Lucrative Businesses In Nigeria
Looking for lucrative business ideas?
Well, you’re in luck, here are our Top picks of lucrative businesses in Nigeria.
Let’s begin:
Food business
Food being a major necessity for life, coupled with its relatively low startup cost and high turn over makes food business a reliable stream of income, not just in Nigeria but globally, provided proper research, due diligence and management skills are applied.
Different fields you can explore in the food business are;
- Food supply
- Food Franchise
- Local restaurants
- International or foreign restaurants
Blogging Business
Everyday, we see more and more people depend on the internet for information.
From news, to entertainment, and business, you can search for almost anything online. This is where blogging comes in.
Blogs are usually written in an informal and conversational style, so you don’t need to be a professional writer to start a blog. What you need, however, is knowledge on the subject matter.
On average, bloggers earn about 1,500,000 naira monthly.
With determination and consistency, you can also start earning money as a blogger.
How to start a blog:
- Pick a domain name.
- Get your blog online.
- You will need a blog host and blogging software to achieve this.
- Customize your blog.
- Start writing.
Freelancing
A lot of people are into freelancing right now. It is the ‘hot potato’ of the season.
Freelancers earn money online by providing their services to clients. They work independently and earn money on a per-job or per-task basis.
Freelance skills include graphic design, writing, social media marketing, web development, video editing, photography and so much more.
If you want to start freelancing:
- Choose a niche.
- Do research and pay attention to competition.
- Get a mentor who is in your niche.
- Register on freelance sites like Upwork and Fiverr.
- Work, work, work!
Furniture business
Furniture is an essential piece of every home.
Offices, recreational centers, schools, churches, and mosques also utilize furniture.
The furniture business is one that’s ever in season, and with a sum of N2,000,000- N3,000,000 , you can kick-start your own furniture business.
Two aspects of the furniture business are:
- Furniture manufacturing: You can make furniture and sell to customers. If you’re not skilled, you can work with a personnel who is versed at furniture making.
- Buying and selling of furniture. Here, you don’t customize furniture, but buy from a manufacturer and sell it to customers.
Transportation business
Whether it’s within, or out of town, human beings are always on the move. Be it from church to work, or from school to the house, people are constantly moving.
With a small or large capital, you can delve into the transportation business, and make cool cash.
Here are possible ways:
- You can work as an Uber driver. Uber drivers pick up their passengers and transport them to their designated destinations. They make about N75,000-N100,000 monthly.
- You could also buy a Keke, Bus, or even a plane and hire people to run your business for you.
Real Estate Business
People will always need a roof over their head. A place to relax after a hard day’s job.
This is a profitable business, and you don’t need to have loads of cash in your bank account to invest in it.
If you have enough money, that’s good. You can buy properties and sell them later. You are sure to make a lot of profit.
But if you don’t, you can become a real estate agent. Real estate agents link buyers to sellers, and vice versa. For every deal you close, you get a commission of 10%.
Fashion Business
Another need of man is clothing. No matter the occasion, or circumstance, clothes are essential. This places a high demand on the business, and you can capitalize on it.
As a fashion designer, you can design wears for your customers, and sell to them.
You can also open a boutique (physical or online store) and sell clothing to your clients.
There are many areas to specialize in, they include:
- Children wears.
- Baby wears.
- African print.
- Corporate wears.
- Men wears.
- Women wears.
- T-shirt printing. etc
The fashion market is large, and with a clear plan, you can dominate it.
Oil & Gas Industry
The main natural resource of Nigeria is oil and gas.
We depend on fuel to power our cars, and generators. We also use kerosene to light our stoves, and gas to cook our meals.
To a large extent, majority of Nigerians rely on oil and gas to run their daily activities and businesses. This makes it a very lucrative enterprise.
Fields in the oil and gas business include:
- Oil and gas transportation.
- Kerosene business.
- Cooking gas business.
- Petrol station business.
Agriculture
We can’t possibly talk about lucrative businesses without mentioning agriculture. It is currently at the center of Nigeria’s economy.
As the government looks for other ways to diversify the economy, agriculture is most assuredly the focal point.
There is a huge profit to be made by anyone who ventures into this business.
Some of the opportunities you can pursue in agriculture are:
- Fish farming.
- Poultry farming.
- Cattle rearing.
- Rice farming.
- Cassava farming.
- Snail farming.
- Cashew Farming
- Food processing.
Hotel Business
The hotel business is one of the most lucrative businesses in Nigeria. Invest in it and watch as money flows in.
People like to travel, and hotels provide shelter for them.
Apart from shelter, hotels also have multipurpose halls which can be used to host events.
