There exists huge business opportunities in Nigeria’s security sector. In this post, I attempt to highlight some of these opportunities. If you are a budding entrepreneur looking for where to invest, this article will juggle your interest.
Read on
Security Challenges is Global
From physical to data safety, security challenges is a global concern. As a result, there is a growing need for intervention in security services by both private and the public sector. Consequently, some studies forecast a worldwide growth in managed security services by 12.8% CAGR between 2021 and 2030
In Nigeria, a growing population and a rapidly changing social structure are contributing to the emerging dynamics of the entire security situation. This rapidly evolving dynamics are creating opportunities for smart entrepreneurs.
And this blog post attempts to identify some of these business ideas in the Nigeria’s security services sector
13 Business Opportunities in Nigeria’s Security Services Sector
In no particular order, here are some of the most lucrative business opportunities you can find in the security sector.
#1. Set Up A Private Security Company
For most people, private guard company is the first thing that comes to mind when searching for business opportunities in the Nigeria’s security sector.
A private security company provides armed and unarmed security guards to private residences, offices and public institutions. Some of them also engage in survellance and security consultancy.
Private security services business is highly regulated.
This means that prospective operators in this sector must obtain a license after going through a rigorous process of approval. The body responsible for granting of private security license in Nigeria is the Nigeria Security and Civil Defence Corps (NSCDC) under the purview of the Federal Ministry of Interior.
A requirement of note is that in the minimum, one of the directors of the proposed private security company must be a retired commissioned officer of any of security agencies, namely the Nigeria Police, Army, Airforce or Navy; or any other paramilitary agencies. The minimum share capital required of private security guard companies in Nigeria is N10,000,000.
#2. Set Up a Security Training Academy
Enormous opportunity exists in the security training and capacity building. Areas to cover include security management, health and safety, surveillance, etc. The industry is dire need of skilled personnel. For instance, organizations are constantly looking for security guards with the capacity to detect and prevent potential crimes.
Hence, setting up a center that train security guards, and equip other professionals with skills in different aspects of security is welcome. It is indeed, an opportunty less explored. And with increasing digitalization, organizing an online academy is not out of the question.
#3. CCTV Installation and Monitoring
The demand for Close Circuit Televisin (CCTV) camera is on the rise. This is due to the increasing need for surveillance of business premises and private residences.
With the increasing need for surveillance, investing in the installation and maintenance of closed-circuit television (CCTV) systems offers a promising business venture.
#4. Alarm and Access Control Systems
Access control system describes a security framework that limits access to a property only authorized persons. With increasing incidents of breaking and entry into commercial and residential property, setting up a business that provide such security system has a lot of potential.
#5. Security Consulting Services
Security consulting is a fast growing field of endeavour owing to increasing volnerabilities in physical and digital environments. A security consultant is often an expert who anyalyzes the environment, idendifies potential threats and recommends measures to safeguard the environment.
Getting a security consultant to assess possible threats both within physical environment as well as around digital assets is a worthwhile investment for orgaizations. To become a security consultant will require you to get properly trained. A certification in cybersecurity will make you become highly sort after in providing advise for digital assets safety. This is talking about computer systems, networks and softwares intended to ward off hackers and other form of cybercriminals.
Also adding security risk assessment to your security consulting offerings is a services that your clients will appreciate. Risk assessment services will cover vulnerability and threat analysis and recommendation of appropriate interventions.
#6. Cybersecurity Services
Cybersecurity describes measures that are designed to protect computer networks, servers, mobile devices, electronic systems, and data from malicious attacks. Cyber attacks is not only growing in frequency but also in the sophistication it is carried out. With the expansion in digital ecosystem, every organization, big and small is vulnerable.
As a result, the services of cybersecurity professionals is growing in importance. In fact cybversecurity as become one of the in-demand high income skill as organizations are are ever ready to pay for cybersecurity services at anytime.
Developing a skill in cybersecurity and/or setting up a business that focusses on providing protection to digital assets and other forms of cybersecurity is something to thing about.
#7. Supply of Security Equipment
Security equipment is wide and varied. Every area of security is driven by the use of certain kind of equiment. Thus, the supply of security equipment is a very critical aspect of the security services value chain. Smart entrepreneurs have made so much money in this sector and are still making.
