Top 10 Profitable Business Ideas in Onitsha
Profitable Business Ideas in Onitsha
Onitsha, a bustling city in Anambra State, southeastern Nigeria. It is known for its vibrant commercial sector. The city has a rich history of entrepreneurship, with a thriving market scene and a diverse range of businesses. As a major commercial city there are varieties of businesses that thrive in the city. So, if you’re an entrepreneur looking to start a business in Onitsha, this post will guide you on some of the best business ideas in Onitsha. These are ideas are considered, along with relevant statistics, data, and examples around them.
10 Profitable Business Ideas in Onitsha
Onitsha has a long history of manufacturing, and entrepreneurs can tap into this sector by starting small-scale manufacturing businesses. The areas of manufacturing to consider include textile production, furniture making, and food processing. For example, Tiger Foods Limited which started as a one woman business later grew to become one of the top food manufacturing firms in Onitsha.
According to the National Bureau of Statistics, the manufacturing sector in Nigeria contributed 13.91% to the country’s GDP in the fourth quarter of 2020.
I would advise you carry out a detailed market research to find out areas where there are gaps before making a decision on the exact area of manufacture to start. You can also take a look at our post on building a successful business in Onitsha for a quick guide on how to start.
Onitsha presents a viable market for goods produced within the city and even those brought from outside the city. In fact it is a major hub for off loading of containers containing goods meant for the eastern market.
The city is known for its bustling market scene, and therefore retail businesses can thrive there. According to a report by the National Bureau of Statistics, the wholesale and retail sector in Nigeria contributed 16.04% to the country’s GDP in the fourth quarter of 2020. As such, entrepreneurs can start small-scale retail businesses such as fashion stores, grocery stores, and electronics stores. For example, the clothing store Fabrics ‘N’ More is based in Onitsha and offers a wide range of high-quality fabrics.
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The transportation sector is a critical driver of the Onitsha economy, and entrepreneurs can tap into this sector by starting businesses such as taxi services, logistics and delivery services, and freight forwarding services. According to a report by the National Bureau of Statistics, the transportation and storage sector in Nigeria contributed 1.54% to the country’s GDP in the fourth quarter of 2020.
For example, Onitsha-based SABS Transport Services provides safe and reliable transportation services. But the market is largely untapped still.
The mistake most of the people that go looking for business opportunities in Onitsha make is to assume that the only opportunity there are in trading.
But for entrepreneurs with an open mind, there are several other business ideas in Onitsha that one can explore.
For example, Agriculture is a viable business opportunity in Onitsha, given the fertile soil and large market for agricultural products. According to the World Bank, agriculture accounts for 22% of Nigeria’s GDP. Entrepreneurs can start businesses in the production of crops such as cassava, rice, and vegetables or in the breeding of livestock such as poultry, fish, and goats. For example, Onitsha-based Palm Springs Farms produces high-quality vegetables and poultry products.
Another important one of the business ideas in Onitsha is Real Estate Investment. You are probably not aware that most of the people doing business in Onitsha actually lives in Onitsha. However, the city continues to experience rapid urbanization, and the real estate sector is therefore poised for more growth.
Entrepreneurs can start businesses such as real estate agencies, property management firms, and construction companies. According to a report by the National Bureau of Statistics, the real estate sector in Nigeria contributed 6.20% to the country’s GDP in the fourth quarter of 2020. For example, Onitsha-based Goldwyns Nigeria Limited provides professional real estate services and has been in business for over 40 years.
As a lateral thinker you can think of how to apply innovation to scale faster in Onitsha.
Food and Beverage
Onitsha has a large market for food and beverage products, and entrepreneurs can start businesses such as restaurants, cafes, and bakeries. According to a report by the National Bureau of Statistics, the food services sector in Nigeria contributed 1.20% to the country’s GDP in the fourth quarter of 2020. Apart from the popular Quick Service Restaurants in Onitsha, there are some other decent food outlets making decent sales. You can also make it begin that line by defining your service offering in terms of high-quality Nigerian and continental dishes.
Onitsha has a large population of young people, and education is a critical need. Entrepreneurs can start businesses such as schools, after-school programs, and tutoring services in Onitsha.
Health care is a critical need in Onitsha, and entrepreneurs can start businesses such as clinics, pharmacies, and medical equipment supply stores.
Onitsha has a growing middle class, and there is a need for financial services such as microfinance, POS Services, Daily Contributions and even insurance services.
Considering the number of thriving businesses in Onitsha entrepreneurs can decide to start businesses such as software development, web design, and digital marketing services. These are services that can support existing businesses and help them grow their businesses faster.
Most businesses in Onitsha will be more than willing to pay for these services.
Wrapping it up on Profitable Business Ideas in Onitsha
These are just a few potential business ideas for entrepreneurs in Onitsha. With the right business plan, execution, and innovation, there are many opportunities to start and grow a successful business in this thriving Nigerian city.