In this post, we will outline the best small and large scale most lucrative businesses in Nigeria that anyone can start with small or big capital investment.
These lucrative business ideas are very profitable. They have the capacity to make anyone successful if well handled. A lot of them are not well explored in Nigeria. This post covers ideas that can help you make money online and offline.
With the high rate of unemployment in Nigeria, a lot of people are left without jobs. Living without a means of income is suicidal.
But if you’re clever, you can launch your own business. If you know what you’re doing, you’ll be making your own money in no time. even hiring other people.
To launch a business, you do not need to be extremely wealthy. The business concepts we outline on this page can be pursued with modest or substantial funding. Everything is based on your capacity.
Advantages of starting a business in Nigeria
There are so many good sides to starting a business in Nigeria. First, you put your destiny in your own hands. No boss can walk up tomorrow and tell you “you are fired!” There is job security.
The chance to develop and create a personal brand is another factor. You develop a brand when you own your own firm. Your brand gets bigger as you expand. View Dangote, for example. His brand will endure even after he is gone.
Owning your own firm increases your chances of achieving financial success. At work, there is too much competition. No one can dispute that you discover many people who have worked for their own company for many years without receiving a promotion.
You have the chance to influence the economy by generating jobs and a means of support for other Nigerians. Everyone with a good heart should be encouraged to start their own business by the satisfaction of providing jobs and a means of subsistence for others.
Nigerians can engage in several profitable businesses there. But for various reasons, Nigerians tend to migrate abroad in search of greener pastures without trying to tap into ideas back home. As a result, foreigners are seeing the opportunities that we fail to see and they are taking over!
Most lucrative business ideas in Nigeria
Here are the most lucrative businesses in Nigeria :
1. Agriculture business
Apart from being one of the most lucrative businesses in Nigeria, agriculture business is an evergreen business. It never gets old and never fade. As long as human exists, agriculture business will continue to strive. This makes it a very important and strategic business.
One thing that makes this business so attractive is that there are lots of loans or financing options available for agriculture entrepreneurs in Nigeria. We have a dedicated Bank of Agriculture operated by the Federal Government through the Ministry of Finance, Central Bank and Ministry of Agriculture. You can read: How to get a loan from the Bank of Agriculture. Many business lenders give lots of preference to the agriculture sector.
And as the government is continually looking to diversify from oil, their major focus is on agriculture. It will trigger more incentives for this sector. There is huge profit and growth waiting for anyone who ventures into Agriculture business.
Here are some opportunities in Agriculture business:
This one involves the rearing of Snakes for commercial purposes. Because of the risky nature and low competition, this business is very lucrative.
Beef meat is very popular in Nigeria. Cow milk is almost as treasured as oil in Nigeria. These factors make cattle farming one of the most lucrative businesses in Nigeria. Read more here: How to start cattle farming business in Nigeria.
Palm oil business
Palm oil is gold. Most of the things you use from cream to soup and many more are made from palm oil. There are many companies around the world who imports palm oil from Nigeria.
Majority of Nigerians depend on Garri, fufu and other products made from cassava. This business is very lucrative because the products are very much in demand.
Chicken meat, Turkey meat and others are very popular among Nigerians, especially during festive seasons. Poultry farming is a very profitable business anyone can start with small capital.
Snail farming is an untapped business in Nigeria. There is so much possibilities and potential in this business.
There are many other agriculture business ideas apart from the above listed. Do your research and go for the one that suits you, your location and budget.
2. Food business
There is no way food business will not be among the most lucrative businesses in Nigeria. This is an evergreen business. People will always eat! No matter how hard the economy is, one thing people can never do without is food.
This is a business that, if you run well, can make you rich. It is also very easy to win loyal customers. As long as your food is delicious, people will always come back.
If you can find an excellent location, acquire the right skills and personnel, you can run a successful food business. This is a business without season. It is in demand every day.
Here are some opportunities in food 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, with no competition or minimal competition around, and establish a fast food franchise. Mr Bigg’s is owned by United African Company of Nigeria (UAC), you can apply to them for a franchise opportunity.
Once approved, you can open your own Mr.Bigg’s fast food and make money. If you find a good location with minimal or no competition, you will make so much money. Apart from Mr. Bigg’s, you can open any franchise of your choice.
You can open a local restaurant that appeals to a particular set of food eaters. For example, you can open a “Calabar restaurant” where you serve the world famous Edika-ikong and Affang soup. This will stand you out as people interested in these foods will look for you.
You can start an “amala restaurant” where you focus on the delicious amala dish.
When it comes to a local restaurant, having a specification can be a turning point.
Foreign and intercontinental restaurant
Foreign and intercontinental foods are becoming very popular in Nigeria. The restaurant that serves these kinds of meals attract high worth individuals, foreigners and celebrities.
