for anyone to venture into.
We all know of the man who invented the light bulb, Thomas Edison in 1879. And there is something to learn from this.
Before the time when Thomas Edison came up with the idea of inventing the light bulb, people made use of lamp, fuel lights, candles, and chimneys to light their homes when it was dark.
I always say from this that Thomas Edison knew there was an undiscovered market in that place even though wasn’t any big business initiative from the light bulb invention at first.
Well, Edison got hold of past innovative work from different creators, then he realized that making the light should have been viable and reasonable so he could sell it.
As a business person, it’s critical to find undiscovered business sectors so you can enhance what has been existing or put up another service or product for sale to the public.
In summary, it is something so many people overlook.
I mean who cares, we all want to just jump in, and doing what people are already doing may appear easier to start because you can easily copy and reproduce similar ideas.
To succeed in a business in Nigeria, to a very large extent, it is important to survey and find untapped business ideas.
I will be showing you how you can find your own unique business to start in Nigeria.
Below are some notable points;
- Always pay attention to emerging trends in Nigeria.
- Conduct competitive analysis and form any small idea out of the already existing big business ideas
- Look around you for problems and situations faced in the country and come up with a unique approach to solving them.
- Be on social media platforms to examine what is coming up and what demands people have that is yet to be solved exclusively.
- Research and always follow industry blogs, like Usulorinform.com.
Let’s talk about how to find untapped business ideas from Emerging Trends.
It is very difficult to be observant or knowledgeable of what customers want if you don’t know what’s developing in your industry or what is happening in the country.
The knowledge you can gather from what is happening around you can help you to determine which problem to solve.
Finding where there is a disconnect between supply and demand can open your business mindset to new opportunities and hot business idea in Nigeria and the first approach towards success is if you know where to look.
You need an ultimate understanding of where people are going to consume information and product, that is by looking around you and sticking your head to the daily arising trends in Nigeria.
That is key to finding untapped business in Nigeria even ahead of your competitors.
Let’s talk about conducting a competitive analysis and forming any small idea out of the already existing big business ideas.
Finding an untapped business idea is not so difficult. It’s possible to find fresh business ideas from already existing business ideas.
Many businesses that are doing well today were carved out of bigger businesses.
To come up with a good idea you must find where your interest lies which sector are you most interested in, look at what other people are doing and see which areas they are yet to cover.
You can create your own big business out of those small areas that are yet to covered and this is most often reflected as niching down.
When you narrow down your research to smaller aspects of businesses, you will find a unique idea that you can start.
I mentioned Looking around you for problems and situations faced in the country and advised that you come up with a unique approach to solving them.
Now let’s look around this.
This is very possible, when you walk outside there are numbers of people you can engage in a conversation with and from that conversation you can easily jot down the areas that you think can be covered.
There’s no big deal and many people do this, when you hear the same problem being addressed by several people around you,
Then there is a chance someone will come up boldly one day to solve that problem and that person can be you.
All you do is look around and engage people in meaningful conversations, from your interactions, people can give you access to valuable insight into their needs.
From there you can find identify an untapped business idea, one which may be companies are may have not seen or overlooked,
consumers on the other hand may be facing these problems because there isn’t anything on the market to suit their needs.
If you can solve their problem with your unique approach and method, then you have just identified a market that you can break into.
Be on social media platforms to examine what is coming up and what demands people have that is yet to be solved exclusively.
It is easy to discover untapped business ideas when you look for changes and trends in website traffic and social media app.
Also when you look at apps that people are now using most often, apps with high downloads/use are extremely telling for what consumers want, but cannot find.
When you visit social media platforms like Twitter and Facebook, you can also build ideas from comments and activities going in
This is a unique step towards searching for the best business ideas in Nigeria that are fresh and hot.
So take up your time to find what people are searching for online, in the above tips we talked about finding those business ideas offline, you can also find business ideas online.
Research and always follow industry blogs.
Another way to discover business ideas is to follow industry blogs like Usulorinform.com, websites that talk about business and young startups.
By following these blogs and website you can become exposed to the many opportunities that so many people overlook and those that are appearing to become real-time demand,
Remember to take up the information you gather from blogs for further research to ascertain that they are ideas that people need to solve their problems.
