Today, May the 29th, as we celebrate our national democracy, I feel so confident about the bright future of our country that I will discuss 12 next generation business ideas I expect to see more of in Nigeria, now and in the future.
As you know, here at nextnaijaentrepreneur.com, we have little or no business with Nigerian politics. The only thing we can do is what we are doing right now – sharing ideas, enlightening people, creating an awareness in the minds of young Nigerians that our future belongs to us; we are the only people who can make it what we want it to be.
This topic is somewhat awkward, though. I know someone might look at these next generation business ideas and laugh because on a global scale, these are not even close to what next generation business ideas look like but Nigeria is a work in progress and we are creating our own future. So excuse us if our next generation business ideas include things like efficient energy (so old school in developed countries) and faster internet (so so old school) 🙂
Regardless of the topic though, these are not next generation businesses. Most of these businesses are already in existence in Nigeria, just not on the same scale as other popular businesses. I would like to see more of them.
top 12 next generation business ideas for next Nigerian entrepreneurs
1. 4G Internet (or higher)
I’m making this number one on my list because most of the next generation business ideas I will list here require better, faster internet service to work. Right now, the state of internet in Nigeria is terrible. Network providers like MTN and Glo are promising more than they deliver. Where you have fast data networks, they are so ridiculously expensive that the ordinary Joe cannot afford them.
The internet is at the heart of every major development happening around the world right now. For Nigeria to develop and move towards equal status with other developed countries, faster, cheaper, more efficient internet delivery is very necessary.
This is why I believe investors and entrepreneurs will come together to make this happen sooner than later.
2. Efficient Energy
I’m not a big fan of asking the government to do everything. Of course, government has to provide steady electricity supply for the people but investors can also make a play in the power sector.
There are young Nigerians who have brilliant ideas to develop renewable, affordable and more efficient energy in Nigeria. Like Emeka Wilson who invented electricity generator that runs on water or Emmanuel Imafidon whose research produced a way to generate energy from thunder lightning.
There are many more people like these two but the problem is, they lack the resources and superior technology to scale and bring their ideas to light. You may not have these ideas but you can invest in them.
3. Healthy fast food
People are becoming more health conscious than ever before. Very soon, cucumbers, mushroom and soy milk would sell more than red meat and beer. Many people are making the decision to eat less Indomie and consume less Coke.
This is a huge opportunity to tap into the ever lucrative health niche by providing people healthy foods on the go.
Healthy fast food involves having a fast food joint that sells only healthy foods. I’m telling you this business is a no-brainer. Not only will it make you more money now and in the future, you will be helping many folks eat and stay healthy.
4. House/Room rentals
One of the most challenging limitations people have when they consider traveling in Nigeria is the cost of lodging and accommodation. This is also a serious hindrance to the development of tourism in the country. High income earners may afford lodging costs for as long as they want but most middle to low-income earners cannot, and who says they are not entitled to vacations now and then?
One solution to this is to have a system where house owners can put up rooms in their house for rent. Tourists and visitors can stay in these rooms and pay a lesser fee than what they would otherwise have paid in hotels.
AirBnB is already making waves in this business, allowing people to make money by putting up their spare rooms for rent.
5. Crowd funding
No day passes without someone asking me how to raise money to establish their business. Capital is the biggest challenge startup entrepreneurs face. So why don’t we have a crowd funding system where people can donate/contribute money to any business idea they like?
I know, I know we have our own peculiar problems, the most notable being trust issues and individualism, but never say never.
Of course, the system would have to conduct more rigorous background checks and implement stricter measures to curb fraud, but the point is, entrepreneurs drive the development of any country. If our country must develop, we must find a way to make access to funding easier for our young entrepreneurs.
6. Online survey
We live in a data driven world. Most businesses in Nigeria suffer because they have no data to work with. They have no idea what the buyers want or how they (the buyers) feel about their (the manufacturer) product/service. Online survey furnishes companies with real data by getting reviews from their users.
For long time, online survey worked only in first world countries. I’m glad to see services like Jama making a play in this industry.
7. Home healthcare services
If you have ever queued up in a hospital waiting to be attended to by a physician, you will understand why home healthcare service is such a big deal.
Home healthcare is something I desperately want to see in Nigeria. Enough of some doctors acting like gods over people’s lives and nurses being like…let’s not go there.
8. Organic beauty products
If you know your way around beauty products and cosmetics, you can make a killing selling organic beauty products in Nigeria. The awareness is increasing.
You can import these organic beauty products or make them yourself. I see many people producing their own coconut oil and honey. The only problem most of them seem to have is capital to scale their business. NAFDAC will also have to help out here with their strict, anti-progressive regulations.
9. Applications of Virtual Reality
One of these applications of virtual reality is in teaching people to drive. Instead of a newbie driving around town sampling an ‘L’ to warn you they could cause an accident any minute, virtual reality will provide a real-world learning experience where the learner can gain enough real experience before trying out their driving skills on the road.
What is virtual reality?
Virtual reality is the term used to describe a three-dimensional, computer generated environment which can be explored and interacted with by a person. (Source)
Wait, that sounds very technical so watch this (very hilarious) demonstration of virtual reality from techpoint.ng to understand how powerful this technology could be.
When you think about it, I’m sure you can come up with other brilliant applications of this technology.
10. Specialized auto repair shops
Road-side auto mechanics spoil more cars than they repair. They come cheaper, true, but is it really worth the long-term depreciation of your vehicle? Many of the road-side mechanics are not skilled enough to handle the types of smart cars of nowadays.
So a smart investor could start a specialized auto/body shop run by highly skilled technicians. People will pay more for it and will enjoy their cars for longer. Win-win for everybody.
11. Internet of things
So what is Internet of Things and how is it applicable as one of the next generation business ideas in Nigeria?
The Internet of things (IoT) is the inter-networking of physical devices, vehicles (also referred to as “connected devices” and “smart devices”), buildings, and other items embedded with electronics, software, sensors, actuators, and network connectivity which enable these objects to collect and exchange data. (Source)
In healthcare, for example, we could have devices which monitor a patient’s organ conditions and transmit the results, in real-time, to a network of more support devices. This network could alert caregivers or medical personnel in critical conditions. Think of all the lives this could save.
In agriculture, Internet of Things would enable devices to monitor soil water level, for instance, or soil PH level. The results would be sent to a network of other smart devices which could trigger more water supply to the soil or correct the soil PH level for better yield. Are you seeing the future?
12. Software as a Service
Techtarget defines SaaS thus: Software as a service (SaaS) is a software distribution model in which a third-party provider hosts applications and makes them available to customers over the Internet.
The Nigerian tech industry is on the up and up so this is definitely something to look out for.
One of my favorite mobile games is Ludo. It lacks a feature which I believe is very vital – the ability to play with one or more persons over the internet. So imagine if I’m able to play my favorite game with my friends in real-time. Also, imagine the revenue this app could generate if it makes N1 each month per user.
The major challenge with SaaS in Nigeria is inefficient internet services and lack of steady power supply because I cannot be playing Ludo when my phone battery is on 5%.
As I said, the future is bright for Nigeria. I look forward to seeing these next generation business ideas in full scale and I look forward to featuring the Next Nigerian Entrepreneurs who are able to challenge the industry in any of these businesses.
What business idea would you like to see in Nigeria? Are you currently working on any of them? Share your thoughts with us in the comment section.