You can open a Chinese Restaurant, Italian restaurant, Indian restaurant and so on. You can learn how to make dishes common in these restaurants or partner with someone who has a good understanding of it all.
Food supply business
This is a very lucrative business that you can do to make money. I know of a woman who runs this business. She supplies food at conferences, seminars, bank’s AGM and so on.
Food supply business is lucrative. You need a have good cooking skills or employ someone who has. Then build a network of event planners and organizers. Also approach schools, companies and so on. You will be amazed!
3. Oil and Gas business
The simple truth is that Nigeria and to a large extend, the world, still depends on oil and gas. As long as this trend continues, this business will continue to dominate. Oil and gas is definitely king among the most lucrative businesses in Nigeria.
Look at this way, we depend on gas or kerosene to cook. We depend on fuel to move around whether we are using cars, okada or Keke-napep. And because of poor electricity supply we depend on fuel for electricity. All the big and small companies in Nigeria depend on fuel or diesel to operate.
There is too much dependent on oil and gas. And Nigeria is blessed with an abundance of it. Anyone who taps into this business will be making a huge income.
Here are opportunities in Oil and gas business:
This is one of the most lucrative part of oil and gas business. But you will need a high budget to get into it. Oil and gas distributors brings in refined petroleum product into the country for distribution to different sectors.
With few millions of Naira, you can start a petrol station. There are so many cars in Nigeria that you will never run out of customers. Also, many people depend on petrol stations to power their generators.
Cooking gas business
This is an untapped business in Nigeria. Many people are so focused on Petrol that they over look cooking gas. Recently, I was speaking with a friend who manages a mid-size petroleum company. They are into all petroleum products. He told me they make more money from cooking gas than any other business.
You can supply cooking gas to retailers or you become a retailer and refill gas for end users. Spice it up. This business is very lucrative, and it does not cost much to start. You can start small and grow!
A lot of Nigerians still depend on kerosene for various reasons. Even those with cooking gas use kerosene powered stove as back up. This business is very lucrative. More lucrative because not so many people are into it anymore.
Oil and Gas transportation
You can purchase tankers and get into the business of lifting petroleum products. It could be ships. Petroleum products is like any other commodity, they need to be lifted. There are also fleet management opportunities.
These are some opportunities in oil and gas business. There are more if you do your research. But one thing is certain, Oil and gas remains one of the most lucrative businesses in Nigeria.
4. Blogging Business
If you can write or have the capacity to learn how to write, start a blog. Blogging is a good way to make money online in Nigeria. All you need is internet access, good research skill, an interest, and a laptop, and a lot of time. Your most important and perhaps expensive investment in a blogging career is your time.
Also, since you would want people to find your blog posts without manually promoting them all the time, you would need to learn how to optimize your posts for search engines like Google or hire the services of an SEO Expert .
Set up a free blog with WordPress or Wix or if you have some money, set up your blog on the self-hosted server; populate your blog with quality content, get people to read your content (drive traffic), get their confidence, and monetize your blog with Google AdSense, display advert, affiliate marketing or sell information products such as ebooks, etc.
5. Real Estate business
Real Estate business is one of the most lucrative businesses in Nigeria and anywhere in the world. There is no doubt about it. People will always need a roof over their head. As population continue to increase, real estate business will continue to boom. As people move to cities, this business keep booming.
There are many opportunities in real estate business. You can work as an agent. Helping people find properties and an apartment for a fee or commission. Also helping property sellers and landlords find buyers or tenants for a fee.
You can develop properties in highly sought after environment for sale or for rent. You can also invest in lands and either develop or sell when it appreciates.
6. Social Media Marketing
The Social media space has grown to be an important tool that can drive not only the visibility of businesses but also their profitability.
Indeed, some forward-looking companies now have social media strategy as a full-service function within their organization while some others outsource this service. This is why there is a growing need for people with social media marketing strategy and development skills.
Take advantage of this development to learn the tricks of using Facebook, Twitter, LinkedIn, Online Forums, Blogs to sell goods and services and offer this to the many individuals and corporate organizations, including SMEs yearning to launch into the digital marketing space and make money for yourself. You can check this out on how to make money on Facebook.
7. Fashion business
There is no way fashion business will not make it to the list of the most lucrative businesses in Nigeria. Nigerians love party, be it weddings, birthdays, end-of-the-year gatherings. Even during funeral, we still find a way to throw party – burial ceremony! For all these events, there are uniform.
Fashion business is very much in demand. People will always wear clothes. To go to work, school, even to sleep, people need cloth. The demand is very high.
You can go into fashion designing and make amazing clothes. You will have large patronize from different quarters. You can also open a boutique and sell imported and locally made fashion items. You can do printing services, print on t-shirts and caps .
