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How We Made It In Africa asked Chude Jideonwo, the CEO of Nigerian-based benefit corporation Joy, Inc., to identify one untapped business opportunity in Africa. Here was his response:
“Domestic travel and tours are underrated.
“Nigeria’s tourism space is poorly managed, but there is a vast number of people across market segments who can hardly afford to travel out of Nigeria for holidays, breaks and sightseeing. However, there is a tapestry of locations, scenes and sites that Nigerians are unaware of within the country that can count for aspiration while being cost-effective.
“The first mover in this market will have to make heavy investment in re-shaping tastes towards these imperatives, but the fact that these sites are hidden to big money, and that the costs of moving in this market are yet prohibitive for small businesses means that an opportunity is yet untapped, everywhere from the serenity of Uyo in Akwa Ibom to the abandoned castles in Kano.
“Both intra-country tourism in Nigeria and within West and Central Africa – including the dramatically unexplored haven that is São Tomé and Príncipe – are crying for bold investment.”