If you are providing man guard services and providing security consultancy, you may have to consider security equipment supply as an added value to your customers. Some of the equipment that are high demand for security services include: alarm systems, protective gears, cctv cameras, tracking devices, access control systems, etc.
The profit potential in security equipment supply is huge. And the most in demand equipment include: metal detectors, X-ray scanners, and protective gear, to various sectors is a growing market with ample potential
Providers of equipment supplies may also engage in the rental of these equipment. This will enable organizations and individuals who cannot afford whole ownership to rent and use on need basis.
#8. Security Software Development
With the growing demand for cybersecurity, specialized software development that deals in security services is becoming a high in demand activity. Such software solutions include visito management systems, incident report programs, firewall, spyware, encryption and anti-virus software.
To provide such software solutions either as individual or a software development firm requires that you get appropriate training and hone your skills.
#9. Biometric Solutions
Biometrics is the identification of persons through based on unique, recognizable and verifiable morphological and biological characteristics. These characteristics include finger print, facial shape, vein pattern, etc.
The use cases of biometric identifiers is wide; the common cases being in banking, healthcare, border control, security services and civic registration. As a result of the wide use cases, there’ll always be demand for biometric equiment such as finger print scanners, facial recognition system and mobile app.
#10. Vehicle Tracking Systems
The rise in vehicle snatching and vandalization led to the introduction of vehicl security systems. One of such security system is vehicle tracking devices. These devices are used to track stolen vehcles and aid their recovery.
A large number of individuals and organizations these days buy expensive vehicles and will do anything possible to protect the vehicles from theft and vandalization. Also insurance companies make it a condition to install tackers before offering insurance cover to vehicle owners. Thus, it is understandble that the demand car trackers will always be
With the rise in vehicle theft and security concerns, investing in vehicle tracking systems offers an opportunity to provide valuable services to individuals and businesses.
#11. Private Investigation Services
Private investigators provide discrete surveillance services to a wide range of cliente. The client base of a private investigator may include: high networth individuals, high profile legal firms, government and business organizations. Their work? This is also varied depending on the need of the client.
However, generally, a private investigation services may be needed to conduct background checks, verify identity. They can be used to investigates employees for thefts, or conduct due diligence before a contract is consumated. Private investigators help lawyers in providing evidence to prove infedility or disprove it as the may be in a divorce case as well as helping formal security agencies with intelligence in the rescue of a missing persons.
You can infer from the foregoing, that the work of a private investigator is wide and may be of legal, personal, corporate or financial in nature, Therefore, if you are interested in this business you must endeavour to develop yourself in these areas. This does not mean that you have to be a lawyer, a polic officer, or a financial expert at the same time. However, developing and having a basic understanding of these will help you succeed.
A basic qualification in security studies or criminology will put you in a good position to start thinking of career in private investigation services.
#12. Emergency Response Services
Emergency responses refer to the provision of intervention to events that are considered a threat to the safety and welbing of the people. Such responses are often provided by government agencies. However, due to observed inadequacies, private sector operators are investing in this sector.
The gap existing in emergency responses remain very high, hence the need for private investment. Set up a facility to provide emergency responses in events such as fire outbreak, ambulance services, medical evacuation, flooding and other emergencies. In Nigeria, where government agencies seemed to be overwhelmed, this business offers great promise.
#13. Secure Transportation Services
Secure transportation is one of the profitable business opportunities in Nigeria’s security sector you may not know.
Set up a business to offer secure logistics or transportation to HNIs or corporate organizations to protect their expatriates workers. To do this business successfuly, you will need to have high end security vehicles in your fleet. You will also need to equip the vehicles with the necessary security gadgets. You transport VIPs, valuable goods, or cash from one point to another.
Sell your services to banks for cash movement using dedicated bullion vans or oil and gas exploration companies for expartriate movements.
Final Words
Now you have it! 15 Business Opportunities in Nigeria’s Security Sector. Fortunately, with little invest, one can set up many of the businesses in this sector. All you need do is do your research very well, improve your skills where necessary and begin to explore the opportunities.
For those business ideas requiring investment of huge capital; seek investors who believe in your ideas and are willing to work with you. Consult us at Kobotalk Management Services should you require help with the business plan or pitch deck to solicit such investments.
