Last updated on September 16th, 2022 at 08:17 pm
Imo is one of the industrious states in the South-Eastern part of Nigeria largely dominated by the Igbo-speaking people.
Caution: Because of the sit-at-home order by the Indigenous Peoples of Biafra (IPOB) and other security challenges in and around Imo, we urge potential investors to take their personal security seriously.
In this article, we will take you on a tour of the business opportunities in Imo State that are ready to be tapped.
Hundreds of farmers who use local farm implements in the state are ready to embrace mechanized farming but are being hindered by capital.
If you’re a big-time spender in agriculture, the ungoverned large sparse of land in Imo state is ready to be utilized for farming activities.
If you’re ready, talk to the traditional ruler in the area to site the farm, though it could be tough because of the cultural and ancestral nature of the Igbo people, it’s possible provided you are a great negotiator or possibly employ one from the village.
Raw Food Business
This involves buying and selling raw food to sellers and the final consumers. In case you are not used to the rigours of farming, here are other business ideas in Imo you can take advantage of and make a good return.
It is possible to even create a structure where it is easy to get the foodstuffs straight away from farmers directly.
That is, when they harvest their produce, they are calling you up straightaway. That way, you can buy at a cheaper rate, and sell well to maximize your investments too.
You should be familiar with the famous ‘Okrika’ business thing. Don’t be surprised to know that the things you usually ignore are so lucrative.
Therefore, you can start a consignment business with ease in Imo state and end up getting good profits.
The popular and most common product in this particular business line is second-hand clothes. One of the reasons it is such a big deal is because not everyone can afford to buy brand new clothes.
Now, to strike a good balance. While there are several people who can’t afford to buy brand new clothes at all times in Imo, there are also several others who can comfortably do that.
These ones are always particular about the quality of the clothes they put on, and they can afford anything that is nice. Hence, we can recommend investing in the boutique business
The pharmacy business is pretty lucrative for different reasons. First, it is a delicate business that not just anyone is permitted to go for.
Only deserving professionals with the necessary permits are allowed to do this since it deals with human health and wellness.
You can invest in this business legally even if you are not a pharmacist. In such a case, what you need to do is simply by registering under a registered pharmaceutical store.
Electronic business do well in cities. Already, there are many such stores in Owerri, the state capital. However, one advantage you can leverage is quality and qualitative customer support which is lacking in most of the electronic stores in the state.
Here is another way to tap into the lucrative food industry and make good money doing so. The restaurant business is a big one even in Imo state.
You can start this business in a good part of the state like Owerri, and you can run a successful restaurant from there.
Sales of Computers
Like mobile phones, computers are fast becoming vital necessities, because there are utilized for different important purposes.
Therefore, many young people around (particular the enlightened ones) have been giving great priority to getting their own computer. You should know that as far as Imo state is concerned, there is a market for this product
Many residents of Imo state love their native attires. These ones are usually made by tailors who are skilled at them.
You can invest in equipment, employ fashion designers in the local attires and sell your products to people within and outside the state.
There are Igbos in the United States, the United Kingdom, Canada, and other countries around the world who cherish Igbo attires and are ready to order them online.
If you want to start small, then you should have the skills first. You can then get a small place where your customers can visit to have a good haircut.
For an SME, you can consider investing in a business center and start offering services like typing, printing, making photocopies, and so on.
You can create a business that revolves around making beautiful hair for females in Imo state. This is something you can start without having to break the bank since your skill will be a great advantage in saving costs for something else.
If you are good at cooking (and you have great passion for it), you can create a good business around this.
First, there are busy people who patronize the services of those who should help them cook soups, and they pay well.
Even with the influx of good smartphones with nice cameras, the place of professional photography is not yet taken.
Thus, if you have photography skills, you can easily build or rent an apartment for your photographic studio.
You can also consider investing in an event hall business in Owerri and other major towns in the state where security is fair.
You can give serious thought to this business if you have good capital at your disposal. While it requires a lot of money to set up this, it is very profitable.
It entails getting good buses that can be utilized for travellers to move to other parts of the country. However, ensure you get your buses insured before anything else and make sure your drivers are experts.
Real Estate Investment
The penetration of real estate into Owerri and its environs is becoming increasingly interesting because the ROI property has.
You must do your due diligence so that you don’t fall into the hands of fraudulent land owners. Avoid buying controversial family land and other controversial issues that surround real estate in Nigeria.
Palm Oil Production
Imo is one of the states blessed with palm oil and investors have an edge over government-sponsored projects in palm oil production because most times, the government are notorious for abandoning project midway.
For instance, in 2018 the Federal Government announced the establishment of a palm oil processing factory in Umuehihe Village in Okwu Ikeduru Local Government Area of the state since nothing has been heard about it.
In the same state, Agricultural Development Authority Palm (Adapalm) Nigeria Limited in Ohaji owned by Imo State government is known to have been abandoned.
The Adapalm project can contribute at least NGN15 Billion annually to the state covers, according to an analysis by The Guardian.
The market for palm oil is quite wide, as it transcends the region too. You should realize that palm oil is used for different purposes, including palm kernel, oil, laundry soap, glycerin, palm kernel cake, and vegetable oil.
As such, palm oil production is a huge investment opportunity in Imo State for foreign and Nigerian investors.
The government will continue to pay lip service. The government is known for its failure in managing public assets. Only private investors can turn around the palm oil goldmine in Imo.
Other business ideas you can tap in Imo are:
- Car Wash Business
- Security services
- Social media management
- Installation of security equipment
- By The Guardian Nigeria