There is also Okrika business. Read: How to start Okrika business in Nigeria. Remember, people will always wear cloth! The demand will always be there. You can also specialize: children cloths, babies cloth, female, wedding, African print and so on.
8. Furniture business
The furniture business is deservedly among the most lucrative businesses in Nigeria. The market is huge and demand is high. People will always use furniture. People seat on furniture and sleep on the furniture. Kitchen – furniture, sitting room – furniture. Companies need furniture. We are surrounded by furniture. Furniture is an essential commodity.
You can start a carpentry shop where you make well-polished furniture for various purposes. Employ skilled carpenters. Supply furniture to showrooms, companies, and schools and sell to individuals.
If you are not interested in a carpentry shop, you can open a showroom and source for well-made furniture from good carpenters around. Display them and sell. The market is huge and the profit margin is high.
9. Hotel business
Hotel business is very lucrative and cannot 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 business. Hotel provides shelter for them. Also, people coming into the country patronize hotels.
To succeed in hotel business, you need to either look for a less competitive environment and start up or offer better or cheaper services in a competitive area. To supplement your income, your hotels should have event hall where people rent for events. A bar and restaurant.
10. Transportation business
Transportation makes this list of most lucrative businesses in Nigeria and deservedly so. This is one business that you cannot do without. People are always moving. Moving to work, moving to church or mosque, moving to visit, moving from city to city. There is always movement. With over 150 million people in Nigeria on the move, this business is lucrative.
You can start with small capital or big capital. You can drive Uber with your car for extra income. Buy buses, okada or keke-napep. Even planes. The market is huge and very much in demand. People are always moving!
Also read : Top 20 Best Affiliate Marketing Programs In Nigeria (2022)
11. Online Video business
The truth is that people spend more time online than they spend watching TV. Gradually, consuming video online is becoming popular. Especially YouTube and Netflix.
If not for how expensive internet data is in Nigeria, a lot of people will have ignored their TV and watch almost everything online.
The market is big. You can start a video blog on YouTube and focus on your favourite subject. You make money from ads, affiliate marketing, sponsorship and many more.
If you have a big budget, you can start your own video or movie streaming platform.
12. Dry Cleaning business
This business is very lucrative in the city. Most busy workers rely on dry cleaners for their laundry needs. Companies and organizations make use of dry cleaning services very often. In this business, you will always have customer if you are in the right location.
13. Pure water business
If there is one thing humans can never do without, it is water. Because of the important nature of water, pure water business makes this list of the most lucrative businesses in Nigeria.
There are approximately 180 million people in Nigeria today and all of them drink water! That makes this business very profitable, because you will always have buyers.
14. Dropshipping business
Dropshipping business is a very lucrative business. It gives you the opportunity to run your own online shop without a warehouse or need the need to have products.
All you have to do is open an online store, then copy inventory from manufacturers or suppliers and put them in your online shop. If anyone orders, the supplier will ship to them and you get your money!
You can start an online shop with WooCommerce, Shopify or any other platform. Read this guide: How to create online shop very easily with Shopify.
15. Ice block business
Nigeria is located within the tropical climate region with an abundance of heat and sunlight. Unfortunately, the electricity supply is very poor, making it difficult for homes to maintain adequate stock of cold water in their refrigerators. This is what makes ice block production a money making business in Nigeria.
People require ice blocks to keep their water and drink cold. Your strategy includes households around your neighborhood, retail shops, restaurants and bars that need to keep their drinks ice-cold at all times.
16. Manufacturing and sales of detergent
Another popular business idea in Nigeria is the sales of detergent. In recent years, demand for detergents has increased as with the growth of the population.
Detergents are some of the most useful products in every home, rich or poor. But most of the known brands producing these items sell them at a price that many households in Nigeria cannot easily afford.
If you can make the required sacrifice to learn the skill, you could start making your own detergent. To start with, you can sell to your friends and families.
With the right business mind and experience, and knowledge, you could expand your business and grow to become a brand that will be reckoned with.
17. Jewellery Design and Making
This is one of the business ideas for ladies in Nigeria that you can quickly market through word of mouth referrals.
Bead-making is a very lucrative business, and it has a lot of money-making potentials. Beading does not require a lot of space or significant technical training, making it is a very accessible home business option.
Bead necklaces and hand-made jewellery are extremely popular in Nigeria, so if you are the type who know how to design and make jewellery, you can start making money from it.
With a little creativity, anyone can make beaded jewelry. To get started, you can take two weeks training course with any fashion house on bead making.
If you’re passionate about owning a small business, go out there and get started.
Only you, however, can consider your background, skills, knowledge, and funding possibilities to determine what kind of small business is most realistic for you to start.