In this article, we will evaluate some of the most profitable business ideas that you can start in Nigeria with small or large amounts of capital. These ideas are highly lucrative and are sure to lead anyone to profitability if handled expertly. Meanwhile, there are a lot of them in Nigeria that are underused.
There are a lot of unemployed people in Nigeria, leaving a lot of people unable to earn a living. "People in Nigeria are having a hard time supporting their families because of the high unemployment rate".
In exchange for putting some time and effort into your own business, you can generate income almost immediately, and may even be able to hire employees.
Small businesses can be started regardless of the amount of capital you have at your disposal. Some of the business ideas described in this article can be established with little or very little capital.
First of all, setting up a business in Nigeria has a lot of benefits. My next step will be to discuss some of these benefits.
The Advantages Of Setting Up A Business In Nigeria
1. The benefits of starting a business in Nigeria are numerous. You take control of your destiny. There is Job Security, there is no risk of finding yourself unemployed tomorrow.
2. Besides the freedom that comes with operating your own business, you also build a brand. As you grow, your brand becomes bigger.
3. Having your own business offers you a greater chance of becoming rich. There is already too much competition at work. Many people have been working for many years without promotion, but no one can deny you that in your start-up or business.
4. By creating jobs and providing a means of survival for other Nigerians, you can have a significant impact on the economy. The joy of hiring people and helping them live a better life should motivate anyone with a good heart to pursue business ventures.
Below is a list of 10 new businesses to start in Nigeria.
1. AGRICULTURAL BUSINESS
The business and of our forefathers! The agriculture industry in Nigeria is one of the most lucrative and evergreen businesses. As long as humans exist, the agriculture industry will continue to thrive. This makes the agriculture industry a very strategic and influential business.
Nigerian agriculture entrepreneurs have an array of choices available in terms of loans and financing, which adds to the appeal of the business.
Poultry farming, palm oil business, cattle farming, fishery business, and so on are some of the agriculture business opportunities.
2. FOOD BUSINESS / OWNING A FOOD SHOP
No matter how hard the economy is, food will always be a profitable business in Nigeria. Business owners should recognize that food is an evergreen business. People will always eat.
When run properly, this kind of business can bring you great wealth and it is easy to win loyal customers. People will never stop coming back if the food is delicious, and being courteous.
A few food business opportunities include franchising, international restaurants, food supply businesses, and local restaurants.
3. BLOGGING BUSINESS
The blogging business is one of Nigeria's most profitable businesses. More and more people prefer reading news on the web rather than in newspapers. News blogs are gradually replacing newspapers for many people. This presents tremendous opportunities.
A full-time blogger in Nigeria makes over 20 million Naira per month from direct advertising, ad networks, affiliate marketing, product sales, sponsored posts, and more.
4. TRANSPORT BUSINESS
There has never been a business more essential to human life than transportation. People are always on the move from work to the church, from church to mosque, from mosque to mosque, from city to city. People are always on the move.
If you have a car, you can register on Uber to earn extra money. You can buy buses, okadas, or Keke-napep for extra income. The market is huge and very much in demand. People are constantly on the move!
5. SOCIAL MEDIA MARKETING
In Nigeria, social media marketing must be one of the most lucrative businesses since the average person spends the majority of their time on social media.
You can work independently and assist businesses in making the most of social media, or you can effectively sell products through Twitter, Facebook, Instagram. Social media marketing is all about finding leads for companies using social media.
6. FASHION BUSINESS
The fashion business in Nigeria can easily be ranked among the most lucrative businesses since Nigerians love parties, be it weddings, birthdays, and end of the year gatherings. Even during funerals, there is often a way to celebrate. There are uniforms for all of these events.
Clothing is in high demand. People need clothes whether they're going to school or work. Using clothes to sleep is not an option. The Fashion industry is very popular.
It is a fact that people will always wear cloth. Whether it is children's clothes, babies' cloths, female clothing, wedding clothes, African prints, and so on.
7. DRY CLEANING BUSINESS
There is a high demand for dry cleaners in Nigeria. Busy workers utilize these services for their laundry needs. Companies and organizations also enjoy these services frequently. If you are situated in the right place, you will always have a steady stream of customers.
8. BOTTLE/SACHET WATER BUSINESS
The most important element of human existence is water. That is why pure water businesses are listed among the most profitable businesses in Nigeria.
This business is very profitable since there are 180 million people in Nigeria today who drink water. There will always be people to buy your products, so this is a profitable endeavor.
9. DROPSHIPPING BUSINESS
This type of business offers you the chance to run your online store without having to rent a warehouse and without having to own products.
Creating an online store is as easy as copying inventory from manufacturers or suppliers into your shop. Once someone orders, the supplier ships the product and you receive the order.
10. DAYCARE CENTRE BUSINESS
Despite their ease of starting, daycare centers require the skills of risk-takers who are also parenting literate. Lacking this skill does not necessarily mean you can't be a good childcare center owner.
Depending on your budget/size of the childcare center, you can easily employ as many babysitters as you need. You can earn money with Daycare Centre Business on a monthly, daily, or weekly basis, depending on how you want to get paid.