Tomatoes are just an example of the agricultural products in Nigeria that can yield attractive returns. With this in mind, it would be lucrative to buy such a product and resell it in the populous urban areas. However, in an area like northern Nigeria, about 40% of the yield is lost due to a poor marketing structure. Nigeria is one of the largest tomato producer in sub-Saharan Africa. One of the ways of profiting from this business opportunity in Nigeria in 2020 is by sourcing various foodstuff from upcountry and distributing them to different towns within the region.Īn example of an agricultural product that can bring hefty returns is tomatoes. This demand is further enhanced by the high rate of urbanization. The 200 million people in Nigeria, as well as the extra 5 million projected in 2020, need to be fed on a daily basis. Video can’t be loaded because JavaScript is disabled: Real Estate Is The Safest Investment In Nigeria – Olawale Ayilara () This is founded on the reasoning that while Nigerians are willing to spend on various beauty items, the country’s economic performance still limits their disposable income. If you intend to take advantage of this business opportunity in Nigeria, you should strive to introduce a reliable yet affordable line of products. Some of the items with a high demand include makeup products, hair extensions, and natural hair products. Based on the fact that this sector is expected to grow even further as the country’s economy stabilizes, it is definitely one of the viable business opportunities in Nigeria in 2020. The beauty industry in Nigeria is estimated to be worth about N500 billion ($1.38 billion) yearly. Social media has also contributed to the popularity of beauty products as most women seek a photo-ready appearance. Similar to other African countries, more ladies in Nigeria are getting steady jobs hence increasing their purchasing power. Video can’t be loaded because JavaScript is disabled: Outlook for the Nigerian Economy in 2020 ()īusiness Opportunities in Nigeria Beauty productsīeauty means a lot to the modern woman. This is especially so for the items considered to be wants rather than needs. The rise of unemployed Nigerians means a reduction of the potential market of certain products. Low oil prices, slow growth of the non-oil sectors, and low liquidity in the banking industry are some of the factors that have the public worried about a repeat of the recession experienced in the country in 2016. For instance, in 2019’s global index, Nigeria was number 146 out of 180 states. This is one of the vices that continues to hinder robust economic growth in the country. As such, investing in the country will act as a gateway to the larger west African market. Nigeria is influential in West African matters.
In addition to these industries setting a suitable foundation for the growth of Nigeria’s economy, they act as an array of profitable opportunities for investors. The textile and agricultural sectors are also major contributors to its economy. The country is one of the key exporters of oil and natural gas in Africa. From an entrepreneurial perspective, this number equates to a ready market for various products and services as well as a cheaply available workforce. Nigeria currently has over 200 million citizens. As such, this article will highlight some of the untapped business ideas and opportunities in Nigeria. These statistics prove that the country is a suitable area for business. With a GDP of over $375 billion, it is ranked top in African economies.
Additionally, it has a robust agricultural sector. It is one of the largest exporters of natural gas and oil in the continent. It has a population of over 200 million people a figure that is the highest in Africa. Nigeria is key player in Africa’s social, political, and economic fronts.
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