Tuesday, 29 December 2015

5 Business that could make you the next millonaire in Nigeria

Are you interested in doing business in Nigeria? Do you need a multi-million Naira business opportunities in Nigeria? Do you want to become a millionaire within the shortest time?

Year 2015 was tagged the 'year of disruptions'. The ' big bang disruption theory' was practically experimented especially in the high-tech world.

Traditional big companies are now learning from successful and innovative start-up. From transportation(Uber), telecommunication (Skype and wechat), technology(google, facebook, apple) etcetera.

The future will witness more disruptions. In Nigeria, there was less disruptions technologically, lots still needs to be done.

There are many opportunities for businesses that are ready to take calculated risk. Below are business that can make you the next super rich entrepreneur.

Online Retail and Wholesale Shops

The internet penetration in sub- Saharan Africa and Nigeria in particular has open doors of opportunities for online businesses.

Nigeria Communication commission recently announced that lines with active internet connections is now 90 million. This implies that the internet penetration rate is increasing.

The online stores is relatively a new business in Nigeria pioneered by Jumia and Konga(the largest).

These stores are based in lagos; it Implies that the interstate delivery time is still a challenge. Many orders are cancelled because of inability to meet deadline and most of the stores still requires substantial capital.

 A smart investors could still disrupt and become a big player in The online store business. Other areas to also capitalize on is wholesale and state specific stores which can deliver in Real time and free(interstates)

Taxi-hailing and logistic handling app/company
This is another area that remains largely untapped in Nigeria. Uber Taxi is facing serious competition in China from Didi Kuaidi, Grab Taxi, and Ola in India. Uber recently entered Nigeria(some part of lagos, abuja and porthacourt).

This implies that the giant taxi company doesn't has any serious competitor in Nigeria except easy Taxi. Other area of transportation business that could use the uber model is logistics handling companies.

Food Processing
Nigeria still depends heavily on importation for survival. Foods that could be processed in the country are still been imported. From pea-nut to tomato paste. Considering food processing business could be a step in the right direction.

Tomato paste manufacturing business could make you the next millonaire in Nigeria.

Central bank of Nigeria is currently struggling with forex which forced to stop the importers of about 41 items from accessing forex tomato paste inclusive.

Nigeria spends about $11b annually importing tomato paste and they are few local manufacturers.

Polythene and plastic manufacturing Business
Nigeria has one of the lowest cost of production for polythene and plastic  related products.

Currently, other sub-Saharan African countries depends on Nigeria for export. Demand is actually above supply. The machine required are affordable. Polythene and plastic manufacturing business will in no doubt make you the next millionaire in Nigeria.

Online merchant
The unpredicted internet growth in Nigeria is creating new generations of emergency millionaires in Nigeria.

Various online companies in Nigeria makes provision for people to sell their legitimate products otherwise referred to as partners or merchant.

Buy or produce a product; upload the picture in the online store and once an order is received; then supply. Another way of getting supply is through Alibaba.com; buy in wholesale and sell in retail in the various online stores.

Merchants with sufficient capital can enter into direct contract to supply a particular product like phones, jewelries etcetera.

Other businesses that could make you the next millionaire in Nigeria includes

Motor vehicle spare part manufacturing or imports

Millions of motor vehicle spare parts is imported to Nigeria daily worth billions.

They are few manufacturers of motor spare part in Nigeria. Establishing a motor spare parts plants could be rewarding.

Mobile phone and accessories manufacturing
Many Nigerians are ready to patronize local mobile phone manufacturers. However, there is none- even manufacturers of accessories.

Any entrepreneur that venture into this business will definitely be the next multi millonaire in Nigeria.

Children clothing Business
Local Children clothing manufacturing is a business that is largely unexplored.

Leading local  manufacturer Ruff 'n' Tumble is fast growing while significant percentage of kids clothing is imported.

The market entry strategy should be high quality-lowest price strategy.

Children clothing Business if properly managed will no doubt make you the next millionaire in Nigeria.

Online coaching and e-learning materials
As the internet is growing, more people are coming online to learn new things.

Global industry analysts said e-learning and online coaching in 2015 worth $107 billion.

Ebooks is not an option in Nigeria due to quacks or the way people approached it in its early days.

However, with good online credibility and reputation, e-learning materials could make you the next millionaire in Nigeria.

Fish Farming
Fish is widely consumed in Nigeria. The demand for fishes is above the supply as the shortage is been filled by fish import.

Fish Farming is a business that could make you the next millionaire in Nigeria.

Types of fish widely farmed includes Cat first, Tilapia and Titus.

As an advise, before starting your fish farm, kindly visit shongai farm at port Novo in Benin Republic for basic training to avoid unnecessary lost.

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