List Of Untapped Business in Nigeria to consider starting In 2023
We have talked about how you can find the best business ideas in Nigeria on your own by showing you how you can discover the untapped business ideas that fit your interest.
Before we round up this post, I have deemed it fit to share my ideas after careful research of the untapped businesses in Nigeria that anyone can start.
You can consider any of these business ideas, they are fresh and untapped business market to explore as of the time of writing this post.
I have also mentioned various reasons why these businesses remain service with demands and how you can genuinely succeed by starting any of these businesses.
Nigeria and Lagos Business Economy
From careful and well-conducted research, it is evident that Nigeria is a very good place to start a business.
Nigeria’s GDP was around 443 billion U.S. dollars in 2020 and records the highest gross domestic product amongst all the countries in Africa thus making Nigeria one of the biggest country in Africa with the biggest economy.
To further throw light on the Africa economy, Egypt’s GDP was also around 362 billion U.S. dollars and ranks as the second-highest on the continent after Nigeria.
Well, South Africa, is the third-largest economy, two North African countries – Algeria and Morocco – followed in the list.
These data summarise that African economies are growing fast especially Lagos Nigeria, the country with the biggest economy in Africa.
Among the countries with the highest GDP growth rate worldwide, African nations dominated the ranking.
Yes, Africa is a continent that has a very high economic ability due to its favourable environment for agriculture, natural resources, wildlife, improved macroeconomic policies etc.
Undoubtedly starting a good business in Nigeria will always be a great investment and Lagos is an ideal spot for investment among all states in the country.
It may be challenging, however, to understand the Nigerian market for every start-up businesses.
But this article will help you understand the Nigerian market and provide you with a list of untapped business ideas in Nigeria.
Below is a list of the 10 Untapped Business In Nigeria we have come up with.
- Agricultural related businesses
- Educational Related Businesses that involves the use of Technology
- Employee Training
- Cybersecurity
- Urban Logistics
- Online banks
- Telemedicine
- Startup financing
- Apps and Online Services
- Films and video production.
Now we have listed out the 10 best businesses ideas in Nigeria that are fresh and untapped.
Now look at this; before now no one valued or used a face mask, but in 2020 when the globe got affected by a global pandemic, the need for face mask increased and everyone started purchasing Face mask.
That is how an untapped business idea, at first it is usually something that the world might not know they need, but in the long run, your product or service becomes suddenly something in high demand.
Let’s see how each of these business ideas play a major role in Nigeria and how you can find a market for yourself.
NB: Remember the rules I shared with you on strategies that you can use to find untapped business in Nigeria that we discussed in this post? We have used these tips to outline our list of profitable business ideas to start in Nigeria.
If you notice and pay careful attention to our list some of these business ideas are businesses that are pulled out from already existing business ideas. So let’s discuss them.
Because of Nigeria’s ideal agricultural environment and sufficient farm produce and land in Nigeria,
Going into smaller areas of agriculture that is not so dense can be a good business idea for anyone to start with. Nigeria is a decent place to set up a farming business.
At a time, pig farming was not very popular in Nigeria, there are many farms produces that was not originated in Nigeria, many of these were discovered and people started doing them.
There are also other undiscovered areas in Nigeria agriculture business that you can find and venture into.
Nigeria is a country that is now into farming and exporting items like cocoa, garri, and other products. Consequently, farming is unmistakably one of the undiscovered business openings in Nigeria.
You can put resources into poultry producing and trading eggs or sell them locally.
You can likewise put resources into dairy or cow meats. Having a milk handling company in Nigeria will be an additional benefit since you can deal with esteem added dairy items like yoghurt and cheddar.
Fish farming is likewise a lucrative business that you can branch on and become diverse in it.
SEE: How To Start Poultry Farming In Nigeria As A Beginner
2. Educational Related Businesses that involve the use of Technology
Virtual education is still an untapped business in Nigeria, Nigeria recently started embracing and growing its technology sector, and unfortunately, it’s yet to be fully used in the education sector of Nigeria.
The need for Virtual technology rose on the outbreak of the coronavirus, the country’s educational sector was affected as there were poor technologies that could be used by students and teachers in lecturing and educating their students.
This makes virtual education an important need that should be met.
As the world fought COVID-19 and its devastating impacts on human life, and to prepare for the future, there is a gap to be filled in the education sector.
