Tech

Lucrative Hidden Business Opportunities In Nigeria In 2023

Now, let’s delve into the top 15 lucrative hidden business opportunities in Nigeria for 2023:

Renewable Energy Solutions

One of the very lucrative hidden business opportunities in Nigeria today is “Renewable Of Energy Solutions”.

With the increasing focus on sustainability, investing in renewable energy solutions such as solar power installations and wind farms can be a lucrative business opportunity.

However, before getting started, it’s important to acquire skills from a professional before delving into it, even if you have beyond the needed capital.

E-commerce Logistics

As the e-commerce industry continues to thrive, believe or leave it there is a growing need for efficient logistics services.

Unfortunately, very few understand how lucrative this business is and therefore venture into highly competitive businesses.

Establishing a specialized e-commerce logistics company can be a profitable venture if only you acquire the right knowledge from the right people.

Health and Wellness Services

With the rising awareness of health and wellness in Nigeria today, businesses that offer services such as fitness centers, wellness retreats, and healthy food delivery can thrive in Nigeria.

Whether in the rural or urban, this business is lucrative and will always thrive.

Digital Marketing Agency

Digital marketing agency is an alternative to the lucrative business opportunities in Nigeria mentioned earlier in this article.

As businesses embrace the digital age, there is a high demand for digital marketing services.

Starting a digital marketing agency can be a lucrative opportunity for those with expertise in this field.

Mobile App Development

With the increasing use of smartphones, there is a growing demand for mobile applications not limited to Nigeria alone but include every other part of the world.

Developing innovative and user-friendly mobile apps can be a profitable business venture.

However, keep in mind that without acquiring the right skills from professional mobile app developers, you might find it difficult succeeding in the business.

Agribusiness

Nigeria’s agricultural sector is not left out of the most profitable and lucrative hidden business opportunities in Nigeria today, it offers numerous opportunities, including crop farming, livestock rearing, and agro-processing.

Read- Complete List Of Ongoing Nigeria Federal Government FGN And CBN Loans And Grants For 2023

Investing in agribusiness is highly profitable and can double your stream of income fast.

Fashion and Apparel

Nigeria has a vibrant fashion industry with the majority being lovers of fashion and new style, therefore there is a growing demand for locally-made clothing and accessories.

Starting a fashion brand or boutique can be a lucrative venture for you if done the right way.

Financial Technology (Fintech)

Financial Technology (Fintech) has taken the world by storm.

With the increasing adoption of digital payments and financial services like Opay, Flutterwave, Palmpay etc, there is a need for innovative fintech solutions.

Developing mobile payment apps and online banking platforms can be a lucrative venture.

Food Processing

Food processing is yet one of the top 10 lucrative hidden business opportunities in Nigeria we must never overlook.

We all know our country has a diverse range of agricultural produce, and there is a growing demand for processed food products.

Therefore, establishing a food processing company can be a lucrative venture with the right skills and start up capital.

Renewable Water Solutions

The last but not the list on top lucrative hidden business ideas in Nigeria is starting a renewable water solutions business.

With water scarcity being a global concern, investing in renewable water solutions such as water purification systems and desalination plants can be a profitable business opportunity.

FAQs On Lucrative Hidden Business Opportunities In Nigeria In 2023

Here are some helpful frequently asked questions on lucrative hidden business opportunities in Nigeria in 2023 with answers:

What is the best business to start in Nigeria 2023?

Choosing the best business to start in Nigeria in 2023 depends on various factors, including your interests, skills, market demand, and investment capacity.

However, here are a few business ideas that show potential for success in Nigeria:

E-commerce: With the increasing popularity of online shopping, starting an ecommerce business can be a profitable venture.

You can sell a wide range of products, from fashion and electronics to groceries and household items.

Renewable Energy Solutions: Nigeria has abundant sunlight and wind resources, making renewable energy solutions a promising business opportunity.

Investing in solar power installations, wind farms, or offering energy-efficient products and services can be lucrative.

Digital Marketing Agency: With businesses seeking to establish an online presence, starting a digital marketing agency can be a lucrative opportunity.

Offering services like social media marketing, SEO, content creation, and website development can help businesses reach their target audience effectively.

What business is booming right now in Nigeria?

Several businesses are currently booming in Nigeria due to market demand and technological advancements.

Here are a few examples:

E-commerce: Online shopping has gained significant popularity, especially amidst the COVID-19 pandemic.

E-commerce platforms and businesses that offer convenient and secure online shopping experiences are experiencing tremendous growth.

Food Delivery Services: With the lifestyle and urbanization, food delivery services have become increasingly popular. Establishing a food delivery business or partnering with existing platforms can be a profitable venture.

Fintech: Financial technology solutions have seen significant growth in Nigeria. Mobile payment apps, digital banking services, and online lending platforms are gaining traction as more people embrace digital financial transactions.

Healthtech: The healthcare sector in Nigeria is undergoing digital transformation.

Telemedicine platforms, health monitoring devices, and healthcare apps are in high demand, especially in remote areas with limited access to medical facilities.

What businesses are successful in 2023?

Predicting the exact businesses that will be successful in 2023 is challenging. However, considering current trends and market demands, the following sectors have the potential for success:

Technology and Software Development: With the increasing reliance on technology, businesses that provide software development, app development, and IT solutions are likely to flourish.

Agribusiness: Nigeria’s agricultural sector holds enormous potential, and businesses involved in crop farming, livestock rearing, agro-processing, and exporting agricultural products are expected to be successful in the coming years.

Renewable Energy: As sustainability becomes a priority, businesses that focus on renewable energy solutions such as solar power installations, energy-efficient products, and green technologies are likely to thrive.

Health and Wellness: The demand for health and wellness services, including fitness centers, organic food products, wellness retreats, and mental health support, is expected to rise.

What business can I start with 700k in Nigeria?

With a capital of 700k in Nigeria, you have several business options to explore. Here are a few ideas:

Poultry Farming: You can start a small-scale poultry farm, focusing on chicken or turkey rearing and egg production.

Proper management and marketing strategies can help you grow the business.

Mini Importation: With 700k, you can start a mini importation business. Identifying in-demand products and importing them at a lower cost can yield substantial profits when sold locally.

Fashion Retail: Start a boutique or an online fashion store, sourcing trendy clothing and accessories at affordable prices.

Focus on a specific niche or target market to differentiate yourself from competitors.

Snack Production: Invest in equipment and raw materials to start a snack production business.

Producing and packaging snacks like chin chin, plantain chips, or popcorn can be a profitable venture.