There are a lot of lucrative evergreen business opportunities in Nigeria. Evergreen businesses are businesses where sales and profit don’t fluctuate with seasons or trends – these businesses remain profitable for several years in spite of changing seasons and trends.
While there are many business opportunities in Nigeria, now many of them are evergreen.
If you’re reading this article, you most probably would prefer to do a business that is not affected by seasonal changes or trends and entrepreneurs and investors generally consider them a goldmine because they can make money consistently, no matter the season.
The question that will be on your mind is, what business can I start that will make me money all season? And still, be in-demand for the next decade?
In this article, I will be showing you 7 evergreen business opportunities in Nigeria that are profitable, and you can start in any part of Nigeria.
Before we continue, let us answer the question:
How to Identify an Evergreen Business Opportunity in Nigeria
Identifying evergreen business opportunities in Nigeria is easy. Just pass any business ideas you might have through these three tests.
1. Demand Test
The truth is that some business sectors are always in demand because they address at least one basic human need; that is, people are always in need of them because they are necessary for survival.
So is the business you’re considering in a sector that people need to survive? If yes, you may be onto an ever green business opportunity.
2. Season Test
When do people need your product or service as a necessity? Any business that will be evergreen cannot have an expiration date on its appeal. It cannot be a seasonal product. For example, An umbrella is most needed when it rains and rarely used every other season.
So if you’re trying to decide whether you’re onto a good business opportunity in nigeria or not, ask yourself the simple question; “when does my product or service become a necessity?”
3. Scalability Test
Finally, there must be opportunities to grow and expand the business – both in market reach and profitability. If you can not identify any way to reach more people with your products and services, then you’re going to be stuck at some point – and that’s not what you want..
In order to make your hunt for business ideas a lot easier, I’ll now recommend seven options for you to consider.
7 EVERGREEN BUSINESS OPPORTUNITIES IN NIGERIA
1. Food Business
The food sector is one of the most lucrative evergreen business opportunities in Nigeria. Food is a basic human need. We cannot do without eating food, so it’s always in high demand no matter the season or the environment.
Generally, having a food business in Nigeria requires a suitable location, the right culinary skills (Nigerians love delicious and tasty food), and good personnel.
There are many lucrative businesses in the food sector. Below are a few food business ideas that are evergreen.
1.1 Small Chop, Cakes and Pastries Business
Nigerians love to celebrate with friends and family. We are always looking for opportunities to celebrate.
What better ways to throw a small party than using small chops and cakes? Even during those big occasions, small chops and cake are usually served as desserts or “take-away”.
Weddings, birthday parties, get together, office parties, and other social gatherings make use of small chop and cakes. So there is a big market for it.
One key thing to be successful in this business is the ability to meet deadlines. Nobody wants their cakes delivered after the event.
1.2 Restaurant Business
Another evergreen business opportunity in the food industry is the restaurant business. That’s starting your restaurant or Buka (local restaurant).
It’s not everyone that has time to cook. In fact, many young people prefer to eat out.
There are different types of restaurant you can start, depending on your financial capacity and environment. The most cost-friendly one to start is the local restaurant popular called Buka, where you sell the local delicacy to people in your locality.
You can start with general food like rice, beans, Moi-Moi and some staple food. This is relatively easy to start as the raw materials are readily available and you don’t need any expensive infrastructure to begin.
The restaurant location will also determine the kinds of food that will be selling. Don’t try to sell Chinese in a bus park – the people who go there are not looking for chinese rice! They just want to have a quick meal, and cheap too.
To be successful in this business, you will need a food magician (popularly known as Chef) that can cook delicious delicacies that will keep them coming back. If you are not a good chef, hire one. It’s essential to your success. And after a while, carefully document your recipe for consistency in outcomes..
1.3 Buy a Franchise
Nigerians love to eat in big food brands. Everybody wants to go to Chicken Republic, Mr Biggs, Tantalizer, KFC and the others. Mostly, they don’t go there because of the food but for the name and the environment.
