Here are five most underrated businesses in Nigeria that not only have the potential for high profits but also require little capital to start.
1. Selling perfume oil
The fragrance industry is thriving globally, and Nigeria is no exception. Selling perfume oil, also known as attar, such as Lavender, Hyacinth, Rose, is an underrated business venture with a vast potential customer base. Nigerians have strong appreciation for scents, making perfume oil a hot commodity.
You can source high-quality perfume oils and market them to local consumers through various channels, including social media platforms and local markets.
2. Dropshipping
With the rise of e-commerce, dropshipping has become a popular business model worldwide. This business allows entrepreneurs to sell products to customers without holding any inventory.
In Nigeria, where internet penetration is increasing rapidly, starting a dropshipping business can be a lucrative venture.
You can partner with suppliers, create an online store, and market products ranging from fashion and electronics to beauty products and home appliances, catering to the diverse needs of Nigerian consumers.
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3. Sachet water business
Access to clean drinking water is a basic necessity, and the sachet water business addresses this essential requirement. Despite its importance, this business is often underrated. Setting up a sachet water production and distribution business can yield significant profits, especially in densely populated urban areas and during events and festivals.
You can invest in water purification equipment, adhere to quality standards, and establish a robust distribution network to meet the demand for clean and affordable drinking water.
4. Business of yam, akara and potato fries
Local delicacies like yam, akara (bean cakes), and potato fries are immensely popular. Establishing a business that focuses on these staple foods, either by setting up a food stall or offering catering services, can be highly profitable.
You can experiment with unique recipes, bring in modern styles, and market your products to the growing middle-class population that values convenience and tasty, local cuisine.
5. POS agent business
The demand for Point of Sale (POS) services has increased. Becoming a POS agent involves providing financial services such as cash withdrawals, deposits, and bill payments to customers using POS terminals.
POS agent business is one of the most underrated business ventures but it comes with high profit potential, especially in areas with limited access to traditional banking services.
You can partner with banks and fintech companies to offer these services, earning commissions on transactions while providing a valuable service to the community.
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