Land is one of the most valuable limited resources. The demand for vacant land is never-ending as population increases and space constricts.

It has become the norm in Lagos for some investors to abandon their vacant land with the notion that they would sell when the price of the land appreciates. Sometimes, this can take years leaving the property bare and unutilized. Many see this as the one way to money from their landed property. Yes, you can make money from the sale your vacant land when it appreciates in value but its always a good idea to put the land to use while waitinf for it to appreciate in value.

This article takes a look at some business ideas you could use your vacant land for that can generate revenue for you while the value of the land appreciates.

Building A Shopping Mall Or Complex

Right now shopping mall and complexes are the real deal in Nigeria. Although this can be a capital-intensive project, the rewards are boundless as they offer quite a handsome return on investment. When you build a complex or a shopping mall, business owners would come to rent stalls in your mall. This would in turn generate another source of income for you over time. 

Build An Events Centre

Building an event centre is another good business idea for vacant land as it provides tons of cash when one invests in it. The event centre doesn’t have to be so big or anything. You can just easily fence your land and lay interlocking bricks and build tents for events. You can also just decide to build a hall or a two, three-storey building, depending on the resources you have. When you do this you can have two, three events taking place simultaneously thereby getting more money. With the rate at which events occur every now and then, you can easily make huge sums of money from this. 

Farming

Whether it is Fish farming, Poultry farms or Livestock, agriculture is a good business idea for vacant land. Agriculture would always thrive in any capacity as long as it is done right because food is essential and no one can do without it. 

Starting a plantation, fish or poultry farm especially would fetch you money from wherever your land is located. You can supply the fish or poultry products to major eateries and restaurants and get paid.

[READ MORE: 10 Important Tips To Help You Avoid Bad Building Contractors]

Kiosk Store or Shops

There are some businesses they do not require such big shops to function. You can erect small kiosk stores or shops on your land and rent them out to small business owners around the area. Examples of businesses that can flourish in such stores include food sellers, market traders, ice sellers, drink and beverage sellers among others. 

Parking Spaces

If your vacant land is adjacent to some local attractions, you could simply set up a parking lot and charge a fee for people to park there. This is because the busier the area you’re located in, the better this opportunity will be.

However, you may have to repair potholes, repaint lines, and install entry and exit systems to make it an adequate parking lot. You might rent out your spaces on an hourly basis, or advertise for long-term parking.

Open space for Events 

Some people prefer holding events in the open. Weddings are one of the most popular events for beautiful outdoor settings, although parties, family reunions, and many other celebrations can also be done in the open. You can ask guests to bring their tents or canopies, tables, and other necessities or you provide them yourself. Whichever way you choose to do it, the main business opportunity is the venue which they would pay for.