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5 Business that could make you the next millonaire in Nigeria

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 new year 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.

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.

Online merchant
The various online companies in Nigeria makes provision for people to sell their legitimate products otherwise referred to as partners or merchant. Requirements: 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; 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.

This post first appeared on NairaLeaks, please read the originial post: here

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5 Business that could make you the next millonaire in Nigeria


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