Have interest in starting a business but not sure of what business to go into? In this article we’ll look at the most lucrative businesses in Nigeria to go into that can make you billions of Naira’s.
In this article, we will look at the most lucrative businesses in Nigeria that anyone with small or large capital can start. These lucrative business ideas are very profitable. They have the ability to make anyone successful if they are handled well. Many of them are not well explored in Nigeria.
With the high unemployment rate in Nigeria, many people are without jobs. Living without an income is suicidal. But if you are smart, you can start your own business. If you know what you are doing, you will be generating your own income in no time. And even employ others.
You do not have to be very rich to start a business. The business ideas we list on this page can be tackled with small or large capital. It all depends on your skills.
Advantages of starting a business in Nigeria
Starting a business in Nigeria has many good sides. First, you are in control of your own destiny. No boss can come to you tomorrow and tell you, “You are fired!” You have job security.
Another is the opportunity to grow and build your own brand. When you run your own business, you build a brand. The more you grow, the bigger your brand becomes. Look at Dangote. Even if he’s gone, his brand will remain.
If you run your own business, you have a greater chance of getting rich. There is too much competition in the workplace. There are many who have worked for many years without getting promoted, but no one can deny you that in your own business.
You have the opportunity to impact the economy by creating jobs and providing a livelihood for other Nigerians. The joy of employing people and providing them with a livelihood should be a great motivation for anyone with a good heart to take the plunge into business.
In Nigeria, there are a lot of lucrative businesses that Nigerians can engage in. But for certain reasons, Nigerians are leaving the country for greener pastures without trying to capitalise on the ideas back home. The result is that foreigners see the opportunities that we do not, and they take over!
The most lucrative business ideas in Nigeria. Here are the most lucrative business ideas in Nigeria:
Apart from being one of the most lucrative businesses in Nigeria, agriculture is an evergreen business. It never grows old and never fades away. As long as there are people, agriculture will continue to develop. That makes it a very important and strategic business.
One thing that makes this business so attractive is the fact that there are a lot of loans and financing options for agricultural entrepreneurs in Nigeria. We have our own agricultural bank, which is operated by the federal government through the Ministry of Finance, the Central Bank and the Ministry of Agriculture. You can read: How to get a loan from the Bank of Agriculture. Many lenders prefer the agricultural sector.
And as the government is constantly striving to move away from petroleum, its main focus is on agriculture. This will further incentivize this sector. Huge profits and growth await anyone who ventures into agriculture.
Here are some opportunities in the agricultural sector:
Palm oil business
Palm oil is worth its weight in gold. Most things you use, from cream to soups and more, are made from palm oil. There are many companies around the world that import palm oil from Nigeria. This business is very lucrative. Read more here: How to build a palm oil business in Nigeria
Beef is very popular in Nigeria. Cow milk is almost as valuable as oil in Nigeria. These factors make cattle farming one of the most lucrative businesses in Nigeria. Read more here: How to start a cattle farm in Nigeria.
Majority of Nigerians depend on garri, fufu and other products made from cassava. This business is very lucrative as the products are in high demand. Read more here: How to start cassava farming in Nigeria
Snail farming is an untapped business in Nigeria. There are so many opportunities and potentials in this business. You can read more here: How to do snail farming.
Chicken, turkey and other products are very popular among Nigerians, especially during the festive season. Poultry farming is a very profitable business that anyone with small capital can start. Read more here: How to start a poultry farming business in Nigeria.
This is the breeding of snakes for commercial purposes. Due to the risk and low competition, this business is very lucrative! You can read more here: How to build a snake breeding business.
If this business is well done you’ll be happy with this business. People consume fish everyday making it one of the most lucrative farming in Nigeria.
There are many other farming business ideas other than the ones listed above. Do your research and decide on one that fits you, your location and your budget.
2. oil and gas business
The simple truth is that Nigeria, and to a large extent the world, is still dependent on oil and gas. As long as this trend continues, this business will continue to dominate. Oil and gas is definitely the most lucrative business in Nigeria.
