20 Untapped Businesses in Nigeria & Starting Costs (2024)

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Are you looking for ways to start a profitable business in Nigeria but don’t know where to begin? Look no further! We’ve compiled a list of 20 lucrative business ideas that are sure to help you kickstart your entrepreneurial journey. From mini importation to vlogging, there’s something for everyone on this list. So, let’s dive in!

1. Mini Importation:

Ever thought about importing products from foreign countries and selling them locally for a profit? That’s exactly what mini importation is all about. With platforms like AliExpress and 1688, you can find hot products with high-profit margins to sell in Nigeria.

2. Dropshipping:

Dropshipping eliminates the need to hold inventory. Simply create an online store, and when a customer places an order, your supplier handles the rest, including shipping. It’s a low-risk way to start an e-commerce business.

3. Real Estate Business:

Investing in real estate can be a lucrative long-term strategy. Buy land at affordable prices, wait for its value to appreciate, and then sell it for a profit. It’s a tried and tested method for building wealth.

4. Transportation Business:

With millions of Nigerians relying on public transport, starting a transportation business can be a goldmine. Whether it’s taxis, keke napep, or ride-hailing services like Uber or Bolt, there’s ample opportunity in this sector.

5. LPG Filling Plant:

As the demand for gas cylinders rises, setting up an LPG filling plant can be a profitable venture. Look for locations with little competition to maximize your earnings.

6. Garri Processing Factory:

Garri is a staple food in Nigeria, making a processing factory a lucrative business idea. With the recent increase in garri prices, now is the perfect time to capitalize on this high-demand commodity.

7. Supermarket Business:

Nigerians love supermarkets for their quality products. While startup costs can be high, placing your supermarket in a commercial area can ensure success.

8. Dry Cleaning Business:

Although there are many dry cleaning businesses, targeting high-brow areas can still yield significant profits. Quality service and location are key to success in this industry.

9. Car Rental Business:

Renting out luxury cars can be a lucrative business, especially in high-income areas. Ensure your clients have verifiable incomes for maximum security.

10. Gym Business:

Investing in a gym in a high-brow area can attract customers, including celebrities and influencers. Quality equipment and effective marketing are essential for success.

11. Auto Repair Business:

Providing professional auto repair services can set you apart in Nigeria’s booming automotive industry. Establishing trust with customers is crucial for long-term success.

12. Child Care Business:

With more parents seeking professional childcare services, starting a childcare center can be profitable. Targeting high-earning areas ensures a steady stream of clients.

13. Home Cleaning:

Commercial areas like Lagos have a high demand for home cleaning services. With the right credentials and registration, you can tap into this market regardless of gender.

14. Fish Farming:

Despite the initial expenses, fish farming offers consistent profits year-round. Location and proper setup are crucial for success in this agribusiness.

15. Palm Oil Business:

Buying and reselling palm oil during peak seasons can be highly profitable. Timing and market knowledge are essential for success in this seasonal business.

16. Rice Farming:

Nigeria’s high rice consumption presents a significant opportunity for local farmers. Government incentives make it easier to enter the market and reap substantial profits.

17. Catering Business:

With sufficient funds and connections, starting a catering business can be lucrative. Targeting high-brow areas and building a strong network are key to success.

18. Cake Baking:

Cakes are in high demand for special occasions, making cake baking a profitable venture. Mastering baking skills and effective marketing are essential for success.

19. Vlogging:

Creating engaging content on platforms like YouTube can generate income through ad revenue and sponsored content. Consistency and quality are crucial for growing your audience and earning potential.

20. POS Service:

Becoming a POS agent can provide additional income streams for existing businesses. Strategic location and expansion can maximize earnings in this growing sector.


Starting a business in Nigeria requires careful planning and market research. Whether you choose to venture into e-commerce, agriculture, or service-based industries, success ultimately depends on providing value to your customers and adapting to market trends.


  1. How much capital do I need to start a business?

    • The required capital varies depending on the type of business. Start with a detailed business plan to determine your initial investment.
  2. Do I need prior experience to start a business?

    • While prior experience can be beneficial, many successful entrepreneurs start with little to no experience. Focus on learning as you go and seeking guidance from mentors.
  3. How can I market my business effectively?

    • Utilize social media, word-of-mouth referrals, and targeted advertising to reach your target audience. Building a strong brand identity and providing excellent customer service are also key to effective marketing.
  4. Is it necessary to register my business?

    • Registering your business provides legal protection and credibility. It also allows you to access certain benefits and opportunities available to registered businesses
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