The trend of business changes from time to time, even though some by nature of geographical location and level of development would always be relevant. The choice of business to go into, however depends on how long you want to be in such business, your long term plans and availability of capital. Find below 20 most lucrative businesses in Nigeria as listed by WealthResult.com.
List Of Top 20 Most Lucrative Businesses In Nigeria
This is the next revolutionary industry in Nigeria where millionaires are currently being made. Nigerians both home and oversea are beginning to wake up to the huge potentials in Agribusiness, a sector we have been neglecting over the years due to the discovery of oil. Now that the oil is drying up, people are beginning to look into other sectors of the economy to create wealth. Below are some of the farming in Nigeria that are serious making profit for people now:-
This business is making average Nigerians rich. It is so lucrative that even outsiders are coming in to invest in poultry farming the business in Nigeria. And why not, In a country of more than 150 million people, what would you expect? If you start with 1,000 birds and manage your poultry farm properly, when the turnover on investment begins to come, you will be making millions annually.
People are beginning to turn their attention to this aspect of farming in Nigeria that have been neglected for years. Cassava derived foods are some of the most consumed in Nigeria. If you can invest in cultivating 50 – 100 Acre in a fertile area like Ondo State, your harvest will be great.
Snail farming is one of the choice Animal farming for many reasons. It is a low capital investment with high yield and the market is big. There are few people currently doing this – and most of them are doing it in a very low scale. If someone invest heavily in Snail farming, he is sure to make good money in Millions within a year.
Rice remains the most consumed food staple in Nigeria and Billions of dollars goes into importation of this product yearly from China and Thailand because the local farmer are unable to meet up the demand due to poor funding and limited knowledge.
2. Sale of Furniture
Buying and selling of Locally made furniture is a goldmine. You don’t need to be a carpenter to do this, just arrange for regular supply from reliable Carpenters while you display and sale in your showroom. It is a very big business in Nigeria as only few can afford the imported designers.
3. Making of Fruit Juice
Nigerians drink fruit juice more than any other people. That’s why companies like La Carcella and Chivita who came into the country as nobody are today making billions of naira annually. This business is capital intensive but if you can afford it, it’s well worth it.
4. Pure Water Production
You know how popular this is in Nigeria and how many that are dispensed daily. Though this business is capital intensive but well worth investing into, especially if you can manage it properly with professionalism.
5. Oil and Gas Business
We are blessed with huge deposit of oil in our land which presents some of the finest business opportunity for Nigerians and Foreigners. Owning a Petrol Filling Station, Supplying of Diesel , and Distribution of Kerosene are some the areas you can invest easily and make good money for yourself. Petroleum product marketing have been making millions for people and creating millionaires in Nigeria for years.
6. Haulage Services
The cost of taking a truck from one place to the other in Nigeria is between N20,000 to N200,000 per trip. Due to poor rail transport system, most of the Nigerian goods are transported through the road, making haulage business in Nigeria a viable one. Petroleum products haulage and movement of goods from manufacturers and importers are the aspect of haulage in Nigeria that is very lucrative now.
7. Hotel Business
This is probably the coolest money making opportunity in Nigeria. Invest in small scale hotel of just 10 suites and watch as the money flows in. This has nothing to do with tourism boom of any kind; there is just something in Nigerians system that make this business very lucrative – Nigerians are jolly people!
8. Fast Food Eatery
Eatery business is another goldmine though poor management can kill it fast! If you wish to go into this business, be sure to get everything right and don’t forget it’s a bit capital intensive and requires good management skills. But if you get everything right, free money is yours.
9. Importation Of Tokunbo Spare Parts
If you are in USA, Germany, or Denmark, this business is especially good for you. Don’t just keep importing exotic cars, gather tokunbo spare parts in containers and ship it down to Nigeria. There is huge market for used (tokunbo) spare parts in Nigeria.
10. Investing in Property
Property appreciate everyday in Nigeria. Right now, Nigeria is one of the countries in the world where landed property is most expensive. If you buy land now anywhere in Lagos, you are sure to make 100% profit within two years. You can buy and quickly resell and make profit. Or you buy keep and sell later.
11. Dry Cleaning
Professional dry cleaners at affordable prices are scarce in Nigeria. What we have are professional Dry Cleaners whose service fees are extremely high or mediocre dry cleaners who can never keep with time. Give them cloths today and meet it unwashed after one week. This business is a money maker if you balance it up.
12. Professional Car Wash
This business is good if you can set it up in a strategic location in a place like Lagos where there are good number of cars.
13. Sales Of Building Materials
The rate at which new houses are springing up in Nigeria, you get to wonder why many people still complain of housing problem. Investing in building material is a good business in Nigeria. I can count some guys who are making millions almost daily in this business.
What we have in this sector of the economy is transport companies badly managed by local chiefs and touts. Invest in this business with good management and you will be wondering what hits you with bags of money.
15. Nursery And Primary School
School business has no rival among it’s mate. My little kids school fees take away close to a million naira per term just to learn ABC! School business in any level is a serious business in Nigeria that generate millions of naira.
16. Exporting Of Raw Materials
There is no better way to grow the economy than to exporting some of the raw materials that are abundant in the country. So with this business you would be doing both the country and yourself a whole lot of good.
As the Nigeria’s online presence keeps increasing, so is its advertisers. Thousands of businesses in Nigeria are taking their business online to leverage the massive community of Nigerian internet users and market their products. This influx has created another business opportunity in Nigeria for savvy digital marketing experts. You too can setup your own online advertising agency in Nigeria today and make millions.
18. Fashion Business
Nigerian people are probably some of the trendiest people in the world. Fashion designers are becoming millionaires on daily basis in Nigeria, thanks to the revolution in the Nigerian fashion business orchestrated by the boom in the entertainment industry in Nigeria.
19. Media And Show Biz
You and knows Nigeria is the capital of entertainment in Africa? You also knows Nigeria is the highest consumers of media content in Africa? Now you can see how viable and lucrative media and show biz can be in Nigeria.
20. Investing In Internet Companies
This is a new crop of investment opportunity that is creating Billionaires around the world including Nigeria. It is simple. You don’t have to be a Tech person, look for a creative online tech startup with good ideas and invest. Within 1 to 2 years you will be counting your profits in millions.