Look at it this way: we depend on gas or kerosene to cook. We depend on fuel to get around, whether we use cars, okada or keke-napep. And because of poor electricity supply, we depend on fuel for electricity. All big and small businesses in Nigeria depend on fuel or diesel to operate.
We are too dependent on oil and gas. And Nigeria is blessed with an abundance of it. Anyone who taps into this business will make a huge income.
This is one of the most lucrative areas of the oil and gas business. But you need a high budget to enter this field. Oil and gas distributors bring refined petroleum products into the country for distribution to different sectors.
With a few million naira, you can open a gas station. There are so many cars in Nigeria that you will never run out of customers. Also, many people depend on gas stations to power their generators.
Cooking gas business
This is an untapped business area in Nigeria. Many people are so fixated on gasoline that they overlook cooking gas. Recently, I spoke with a friend who runs a medium-sized petroleum company. The company deals in all petroleum products. He told me that they make more money from cooking gas than from any other business.
You can supply cooking gas to retailers or you can become a retailer and refill gas for end users. Spice it up. This business is very lucrative, and it does not cost much to get started. You can start small and grow!
Many Nigerians still rely on kerosene for various reasons. Even those who cook with gas use a kerosene-fueled stove as a backup. This business is very lucrative. Even more lucrative because not so many people are interested in it anymore.
Transportation of oil and gas
You can buy tankers and get into the business of transporting petroleum products. These can be ships. Petroleum products are like any other goods, they need to be transported. There are also opportunities for fleet management.
These are some opportunities in the oil and gas business. There are more if you do your research. But one thing is for sure, oil and gas is still one of the most lucrative businesses in Nigeria.
3. real estate business
Real estate business is one of the most lucrative businesses in Nigeria and everywhere in the world. There is no doubt about it. People will always need a roof over their heads. As the population continues to grow, the real estate business will continue to boom. As people move to the cities, this business continues to boom.
There are many opportunities in the real estate business. You can work as a real estate agent. You help people find properties and homes for a fee or commission. You can also help real estate sellers and landlords find buyers or renters, for a fee.
You can develop properties for sale or rent in desirable neighbourhoods. You can also invest in land and either develop it or sell it when it appreciates in value.
4. The grocery
The grocery business is definitely one of the most lucrative businesses in Nigeria. This is an evergreen business. People will always eat! No matter how difficult the economic situation is, there is one thing people can never do without: Food.
This is a business that can make you rich if you run it well. It’s also very easy to gain loyal customers. As long as your food is delicious, people will keep coming back.
If you find an excellent location and acquire the right skills and staff, you can run a successful food business. This is a business without seasons. It is in demand every day.
Here are some opportunities in the grocery business:
Nigerians love big brands like Mr. Bigg’s and Co. Some of these brands are so popular that people are loyal to a particular brand. You can find a good location in any city where there is little or no competition and open a fast food franchise. Mr. Bigg’s is owned by the United African Company of Nigeria (UAC), where you can apply for a franchise opportunity.
Once approved, you can open your own Mr. Bigg’s Fast Food and start making money. If you find a good location with minimal or no competition, you will make a lot of money. Aside from Mr. Bigg’s, you can open any franchise business of your choice.
You can open a local restaurant that caters to a specific group of eaters. For example, you can open a “Calabar Restaurant” where you serve the world famous Edika-ikong and Affang soup. This will make you stand out from the crowd, because people who are interested in these dishes will come looking for you.
You can open an “Amala Restaurant” where you focus on the delicious Amala dish.
When it comes to a local restaurant, a specification can be a game changer.
Foreign and intercontinental restaurants
Foreign and intercontinental dishes are very popular in Nigeria. Restaurants serving these types of dishes attract wealthy individuals, foreigners and celebrities.
You can open a Chinese restaurant, an Italian restaurant, an Indian restaurant, etc. You can learn how to prepare dishes that are common in these restaurants or work with someone who knows them well.
This is a very lucrative business that you can make money from. I know a woman who runs this business. She supplies food to conferences, seminars, general meetings of banks, etc.