3. Employee Training
You may wonder how this equates to a good market for one to explore, but on the flip Employee training is an aspect that has not been explored and for various reasons, it is a field with high demands.
There is a big interest for well trained and employable individuals in Nigeria in different sectors, companies are looking for the best people to work for them.
Therefore it is possible for one to establish a medium for training employees and potential job candidates.
Setting up an employee college for those who want to work but do not have the right skills is an untapped business idea,
people need different courses to set them up for the job market while those already employed need extra abilities and improvement.
This creates a need for more professionals training establishments, a portion of the spaces you can prepare individuals is in the front office activity,
advanced showcasing, computer exercises like Excel, checking and assessment (M&E), customer service, field workers, and bookkeeping.
This business thought is reasonable in Nigeria and it is one the big fresh untapped business in Nigeria, with setting up training frameworks in nations like Nigeria.
4. Cybersecurity
Year in and out, Nigerian organizations lose more than $3.5 billion to hackers and network cybercriminals.
Most of these faults come from the fact that the country is underdeveloped in the aspect of technology, the country (Nigeria) only started recently in training their citizens to become tech giants and innovators.
In the same vein, Cybersecurity is now one of the growing sectors, it is one of the emerging and untapped business in Nigeria due to the expected harms and hacks that are in question.
People and establishment who make use of tech innovations to facilitate their business of all sizes are being focused on, such as banks, government established bysiness and so on.
The attacks range from straightforward email tricks to enormous scope theft of client information, extortion, ransomware, undercover work, basic framework damage, and other malignant cybercrime.
Hackers and cybercriminals are in the loop each day, and more damages will continue to exist until the company has good and well-trained cybersecurity officers.
As indicated by the Africa Center for Strategic Studies, up to 96% of cybercrimes emerge from Africa and these crimes go unreported or unsettled,
Nigeria organisations are to a very high extent affected due to the poor technology infrastructure in the county— this implies that digital dangers on the mainland are likely much more awful than the authority measurements.
More awful still, Nigeria needs more experts to protect itself from the developing dangers. The landmass as of now has a hole of more than 100,000 affirmed cybersecurity professionals.
Strangely, a developing number of business people on the mainland are meeting people’s high expectations.
Thus this is a field that people of great abilities can venture into to create stabilized and well-managed cybercrime activities.
The tech business person from Côte D’Ivoire is the mind behind BACE API for example created a product that utilizes facial acknowledgement and artificial knowledge to check individuals distantly.
The organisation is focused on monetary establishments and different businesses that depend on the individual check to decrease cyber safety chances.
The market for information stockpiling administrations is additionally filling exceptionally quick in Africa.
Truth be told, it’s being classified as “the world’s next information dash for unheard of wealth.”
Industry specialists project the size of Africa’s online network market could reach $3 billion by 2025, developing at a 12% accumulate rate.
Over the most recent five years, major worldwide cloud specialist co-ops, for example, AWS, Microsoft, and Huawei have been making advances into Africa.
As of late, an organization claimed by Zimbabwe telecoms tycoon Strive Masiyiwa raised $300 million to assemble and grow online farms in South Africa, Nigeria, Ghana, and Kenya.
Likewise, Rack Center, an information stockpiling organization in Nigeria that serves the West African market, has raised $250 million from a London-based private value firm.
The interest for neighbourhood information stockpiling limit in Africa is ascending following its fast populace development, urbanization, cell phone use, and web entrance.
5. Urban Logistics
With millions of people in Nigeria, and by 2050, there is an estimate that the need for urban logistics will be on the high side as the country states start becoming developed.
While big cities provide significant economic opportunities, they also present very serious logistical challenges when it comes to locating people, and delivering goods and services to smaller towns in Nigeria.
A prime example is the lack of a formal address system in many urban areas in Nigeria which therefore makes logistics to urban areas and urban travelling a bit harder.
Without accurate and verified addresses, doing business can be very frustrating in some parts of Nigeria.
E-commerce startups, banks, utility companies, and a range of local businesses face significant challenges in identity verification, delivering customer orders, and tracking location data for people in remote areas.
Interestingly, a startup company in Kenya for example has risen to the challenge.
Founded by an ex-Google employee, OkHi uses a combination of GPS technology, photographs, and phone location data to identify hard-to-reach addresses.
So far, OkHi has verified over 300,000 addresses and successfully raised $1.5 million from investors to expand its service into other markets.
