Starting a business in Edo State isn’t a bad idea if you know the right business to venture into in the “heartbeat of the nation”. If you are ready, here are some of the business ideas that will eventually make you an employer of labor in Edo haulage business, business consultancy, mining, transportation business, hospitality business etc
15 business ideas in Edo State for investors
Irrespective of financial status, you’d find one or more business opportunities you can embrace in Edo provided you can implement some winning marketing strategies. They are:
Haulage Business
Edo state is known for its palm oil production and other materials that are transported to other parts of the country. What makes haulage business a good investment opportunity is that the state is strategically located connecting the south-south, southwest and access to the Northern region of Nigeria.
Business Consultancy
Recently, the government is focusing on developing the Micro Small and Medium Enterprise (MSME) in the state. One such activity was the signing of a Memorandum of Understanding (MoU) between the Bank of Industry (BOI) and Edo State.
The agreement was the signing of MSME development fund worth N2bn to support entrepreneurs in the state. The announcement opened another business opportunity for individuals who are experts in designing business plans and delivering business-related services.
The MSME development fund means hundreds of entrepreneurs are going to need a winning business plan to access the fund. Most of them are going to need a professional business plan writer.
If you get this skill, you can start your business consultancy services in Edo State with less than NGN50,000. All you need to get started is to register your business name with the Corporate Affairs Commission (CAC).
Second, set up a Business Page on Google My Business, it’s free and you will also get a free website for your business and start providing a guide for businesses. Don’t forget to include your contact details for people to reach out to you to resolve their business-related challenges.
You can also help SMEs to register their businesses on the CAC portal. With this, you can make at least NGN100,000 in a week if you’re dedicated to it. An undergraduate can set up this business.
Renewable Energy
One of the challenges businesses face in Nigeria is power supply despite the abundant available resources. Edo State isn’t an exception to these challenges.
Considering the poor power supply in Edo, just like many parts of Nigeria, as an investor, you can establish renewable energy in Benin-City or any part of the state and begin to supply homes and businesses.
While this may be capital intensive, you may include home services like helping homes to install solar power. Other sources of renewable energy are wind, hydropower, solar, wind and biomass.
Artwork Studio
Benin City is home to bronze and other artworks, particularly in Igun street. If you are good at these ancient creative artworks you can establish an art studio that tourists, students can visit for an excursion.
As you know, a lot of people visit Benin-City, Igun Street, to buy bronze casting artwork, this a business opportunity you can male a lot of money from particularly if you can package your business.
Website Development Business
In August 2021, the state government hosted some senior officials from Konga, Nigeria’s leading composite e-commerce giant by bringing their products and services to a global audience.
The state government took a step not just to create jobs, but its realisation that the youth population in the state is using technology to promote businesses and services. This is another business opportunity in Edo State from which you can generate money from.
You can start creating SME websites at a competitive price for those who want to take their business to the next level. You can even win the hearts of more customers by offering guides and tips on how to make sales online, it’s called content marketing and you could get more leads through this business strategy. Website development service is one of the businesses you can start with NGN50K in Benin City.
Mining of Natural Resources
Bitumen, the biggest raw material for the construction of roads is found in Edo, and other natural resources are found in large deposits in the state. Other resources in the state are phosphate, glass-sand, gold, gypsium, clay dolomite, marble, iron ore, lignite, and limestone, this is an investment opportunity for “rich” investors who want to explore Nigeria’s natural resources. All you need do is to get the necessary licences from the Ministry of Mines and Steel Development, CAC, and the support of the state government.
Clearing and Forwarding Business
With the signing of the Memorandum of Understanding between Edo and China Harbor, the plan of the federal government to decentralise seaport as a result of congestion on Lagos ports, Benin River Port is going to be a big business opportunity for clearing and forwarding business in the state.
Because of the access of the state to the North, West and other regions, clearing agents are going to make a lot of money from this business.
Transportation Business
One of the most lucrative businesses in Benin-City is the transportation business. Edo has produced a lot of millionaires in the transportation sector. One of the reasons the transportation business thrives in Edo is because of the strategic location of the state. This is capital intensive, but you could start with two buses and expand as save enough to buy more.
Rubber Merchant
Popular areas where rubber is grown Edo state are Esan, Orhiomwon, Owan, AkokoEdo, Uhunmwode, and Ovia, yet this opportunity has not been fully explored. As a rubber merchant you can buy from the farmers and be a direct supplier to manufacturing companies that need rubber as their raw material.
Oil Palm Distribution Business
Edo produces the highest palm oil in Nigeria and can meet Nigeria’s consumer needs, yet palm oil is still being imported into Nigeria. The state isn’t just home to National Institute for Oil Palm Research (NIFOR), you can make money by distributing palm oil produced in the state to other states across Nigeria.
Exquisite Event Centre
Benin City has played host to lots of events like comedy shows, it is also one of the top locations for top-notch movies. If you’re considering a long-term investment, you build event centres with modern facilities with the latest security gadgets. Don’t be surprised that you’ll make a lot of money from rental from the weekly heavyweights events in the state capital.
Research Writing for Students
If you’re smart, intelligent and brilliant, you can make a lot of money by writing projects for students. To start this business is to know the best location and of course, towns and cities where higher institutions are located should be your choice.
Edo is home to more than 10 higher institutions. They are: the prestigious Auchi Polytechnic; Ekpoma houses Ambrose Alli University; Benin-City, Ekpoma; Benin City is home to the University of Benin (UNIBEN) and Benson Idahosa University; while Igbinedion University is located in Okada, others are Edo State Polytechnic Usen, Edo State University, Uzairue, Samuel Adegboyega University, Ogwa, and Wellspring University among others.
With NGN0, you start research writing services in Benin City and other major towns where higher institutions of learning are located.
Apart from undergraduates who constantly need someone who can assist them in their projects, some post-graduate students need the services of a researcher who can help them write assignments and other project works. As such, this is one of the business opportunities in Benin City, Auchi, Ekpoma, Okada among other major cities.
Hospitality Business
The three best locations to site hotels in Edo state are Benin-City, Ekpoma, and Auchi because of the influx of visitors to the cities every week, most especially postgraduate and part-time students who come for lectures.
Tourism Investment
There are investment and business opportunities in tourism in Edo State. As an investor, you can partner with the state government which comes in form of a Public-Private Partnership (PPP) to invest in more than 50 tourist attraction centres spread across the state.
As an individual, you can be a tourist guide for tourists who visit the state every day. Some of the centres come inform of the annual festival like Aba festival, historical sites in Unuamen village of Oba Esigie and Queen Idia fame, Edo Festival of Arts and Culture EDOFEST among others.
After all, said, it’s important to ask
Is Edo state good for investment?
Like other states, investors in Edo State have to be security cautious most especially on Auchi-Benin road, Ifon-Benin road where several cases of kidnapping had taken place.
On the riverine areas like Gelegele, a village located in Ovia North East Local Government Area of Edo, kidnappers reign on the waterways.
In the last ease of doing business report by the Presidential Enabling Business Environment Council (PEBEC), Edo state was ranked 34 out 36 and the FCT, that rank isn’t palatable.
However, the challenges in the state is also another business opportunity for someone ready to invest heavily in security services.
Recap:
Apart from the above business ideas, other business opportunities in Edo State that can fetch you a lot of money are security services, fashion designing, makeup business, logistics business, and night club.