The business of supplying food is lucrative. You need to be able to cook well or hire someone who can. Then build a network of event planners and organizers. Also reach out to schools, businesses, etc. You will be amazed!
5. furniture business
The furniture business is deservedly one of the most lucrative businesses in Nigeria. The market is huge and the demand is high. People will always use furniture. People sit on furniture and sleep on furniture. Kitchen – furniture, living room – furniture. Businesses need furniture. We are surrounded by furniture. Furniture is an important commodity.
You can open a carpenter’s workshop, where you will make furniture in good condition for various purposes. Hire qualified carpenters. Deliver furniture to showrooms, businesses and schools and sell it to individuals.
If you are not interested in a cabinet shop, you can open a showroom and source well-made furniture from good carpenters in the area. Display them and sell them. The market is huge and the profit margin is high.
Transportation tops the list of the most lucrative businesses in Nigeria, and rightfully so. This is a business that cannot be done without. People are constantly on the move. On their way to work, to church or mosque, on their way to visit, from town to town. There is always movement. With over 150 million people in Nigeria constantly on the move, this business is very lucrative.
You can start with small or large capital. You can drive Uber with your car to earn extra income. You can buy buses, okada or keke-napap. Even airplanes. The market is huge and in high demand. People are always on the move!
7. hotel industry
The hotel industry is very lucrative and should not be overlooked among the most lucrative businesses in Nigeria. The population of Nigeria is huge and people move from one place to another either for pleasure or for business. The hotel provides accommodation for them. People who come to the country also visit the hotels.
To be successful in the hotel industry, you either need to find a less competitive environment and set up shop there, or offer better or cheaper services in a competitive area. To supplement your income, your hotels should have a function room that can be rented for events. A bar and a restaurant.
8. marketing in the social media
With so many people spending most of their time on social media, social media marketing is one of the most lucrative businesses in Nigeria.
Social media marketing is about using social media to find leads for businesses. You can work independently and help businesses make the most of social media, or you can promote and sell products on social media.
9. fashion business
The fashion business will definitely make it to the list of most lucrative businesses in Nigeria. Nigerians love parties, be it weddings, birthdays or end of the year parties. Even funerals, we still find a way to have a party – the funeral ceremony! There is a uniform for all these occasions.
The fashion industry is in high demand. People will always wear clothes. To go to work, to school, and even to sleep, people need clothes. The demand is very high.
You can enter the fashion industry and design great clothes. You will have a big clientele from different neighbourhoods. You can also open a boutique and sell imported and locally made fashion items. You can do printing services, printing on t-shirts and caps.
10. dry cleaning
This business is very lucrative in the city. Most professionals rely on dry cleaners for their laundry. Businesses and organisations use dry cleaning very often. You will always have customers in this business if you are in the right location.
11. dropshipping business
Dropshipping business is a very lucrative business. It gives you the opportunity to run your own online shop without having to have a warehouse or stock products.
All you need to do is open an online shop, then copy goods from manufacturers or suppliers and put them in your online shop. When someone orders, the supplier delivers to them and you get your money!
You can open an online shop with WooCommerce, Shopify or any other platform.
12. online video Influencer
The truth is that people spend more time online than watching TV. Gradually, online video consumption is becoming more and more popular. Especially YouTube and Netflix.
If internet data were not so expensive in Nigeria, many people would ignore their TV and watch almost anything online.
The market is big. You can start a video blog on YouTube and focus on your favourite topic. You make money with advertising, affiliate marketing, sponsorship and much more.
13. blogging business
Blogging business has definitely earned its place among the most lucrative businesses in Nigeria. More and more people prefer to read news online than in newspapers. Gradually, news blogs are replacing newspapers for many people. This has opened up tremendous opportunities.
Bloggers make money through direct advertising, ad networks, affiliate marketing, product sales, sponsored posts, partnerships and more. On average, high-end bloggers in Nigeria earn over 20 million Naira every month.
Blogging is easy to start. With a very small capital. Starting a self-hosted blog costs about N4,000 for the domain name and N27,000 for hosting for a year. You pay both for one year. That’s less than N35,000 to start a business that can earn you 20 million every month.