Last-mile delivery of goods is another serious logistical nightmare.
As the population in Nigeria urban areas grows, it’s putting a major strain on the limited transport infrastructure, making it very difficult to move goods around.
These days, road traffic in most Nigerian big cities is hell — and it may only get worse!
The good news is, across Nigeria, a growing number of startups are trying to solve the last-mile delivery problems in urban areas by combining technology with a network of agents with motorcycles, cars, and trucks which is today uber business.
GIGM logistics in Nigeria, an on-demand people and goods delivery company in Nigeria is one of the companies that arose to solve these problems but there is still more to be done.
In Africa’s biggest economy, Nigeria, the competition to dominate the on-demand delivery space is getting intense.
While regulatory hurdles have forced motorbike hailing operators like Gokada, MAX, and ORide to pivot from transporting people to delivering goods,
new players like ShapShap are innovating in interesting ways to differentiate themselves from the growing competition.
In North Africa, Egypt’s Swvl leads the pack. After raising $42m from investors in 2019 — the largest funding round for any Egyptian startup — it raised an additional $25m in 2020.
More investor money is betting on African startups that provide solutions to urban logistics on the continent.
And that’s because they understand one important fact: as the populations in Africa’s urban areas continue to grow, the demand for fast, convenient, and flexible last-mile delivery services will surely be on the rise.
6. Online banks
A year ago, even in the centre of the COVID-19 lockdowns, the $200-million procurement of Paystack — a Nigerian startup that measures instalments for organizations — stood out enough to be noticed.
Following quite a while of predominance by customary physical banks, youthful and imaginative business people are utilizing innovation in astute manners to challenge and change how monetary administrations are conveyed in Africa.
The greatest components behind the idea of online banks in Nigeria are the mainland’s young populace, expanding web and cell phone use, and a genuine administrative drive to increment financial incorporation and credit only instalments.
This makes online payment services a fresh and untapped business in Nigeria. Flutterwave and Kuda in Nigeria raised $35m and $10m separately.
Curiously, as the number of online banks and fintech ascends across Africa, new parts in the space are separating themselves by zeroing in on underserved specialities and market sections.
As we progress into this new decade, the advancement and development of Nigeria’s online banks, both as far as size and complexity, will doubtlessly be market with great values.
Related: Top 15 Cheapest POS Machine In Nigeria
7. Telemedicine business
The COVID-19 pandemic demonstrated exactly how delicate Nigeria’s medical services centres truly are.
More regrettable, the pervasiveness of illnesses like diabetes, malignancy, and heart conditions is rising apart from COVID.
Nigeria simply does not have insufficient medical clinics and medical care centres.
Thousands of trained Nigeria specialists, attendants, and other medical care labourers are emigrating to the USA, Canada, Europe, and the Middle East due to the lack of infrastructure in the country.
As a result, there is just around 1 hospital for every 5,000 individuals in the country (contrasted with the worldwide normal of 6).
This implies that Nigeria needs to improve the utilization of its restricted medical services facilities.
That is the reason telemedicine — an advancement that permits patients to get clinical benefits distantly without visiting a medical clinic — presents critical freedoms for Nigeria.
Telemedicine set up in Nigeria implies that one specialist can serve undeniably more patients, and clinic visits can be saved distinctly for genuine cases and health-related crises.
The idea is working and is one of the untapped business ideas. Also, there are now a few examples of overcoming adversity.
Nigeria’s Helium Health digitizes patient information and has constructed a virtual stage that could control telemedicine across Africa. A year ago, Helium raised $10 million to grow its quality across the mainland.
Coronavirus may simply be the enormous push that dispatches telemedicine into the standard across Africa.
8. Startup financing
Business investors are sending greater cheques to Nigerian new businesses because of rising certainty.
They can perceive how past ventures have assisted these organizations with developing and develop to levels that convey mouth-watering profits from speculation.
Up until this point, different established have been supported by business investors, and the equilibrium is slanted toward tech-based new businesses.
Such as fintech, agritech, clean energy, eCommerce, instruction innovation, and medical services business categories.
Investing in startups with good ideas is also an untapped business idea that anyone can start.
9. Apps and Online Services
There’s a digital transformation taking over Nigeria. Nowadays, numerous organisations currently have an application or are going on the web. Nigeria’s advanced economy is becoming super big.