Franchising a food business brand requires significant capital to start. It also requires legal agreement between you and the food brand.
There will be a legal agreement for you to use their branding, recipes and other stuff. So your restaurant will bear Mr Biggs, Tantalizers, KFC even though you own the business.
You (as a franchisee) will bear the financial risk involved in the business while the franchiser will shoulder the ‘brand’ or ‘image’ risk.
One advantage of this type of business is that you will leverage the customer-base of the existing business. The obvious disadvantage is that you will be sharing profit with the franchiser.
A franchise food business needs a good location in an urban or suburban area to thrive in Nigeria.
2. Logistics Business
The CoronaVirus Pandemic has only drawn more attention to lucrative business opportunities in the logistics sector. With the pandemic, people couldn’t go to the market and shopping mall, so they relied largely on eCommerce shops to get what they wanted. These goods are then delivered to them using a logistics company.
Logistics companies have been doing exceeding well before the pandemic. The pandemic has only increased the demand for logistics services.
Ecommerce sites, Fashion Shops, Food Brands are a few of the businesses that regularly require the service of a logistics company. Lagos, Abuja, and Port Harcourt are great places to start an intra-state logistics company in Nigeria.
3. Content Marketing
Just like blood is to humans – so is content, to the internet. Everything on the world wide web runs on content; without content, the internet will be empty.
If Abraham Maslow was born in the 21st Century, I am sure he will have included “content” as one of the basic human needs – or how do you explain that people of all ages spend ernormous amounts of time scrolling through feeds daily?
With this understanding, personal and corporate brands require content for their websites, blogs, YouTube channels and social media platforms.
Nigerians spend an average of three hours and thirty minutes online every day, reading blog posts and watching videos.
Below are some business opportunities in content marketing.
3.1 Freelance Writing Business:
There is a huge demand for written content on the internet from individual blog owners, corporate brands, and personal brands. They all need written content for their customers to interact, engage, and sell their products.
Even video content still needs scripts for their video. There’s a lot of niches you can focus on, and there are also many forms of written content you can specialise on such as:
- Blog post writing
- Newsletter writing
- Email writing
- Sales copywriting
- Business plan writing
3.2 Video Content Creation Business
According to research, human attention span is getting shorter by the day. Marketers are looking for more ways to capture the attention of their prospects. So they have turned to use videos for their marketing campaigns.
Video content engages both the hearing and visual sense at once. It allows brands to show and tell their audience about their products; this makes them more suitable for achieving marketing goals.
Video content creation is an evergreen business opportunity that will still be in demand for the next decade.
3.3 SEO & SEM Consultancy Business
There are billions of content online competing for Google’s first page. After creating content, every entrepreneur desires that their content will be watched or read by their target audience in their millions.
It’s useless to create excellent web content and then fail to get it in front of the target audience and that’s where Search Engine Optimization (SEO) and Search Engine Marketing (SEM) services come in!
It’s the work of the SEO consultant to ensure that the content is discovered through organic traffic. While the SEM consultant runs Ads to ensure that the content is discovered through paid marketing.
I believe that the SEO/SEM will continue to be relevant because as more and more businesses come online, the competition will continue to increase and since brand wants their products and services discovered by their target audience – demand will continue to increase.
4. Grocery Shop
Grocery stores, also known as supermarkets, is another evergreen business opportunity in Nigeria.
People will always shop for groceries. Grocery are essentials that needs to be replenished periodically, so there will always be a demand for grocery.
The closer the shop to customers, the better. Even during the pandemic, grocery stores were still open to customers.
Starting a grocery store can be capital intensive, especially when you have the ShopRite kind of supermarket in mind, where customers can buy almost everything they want or need.
You do not necessarily have to start super big. You can start small by selling essential needs like toiletries, provisions and other indispensable household products to residents within a particular location.
