14 Most Lucrative Businesses in Nigeria
Whether you are looking for large scale or small scale business in Nigeria, we know there are some special lucrative businesses in Nigeria which you can jump into to start making money for yourself. In this article, we’ll talk about the most profitable businesses in Nigeria that anyone can start, no matter how much money they have. These good business ideas make a lot of money. They can help anyone be successful if they are used well. Nigeria does not know much about a lot of them.
Nigeria has a high unemployment rate, which means that a lot of people don’t have jobs. Living without a job is a way to kill yourself. But you can start your own business if you are smart. If you know what you’re doing, you’ll be making your own money in no time. And even hiring people.
Starting a business doesn’t require a lot of money. The business ideas on this page can be started with a small amount of money or huge capital. It depends on what you can do and make sure you consult some expert in any of the business you choose for the success and good result.
Below Listed are the 14 Most Lucrative Businesses in Nigeria, which anyone can do and make money for themselves.
1. Fashion business
There is no way that the fashion business won’t be one of the most profitable in Nigeria. Nigerians love to celebrate, whether it’s a wedding, a birthday, or the end of the year. Even at funerals, we find a way to have a party: it’s called a burial ceremony. There are uniforms for all of these events.
People are very interested in the fashion business. Clothes will always be worn. People need clothes to go to work, school, or even to sleep. A lot of people want it.
You can become a fashion designer and make some really cool clothes. You will get a lot of business from many different places. You can also open a shop where you sell clothes made both abroad and in your own country. You can offer printing services and print on hats and T-shirts.
2. Mobile Food Vendor
If you want to start a business as a mobile food vendor, you need to know how to cook or have learned how to cook. This will give you a big advantage over your competitors, like eateries, restaurants, and other mobile food vendors who are all trying to get your customers.
Your ability to make meals that are tasty, nice, and cheap will put you ahead of your competitors. With as little as N50,000, you can start this business.
3. Online Advertising Firm
Every business needs advertising, and with the rise of social media, Why not start a business in this new market place?
This has to be one of the best and fastest ways to make money in the modern world. In 2018, people all over the world spent almost $400 billion on online advertising.
This business is taking over the world, from blogs and social media to websites, newspapers, search engines, apps, and games.
Setting up an internet advertising agency will let you take advantage of this chance and make money quickly. You can do this with as little as N100,000, so don’t let this chance pass you by.
4. Exportation Business In Nigeria
With the war between Russia and Ukraine going on right now, the price of importing and exporting just went through the roof, and people are having a hard time getting things from their home countries.
You might think that Nigeria doesn’t have much to sell abroad, but you’d be wrong. One of the most profitable foreign trades for Africa is shipping materials.
Exporting raw goods like cocoa, green vegetables, vegetable oil, yam, cassava, palm oil, or crude oil to other countries is a surefire way to get rich. Outside of the country, there is a lot of demand for these goods.
5. Cleaning Business in Nigeria
Why wouldn’t you start your own business if you used to clean apartments or offices for a daily wage and were good at it? You only need people to help you or work with you and cleaning supplies. So, you can offer cleaning services for homes, apartments, and offices. These days, this service doesn’t come cheap.
6. Oil and Gas Business
The simple truth is that Nigeria and, to a large extent, the rest of the world still depend on oil and gas. As long as this trend keeps going, this business will stay on top. The most profitable business in Nigeria is without a doubt oil and gas.
Look at it this way: we can’t cook without gas or kerosene. Whether we drive cars, okadas, or Keke-napeps, we need fuel to get around. And because there isn’t enough electricity, we have to use fuel to make electricity. Every business in Nigeria, no matter how big or small, needs fuel or diesel to run.
Too much of the economy depends on oil and gas. And Nigeria is lucky to have a lot of it. Anyone who gets involved in this business will make a lot of money.
7. Agriculture business
Aside from being one of the most profitable businesses in Nigeria, farming is also a business that will always be around. It never gets old and never fades. As long as people are around, the agriculture business will do well. It’s a very important and strategic business because of this.
