Top 5 business and services with the highest demands in Nigeria
For most people, coming up with exactly what kind of business to venture into is a tougher part of the task than deciding to go into business itself. In fact, there are many people I have interacted with who have the money to do business, perhaps some kind of savings, gratuity or jackpot, but are totally confused as to what kind of business exactly should the money be poured into. I know that not every kind of business works for all kinds of people but the truth is, not knowing about any kind of business that works is a more severe issue to deal with. So, in case you are in that kind of situation where you want to do business but you are totally oblivious of anything to do in particular – and you particularly lack ideas and cannot identify what kinds of businesses are generally good, workable and can be done by you, I will attempt to introduce you to some of the most successful business ventures in Nigeria based on high demand. This presupposes that anyone who venture into these businesses with minimal exposure and knowledge can expect to make it.
Water is probably the most consumed commodity in Nigeria. People need clean, fresh water for many things and a lot of people have made enormous wealth simply by providing people this very basic life necessity. With the increasing population, the government inability to provide clean and affordable drinking water and potentially, the fear in the public minds concerning the sugar content in soft drinks makes pure water the only available commodity to quench thirst.
To emphasize the fact that the business of pure water is profitable, notable organizations such as Nigerian Bottling Company, Nestle, May and Baker, etc. are in the drinking water business. Pure water or bottled water is in high demand in homes, schools, institutions, offices, churches, hospitals, public gatherings, etc. As long as you can find humans there, water is needed. So, if you can meet with the demands of providing clean and affordable drinking water, this business idea is for you.
- Cooking gas business
This is an untapped business in Nigeria. A recent research showed that people who are into petroleum products business are currently making more money from cooking gas than any of the other products they sell. This is only a testimony to the fact that cooking gas business is now booming more than ever before.
A recent study shows that Nigeria consumes 110,000MT of cooking gas per annum. What is the implication of this for the Nigerian entrepreneurs and aspiring investors? It simply shows us that without a doubt, cooking gas business is becoming more lucrative than ever (as seen in the increasing consumption pattern and market demand), and it is a venture worth investing in.
Nigeria is one of the oil producing countries in the world and it has been known to derive a larger percentage of its revenue from oil. Meanwhile, of all petroleum products, cooking gas seemed to be the least estimated. As a matter of fact, statistics conducted some years ago showed that cooking gas has only about 5% consumption rate. However, we are currently seeing changes in the consumption of cooking gas in Nigeria because most people are seeing the usefulness and convenience, especially considering lack of electricity as one of the menaces of the Nigeria society. And although, most people would prefer to rely on electricity in their kitchens, that preference is not particularly realistic in Nigeria – a lot of people are also not finding kerosene a good alternative – leaving cooking gas as the most convenient option for many households because not only does it cook food faster, it is also ultimately cheaper.
You can supply cooking gas to retailers or you become a retailer and refill gas for end users. Whichever way, this business is very lucrative, and it does not cost much to start. You can start small and grow!
- Liquid Soap Production
The market for liquid soap in Nigeria is so large that the well-established brands are not meeting demand. Every household in the country needs liquid. So, there will always be a demand for it. Yours is to figure out how to ensure you are the one meeting those demands. If you look around you, you will find homemade liquid soaps with no branding at all, packaged in used plastic bottles being sold for between N50 and N100. This is one of the major investment opportunities in Nigeria today.
You can make so much money producing liquid soap and selling to supermarkets and other shops that retail to end-users, restaurants, bakers, caterers, and home keepers. You may have to acquire some training that is available at vocational centers run by churches, government, and non-governmental organizations. Create a large market by branding and fine packaging and you will smile to the bank.
- Cosmetics and make-up business
This is a hot cake business for anyone who cares. Most women will not take a step out of the house without make-up. At least 9 out of 10 girls in Nigeria use make-up, leading to an increasing demand of the commodity. If you love beauty, then going into the cosmetics business will be a good option for you.
For you to do well in this business in Nigeria, you will need to engage in some deep research. This is because you will need to learn new things about the cosmetics industry that will keep you up to date, creative and innovative in business. Furthermore, cosmetics products business does not require huge capital to start with, if you are considering starting on a low key or perhaps you do not have a very huge capital to begin with. Starting with cheap cosmetics products allows you to start small and grow gradually if you can’t start big. Starting small means you can start this business with as low as N50,000 and frequent turnover of this amount in a month can give you twice your investment which if re-invested, you can scale very fast within few months.
- Mobile Phone Accessories
In the current time in history, the demand for mobile phone accessories have drastically increased when compared to the previous years. Mobile phones are now accessible by the average persons and many phone companies now produce phones within the consumers’ budgets. One important fact about having mobile phones is that you can’t use them without extra accessories. You can’t use an Android phone without memory card, charger, earpiece or screen guard, etc. This has made the mobile accessories business a very profitable one. The repair parts and accessories of many mobile gadgets like Samsung, Nokia, Blackberry, Sony Xperia, Tecno, Infinix and Itel are readily available in the market. So, if you’ve been thinking of starting a mobile phone accessories business, then it’s worth knowing that the business is very lucrative and can fetch you good amount of money in a very short time.
Mobile phone accessories is a very lucrative business but your success in it depends on your location. The best places to start this business in areas occupied by students – or anywhere with large population. Students purchase earpieces and phone chargers a lot and, in most cases, buy them at good rates. Do you know that you can buy a charger for N120 and sell it N250? That’s the secret. Making a gain of N130 on each charger sold. If you are combining the sales of charger with other accessories like earpiece, you’ll see that at the end of the week you’ll be going home with an amazing profit.
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