Nowadays, there’s right around an application or online help for anything you need.
In case you’re searching for an appropriate lodging convenience in Nigeria, Hotels.ng and Jovago.com are currently the greatest online platforms in the booking business. As of late, Hotels.ng pulled in speculation of $1.2 million.
If you need to watch African motion pictures on the fly, there’s an application for that. IrokoTV is an application that gives you admittance to 5,000+ African films on your cell phone.
As of late, IrokoTV got an extra $19 million in speculation financing to extend its quality across Africa.
Again, if you’d prefer to arrange bespoke furniture pieces without studying craftsman or stress over quality, there’s an online assistance for that as well.
Theshowroomng.com is a Nigerian startup that is changing how individuals purchase furniture in Africa’s greatest economy.
In 2023, more applications and online services started spreading across Africa to take care of issues and offer some benefit. Also, more tycoons will be made simultaneously.
There are new app ideas that you can come up with to fill in this position too and start your app or online service.
10. Films and video production
Nigeria has talented and inventive entertainers and since the populace comprises a critical dominant part of the young, watchers are many.
To wander into this business, guarantee to create top-notch films with quality pictures.
Numerous Nigerian entertainers go across the landmass to short films which are sold are put on their social media platforms.
Films delivered in Africa have made a success on the planet.
A portion of the African nations where film and creation business has a prepared market incorporate Nigeria, South Africa, Senegal, Ghana, Egypt, and Tanzania.
This is just one of the main untapped business in Nigeria to stayou
Summary of how to find out untapped business ideas in Nigeria for yourself.
In the real world, business is all about solving people’s problems and you can always come up with your list of problems to be solved, from your perspective and ideas you can open a new business world.
You don’t have to be a genius, all you need is to be good at conducting research and taking note of what is going on in the country.
Stay ahead of trends, meet people and talk to them, find out what other companies are not doing and see if you can leverage those things to solve problems and then open a new business world for yourself.
Trying things that didn’t work before is also a way to discover and create an Untapped Business idea in Nigeria.
Truth be told, sometimes you have to forget the rules or the so-called business standards, forget about what did or didn’t work yesterday.
We have seen that it is possible to form a new business concept from many of those that did not work in the past, that is turning over each stone.
One good reason for this, the economy may have changed, and what is not needed in the past may not be something that is highly in demand.
I have always taught entrepreneurs never to say, “We attempted that, and it didn’t work.”
A smart and a wise businessman should always say, “How about we attempt it again with the lessons we acquired from the last attempt.”
Frankly speaking out of experience, I have had some accomplishment by doing this, things change and new ideas that did not exist in the past to make something happen may now be available so anyone can form a good business concept from something that was tried in the past that unfortunately did not work.
Find what people think is impossible to do, yes go where it’s hard. If everyone says that it’s a great idea,
The reality is it probably isn’t, remember the goal is to look for an untapped business idea and the reality is that most people will probably not have known that a business opportunity exists there.
If your business idea is something that people are already certain is a good business, that might also mean others are probably ahead of you in doing what you’re still thinking about doing.
An untapped business idea is usually something that no one has imagined could be a lucrative business idea.
Another things to take key note of is that you don’t need anyone to validate your new and fresh business idea, in fact, what you need are naysayers and non-believers.
At a minimum, they motivate you to do the impossible. They additionally confirm that what you’re trying to accomplish is difficult and the inherent challenges provide you with cover.
It gives you an edge over every obstacle and anyone else who may perhaps have not known of that very business idea.
Start with what you can think of, stick desperately to your overall plan and as you go, you can modify it and add new ideas into making your business ideas a better and bigger one.
This is the best route and anyone can achieve a good result by doing these.
Big things take time to achieve remember, find your business idea and start with your customers from there you can identify what they like and don’t like and adjust accordingly.
Do not forget to give them the forum to share feedback about the products or services they would like you to offer, take note of them and improve on what you do.
Conclusion
We hope you enjoyed the very detailed long post that you just read, we have provided enough information that when looking for untapped business in Nigeria you can always refer back to this post.
Remember that the list of business ideas we gave you is not absolutely what you must end up doing, you can find your business ideas by following the advice and instructions we provided in this article.
As long as you follow the advice and tips you are sure to succeed in the business world.
