Ondo state is one of the 36 states in Nigeria, located in the Western part of the country. The capital is Akure, which is the largest city in the state. Other places in Ondo state are Owo, Ore, Ondo town, Okitipupa, and Akoko.
Ondo state shares borders with Ekiti state, Edo state, Kogi state, Ogun state, Osun state, and the Atlantic Ocean.
The major ethnic group in Ondo state is the Yoruba, Ijaw, Ilaje, and Edo descent The languages that are generally spoken in the state are English and Yoruba.
The main sources of income for people in Ondo state are farming, fishing, hospitality, service industry, transportation, arts and crafts, and trade and commerce. Ondo state is known to produce crops like Banana, Plantain, Yam, Cassava, Palm Kernel, Kola nut, Cocoa, Rubber, Orange, Mango, Pears, and varieties of vegetables and fruits in large quantities.
Ondo state also has a large deposit of crude oil hence it is considered to be among the oil and gas producing states in Nigeria.
Best Business Opportunities in Ondo
1. Aquaculture Business: Ondo State, Nigeria, has an advantage over other states in terms of investment because of its 180 KM-long coastlines. Exotic fish, catfish, croaker, shrimp, and other aquatic species that are in high demand on the global market can be found along Ondo's coastline. All you need to do is to establish yourself in this business after making all necessary research concerning the business.
2. Palm Oil: Ondo State is another Nigerian state that can fill the market's supply gap. The majority of Nigerian palm oil farmers are subsistence farmers, yet the Ondo soil is fertile and ideal for palm oil plants. For people looking to invest in highly lucrative agribusiness firms, this is a great opportunity.
3. Logistics And Transportation: Transportation and logistics are other industries that can help the state's small manufacturing businesses find solutions to delivery problems. For both domestic and international product delivery, the majority of business owners need logistics. You can start a delivery business in the state and if you are reliable you will get more customers in no time.
4. Cocoa Business: Establishing a cocoa product manufacturing business in the state of Ondo, which is blessed with the ability to produce cocoa, would be a wonderful return on investment. In addition to being a primary raw material for the creation of chocolate and other goods, cocoa beans can also be used to make medical treatments. If you have the necessary raw resources in your backyard for production, you probably understand what that entails.
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5. Exports of Cocoa: Ondo state is the major exporter of cocoa in Nigeria, accounting for more than 40% of all exports. As of the time of publication, it produces 240,000 metric tonnes annually. For Nigerian exporters of cocoa, this is a big market. Ondo's potential for cocoa production hasn't been adequately utilized.
6. Investment in Tourism: In the southwest of Nigeria, Ondo State is home to some of the most magnificent sights. Some of the state's untapped tourism investment prospects include the Idanre Hills, the lovely rivers that wind across the region, and coastal locations. These locations can be developed for a variety of purposes, including the creation of movies, hosting international events, and tourist attractions.
7. Agriculture: Ondo state boasts some of Nigeria's most fertile agricultural territory, making it easier for farmers to develop their crops. With the use of farming equipment, you can start some agricultural plants in the state of Ondo. The reality is that you may be certain of getting a decent return on your investment if you establish your cocoa, banana, or plantain plantation in any area in Ondo State. The majority of food traders travel to Ondo to purchase their agricultural products, which they then ship to other regions of the nation.
8. Timber Supplier: Ondo is also one of Nigeria's top growers of commercial trees. It is home to large commercial woods that provide wood for buildings and furniture. You can provide wood to significant furniture companies in Lagos, Abuja, and other significant places across the nation.
9. School Business: Daycare and school businesses are another successful industry that entrepreneurs might start in Ondo state. Many working-class parents require a daycare facility's services for their kids. Therefore, all you need to do is make sure you complete the correct procedures to register your school and daycare with the government and make sure the business is located in an area where customers can find it easily.
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10. Food Processing Business: Some fruits and crops are cultivated in Ondo state on a large scale hence the state is highly suitable for industries like Food Processing Plant. If you are interested in the food industry, then you should consider establishing your food processing plant in Ondo state. Just ensure that you conduct your feasibility studies to be sure of the type of food to process.
11. Restaurant and Bar: In the state of Ondo, entrepreneurs can open up yet another successful and highly profitable venture. If you've ever driven on the Lagos-Benin expressway, you know how busy the restaurant scene is in Ondo state, particularly in Ore. Therefore, if you are interested in the food industry, you might think about opening your typical restaurant and bar in Ore, Ondo state. There is no doubt that this business will bring you enormous earnings, especially if it is situated in a location with heavy traffic.
12. Motel Business: One of the businesses an entrepreneur can launch effectively in Ondo State and quickly repay their investment is a motel operation. Many travellers occasionally choose to take a break in Ondo before continuing the next day. As a result, you should construct a motel close to accessible regions where you may expect a large number of guests.
13. Gadgets Business: Mobile phones, laptops, and accessories shops are yet another simple-to-start but incredibly lucrative business to launch in the state of Ondo. In the state of Ondo, there is a sizable market for these products. In the end, you have to make sure that you pick a nice location for your shop.
14. Auto Repair Business: Another incredibly successful enterprise that entrepreneurs might start in Ondo state is a mechanic shop. The fact is that a lot of transporters, including private car owners, go through Ondo State, and occasionally they may want a mechanic's assistance when their vehicle breaks down. Therefore, place your auto mechanic shop near a busy route, and you won't have any trouble drawing clients.
Related: Steps to start a mechanic workshop in Nigeria.
15. Petrol Filling Station: Even if opening a petrol filling station needs a significant amount of initial capital, it is still one of the most interesting ways to make money. You should think about opening your gas station in the state of Ondo if you have the resources and want to establish a business there.
16. Computer Training Center: You might also start a business in Ondo State teaching locals how to operate and interact with computers. Those looking to learn how to repair computers will be drawn to you if you are a computer engineer.
17. Music Shop: Ondo is home to many music enthusiasts that can sell musical instruments for a profit. Equip your store with a variety of musical instruments, such as a piano, guitar, tambourine, and others. Before starting any business, you must carefully evaluate some of the difficulties you'll likely encounter.
18. Egg Supply and Distribution: This is a very good business idea one can start up, whether you have a poultry farm or not. You can be buying and supplying eggs at a wholesale rate to retailers, individuals and businesses.
19. Rental Services: These involve occasionally renting things that they do not need to buy like chairs, music speakers, microphones, canopies, ladders, etc. For their parties. You can start a rental service where you rent out all this stuff to people for a certain amount of money. All you need is capital to get all these things and maintain them.
20. POS Service: Putting your money in a POS business in Ondo state is money well invested. As much as the risks involved in starting a POS business is low, you're sure to see your profits.
Before starting any business, it is important to always do market research on the business you choose, create a business plan and get funding for the business. This will help you to maintain and grow your business properly. For more information on Businesses and Marketing, become a member of SmartSMSSolutions.