Top 5 Business Ideas That Solve Problems in Nigeria
Have you been looking for business ideas that solve problems? Here’s something that you should know as an entrepreneur, problems are not always a disadvantage. In fact, great businesses started with a goal to solve a problem or problems in exchange for a profit.
Nigeria is a country full of potential, from natural resources to human capital. However, she is also plagued with several problems like hunger, unemployment, and poverty. While many may see a land full of problems, smart entrepreneurs will see this as a land of opportunities.
Top Business Ideas That Solve Problems in Nigeria
Are you an entrepreneur looking for business ideas that solve problems in Nigeria? In this article, we will help you spot a few opportunities.
Here is our list of top five business ideas that solve problems and can bring you profit:
- Agricultural business
- Transportation and logistics business
- Real Estate business
- Fintech business
- Coaching and tutoring business
Nigeria is home to over 200 million people. The population continues to grow at a high rate of 2.6%. Amongst other challenges, this increasing population comes with the problem of food insufficiency. There is a constant demand for food and livestock products.
Nigeria is blessed with a wide expanse of agricultural land for various agricultural activities. The agricultural business is diverse and very lucrative. You can decide to venture into any aspect of agriculture. From crop farming to poultry farming, livestock and so much more.
You can start on a small scale and expand to a much grander scale, producing in large quantities. Not only is the agricultural business lucrative, but it also solves problems by contributing to the GDP and improving the standard of living of people by making food available.
Transportation and logistics business
The transportation and logistics sector is diverse. It is also very lucrative especially in urban areas across the country. Transportation is needed for the movement of people and goods across and within states in the country.
You can venture into the transportation of goods for manufacturing companies. You can also decide to start a logistics business to deliver goods from retailers to individuals in their homes.
Uber and Bolt are popular transportation companies that are thriving in Nigeria.
Real Estate business
Development and urbanization have increased the demand for housing especially in urban cities like Lagos. People are always on the lookout for the next available house. You can start a real estate company to meet this demand. There are various types of real estate you can look into: commercial real estate, residential real estate, property development, and so on.
A few years back, Fintech was not a very lucrative industry. However, over the years, financial technology has become competitive, delivering financial services to consumers using technologies like mobile applications, web applications, and the internet.
Today, consumers can carry out several financial transactions with ease with the touch of a button. You can join the league of fintech companies in Nigeria to create a more financially inclusive economy. Some fintech companies in Nigeria include Flutterwave, Piggvest, Paystack, and so on.
Coaching and tutoring
Coaching and tutoring can be in diverse forms. You can start your own coaching and tutoring business in a variety of subjects or passions. There are several options to consider when setting up your coaching center. You may decide to set up your own tutoring company for various school subjects. Also, you can consider setting up a coaching school for passions or skills like baking and catering.
Technology has made it a lot easier to venture into the coaching and tutoring business. One option is to start right from your home taking advantage of online platforms like WhatsApp groups, Facebook groups, etc. Also, you can develop a coaching app and offer a variety of subjects that prospects can pay for to access. Not only is coaching and tutoring lucrative, but it also solves the problem of illiteracy.
Skills you need to start a business that solves problems in Nigeria
To overcome the challenges of starting, growing, and scaling in Nigeria, you will need to implore the following skills:
Creativity and innovation
When it comes to starting and running a business in Nigeria, you will need to constantly innovate to stay ahead of the competition and overcome the challenges. You need a constant flow of creative ideas you can implement to solve unique problems.
Once you have started your business, you will need to sell your unique value to potential customers. You need good marketing skills to attract the right customer and to retain them.
As a business owner, you will need good administrative skills to hire and interact with your employees and with customers and also manage the business effectively.
You will need to track your revenue and expenses and ensure that the business is constantly making a profit.
Management of resources
With limited resources readily in Nigeria, you will need to understand how to manage the resources available and ensure you satisfy your customers while achieving your business goals.
There are diverse opportunities for businesses to grow and expand because of Nigeria’s large market. You can take advantage of the existing problems and create innovative solutions that have a positive impact on the economy. Please check out our article here for 20 profitable businesses you can start in Nigeria. Also, if you have any questions or comments on starting a business in Nigeria, you can drop them in the comment section below.