5. Clothing Business
Another evergreen business opportunity in Nigeria is the clothing business. Clothes are a basic human need that is necessary to cover our nakedness.
But times have changed, clothes are no longer just worn to cover our nakedness; it’s now used to show status, religious affiliation, etc. So it plays a big part in our identity.
Nigeria has an estimated population of 200 million people – that’s 200 million people that need to be clothed!
We all have different fashion tastes, which gives rise to various business opportunities in the fashion industry.
5.1 Fashion and Tailoring Business Opportunity in Nigeria
The fashion and Tailoring business is the traditional tailoring business, where customers bring their clothing material to the tailor to sew according to their style and taste. You get to also select the fashion style you want and pay the tailor to get the clothing material for you.
As much as people like “ready-made” clothes, most people still prefer to have their outfits sewn.
Wedding, Burial Service, and other ceremonial events require attendees to wear “Aso Ebi”.
The number one determining factor to be a success in this business is your ability to deliver proper fitting clothers and the ability to meet deadlines. Nigerians are tired of tailors disappointing them.
5.2 Boutique Business Opportunity in Nigeria
It’s not everybody that loves waiting on a tailor for their clothes – some people prefer to have it immediately.
Many corporate companies still insist on their staff wearing English dress to the office, and the majority of these English wears are “ready-made” clothes that are sold in the boutique.
Also, many Africans have sizeable numbers of “ready-made” clothes and tailored clothes in their wardrobes. Therefore, there are business opportunities for the evergreen boutique business.
You can start your boutique with either the regular shirts and trousers clothing or go for the designers and big name brands depending on your starting capital and the environment where you’re looking to situate your business.
5.3 Okrika Bale Business Opportunity in Nigeria
The Okrika bale business is another profitable business opportunity in Nigeria. Okrika is a Nigerian word for ‘fairly’ used clothes that are still in excellent condition. It’s otherwise known as second-hand clothes.
The Okrika bale business is thriving in Nigeria because:
- The Okrika clothes are reported to be of high-quality
- The Okrika clothes cost less than new clothes.
The Okrika comes packaged in bales, with each bale consisting of the same kind of clothes. An Okrika denim bale consists only of denim clothes.
The Okrika Bale Business is a profitable business that anyone can run in any part of the country. And this business thrives because an overwhelming majority of the population are still struggling for survival.
6. Real Estate Business
The real estate business is a lucrative sector that will forever be in vogue, unless we return to the stone age as it was in the era before civilization.
Shelter is a basic human need that’s necessary for our survival. Human beings will always want to live in good houses.
People will always want to live in a comfortable building, and it’s only natural that they tend to change houses as they climb up the social ladder.
Two of the most common business models in real estate is the “build to sell”: where you build houses with the intention of selling, and the “build to rent” model: where you develop apartments to lease them out and each has their merits and challenges but are popular.
The real estate business is an evergreen business that will continue to generate money for you yearly if the properties are well maintained.
7. Water Business
Water is an essential need for everyone. Scientists recommend that we take 3.7 litres of water every day for us to be healthy. The importance of water is clear to all. Even Fela sang:
#water e no get enemy#
Nigeria is a country that’s abundantly blessed with water, with the River Niger and River Benue with other small rivers in the country. But the majority of this water cannot be consumed in its raw form. They need to be purified and packaged before they can be consumable, and it’s the job of water companies to ensure that people get access to clean drinking water.
Water will always be in demand because people will always need to drink water regardless of what happens and as such, the revenue potential in the water business is massive.
These are the evergreen business opportunities in Nigeria that you can explore straight away. These business opportunities do not guarantee instant success, but with the right strategy and systems in place, you will become a 7 figure entrepreneur in no time.
Provided you have the resources needed to start any of these businesses right away. Which of these evergreen businesses will you start with?
Please do let me know in the comment box below, and do well to tell me your reason for your choice.