Experts outline unexploited business opportunities for entrepreneurs

Business and raw materials experts have enumerated a number of yet-to-be exploited business opportunities which budding entrepreneurs can tap into  for huge returns.

John Isemede, director-general, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), said there is an opportunity in the palm oil business as the country produces only one million metric tons but import about four million tons, stating that budding entrepreneurs can move into the business to make profits and ensure that the local industry, which only makes one percent contribution to the world demands, is developed further.

Apart from palm produce, he said they can also move into foundry and fabrication business,  given that the industry makes returns for the few participants, adding that many more businessmen should exploit the soap-making business which is easy to enter and can keep many Nigerians afloat.

‘’Can you get a mango juice from mango tree? No, you must process it. This shows we can add value to products like cocoa, mango juice and make money,’’ he said during the ceramics trade fair held last week in Lagos.

Dorothy Nwanah, assistant director at Raw Materials Research and Development Council (RMRDC),  pointed out that start-ups and business owners should consider the raw materials processing industry in ceramics as no ceramics manufacturer in the country is processing its raw materials by itself.

‘’You can do raw materials processing for so many companies. Another point is that there is no ceramics institute, meaning there is an opportunity for people to move in. You know Nigerians have taste for beautiful things. So, imagine if people can use clay and available materials to make ceramics here. RMRDC can assist; Epina Technologies can also assist them,’’ she said.

 Biliaminu Kazeem Onaolapo, acting director, industrial chemicals and minerals department, RMRDC, who represented Hussaini Doko Ibrahim, director-general, RMRDC, further said that rather than continue to look for jobs, Nigerians can move into processing of and value-addition to raw materials, while some can simply go into research and development and become professionals and consultants.  Many can equally set up a mini factory to process raw materials for industries,   while others can think of training entrepreneurs and school leavers in technology. Others may also consider equipment fabrication for manufacturers, he said.

‘’The cottage pottery production is not only a local economic activity mostly practised by women assisted by their children but also cultural heritage which is passed from one generation to the other. The Council sponsored the design and fabrication of a crank kick wheel for pottery production. In essence, the development of the crank kick wheel is to boost the mass production of competitive pottery wares. The crank wheel has been replicated for proliferation and promotion of small- scale modern pottery production in the country,’’ he said.

ODINAKA ANUDU