One thing that makes this business so appealing is that there are a lot of loans and other ways to get money for people in Nigeria who want to start an agriculture business. The Federal Government, through the Ministry of Finance, the Central Bank, and the Ministry of Agriculture, runs a Bank of Agriculture. How to get a loan from the Bank of Agriculture is something you can read. A lot of business lenders give agriculture a lot of attention.
And since the government is always trying to move away from oil, agriculture is where it puts most of its attention. It will give this sector more reasons to grow. Anyone who goes into the Agriculture business will make a lot of money and grow.
8. Food Business
There’s no way that the food business won’t be one of Nigeria’s most profitable ones. This business will always be around. People will always need food. No matter how bad the economy is, people will always need to eat.
This is a business that can make you rich if you run it well. It is also very easy to get customers to stick with you. People will always come back as long as the food is good.
You can run a successful food business if you can find a great location and hire the right people with the right skills. This business can be done at any time. Every day, people want it.
9. Blogging Business
The blog business has definitely earned its place as one of Nigeria’s most profitable businesses. People are getting more and more used to reading news online instead of in newspapers. People are slowly giving up newspapers in favor of news blogs. This has opened up a lot of doors.
Bloggers can make money through direct advertising, ad networks, affiliate marketing, product sales, sponsored posts, partnerships, and many other ways. On average, high-end bloggers make over 20 million Naira every month in Nigeria.
It’s easy to start a blog. With a very small amount of money. A domain name will cost you about N4,000 and hosting for a year will cost you about N27,000. For a year, you pay for both. That’s less than N35,000 to start a business that can make you N20 million every month.
10. Real Estate business
One of the best ways to make money in Nigeria and all over the world is to run a real estate business. There’s no denying it. People will always need a place to stay dry and safe. As long as the number of people keeps growing, the real estate business will continue to do very well. People keep moving to cities, which keeps this business going strong.
There are a lot of chances to make money in the real estate business. You can be a broker. People pay you a fee or a commission to help them find a house or an apartment. Also, for a fee, they help sellers and landlords find buyers or renters.
You can build homes in areas where people want to live and sell or rent them. You can also buy land to develop or sell when it goes up in value.
11. Furniture business
The furniture business is one of the most profitable in Nigeria, as it should be. The market is huge, and there is a lot of demand. Furniture will always be needed. Furniture is used to sit on and to sleep on. Furniture for the kitchen and the living room. Companies need things to sit on. There is furniture all around us. Furniture is an important thing to have.
You can open a shop where you make high-quality furniture for many different uses. Use carpenters who are skilled. You sell furniture to companies, schools, and showrooms, and you also sell to individuals.
If you don’t want to run a carpentry shop, you can open a showroom where good carpenters can sell their furniture. Show them off and try to sell them. The market is big and there is a lot of money to be made.
12. Hotel business
The hotel business is very profitable and can’t be left off the list of Nigeria’s most profitable businesses. Nigeria has a very large population, and people move from one place to another for work or for fun. Hotel gives them a place to stay. People who come to the country also stay in hotels.
To do well in the hotel business, you need to either start up in an area with less competition or offer better or cheaper services in an area where there is already a lot of competition. To make more money, your hotels should have a room that can be rented out for events. A bar and a place to eat.
13. Transportation business
This is a good list of the most profitable businesses in Nigeria, and transportation is on it. You can’t do without this kind of business. People always go somewhere. Moving to work, to church or a mosque, to visit, or from one city to another. Things are always moving. With more than 150 million people on the move in Nigeria, this is a good business.
You can start with a small amount of money or a lot. You can make extra money with your car by driving for Uber. Buy buses, okada or keke-napep. Even planes. The market is very big and very busy. Everyone is always on the move!
14. Social media marketing
People spend so much time on social media that social media marketing has to be one of the most profitable businesses in Nigeria.
Social media marketing is all about finding leads for businesses by using social media. You can work on your own and help businesses get the most out of social media, or you can use social media to promote and sell things.
Frequently Asked Questions (FAQs)
What are the fast growing business in nigeria?
There are many fast growing business in Nigeria and most businesses depends on how founders handle it, you can start a fintech business, Food business and Transport Business, these are businesses that are always high in demand and never run down.
