Doing business in Nigeria is currently viewed as one of the most lucrative business ventures, in today’s global business environment. For the past 50 years Nigeria has been dependent on its valuable oil resources, which have brought great wealth to a select few, but oil is not the only lucrative business in Nigeria.
However, as Nigeria’s economic sphere slowly changes, its economic structure diversifies to overcome its dependency on oil. This shift has opened up the playing field for a new generation of entrepreneurs in Nigeria. People, who can identify business opportunities in Nigeria, know that the oil industry is not the only business that you can enter and make money from.
If you are thinking of setting up a business in Nigeria and making millions of Naira from it, you can choose from a variety of options. Read and find out my Top 20 Lucrative Businesses in Nigeria That Make Millions of Naira.
Top 20 Lucrative Businesses in Nigeria That Make Millions of Naira
- Fast Food business – You need decent customer service, management skills and capital in order to set up an eatery and make sure that everything runs professionally. You can set out on your own and create your own brand, or buy in to an already established business franchise, such as Mr. Biggs
- E-commerce – This is a very promising venture and the best thing is, you will have all the tools and customers over the web. If you do not have the required knowledge, you can collaborate with an established firm to operate your e-commerce enterprise. Benefits are – Low start-up costs, changes can be made instantly, the potential customer reach, and you can easily measure results with cost affective online marketing.
- Construction business – Business is booming in Nigeria, and so is our population. To support this growth, Nigeria now has a booming construction and housing sector. The range, type and size of projects is huge, so there are plenty of opportunities depending on how much capital you can invest. If managing a construction project isn’t for you, you can set yourself up as a local dealer to supply building materials. The investment is not as huge, but considerable investment will be required initially to buy and stock materials. But you can be assured that there will be no shortage of business.
- Hotel business – This is a goldmine industry if you can get it right, but the competition in this sector is quite high. To launch and maintain your hotel you will need a large amount of capital. It takes planning, patience and hard work to start a hotel business. A high-level of customer service skills is also required to attract new and returning visitors.
- Kerosene retail – You can set yourself up as a supplier to make your millions quickly. Kerosene is used in most homes in Nigeria, and Africa due to inconsistent power supply. This is one of the most lucrative business opportunities in Nigeria. . Entrepreneurs have been known to receive 100% returns on their initial investment.
- Rice farming – Is the most profitable area in Nigerian agriculture. Nigeria has a low local production of rice, but an extremely high consumption rate, which leads us to import the majority of our rice from overseas. Recent reforms in the Nigerian agriculture sector have seen the government open up the sector for more investments to support small, medium and large-scale farmers.
- Haulage services – Given the poor rail transport system in Nigeria, most of the goods are shifted by road and this makes the haulage business in Nigeria extremely lucrative.
- Snail rearing – This is one of the business ideas in Nigeria that needs low investment as snails require simple vegetation to eat, and they reproduce at an alarming rate. You will need to invest in housing and protecting them, as snails are delicate, and must retain their moisture to survive. There is not much competition in the industry and you can enjoy making profits without many challenges.
- Car and machinery spare parts – As Nigeria’s economy grows, so does our manufacturing industry. This has driven a rapid increase for capital goods such as machinery, lubricants, spare parts, ball bearings and other mechanical goods and accessories. The key is to find a good supplier from abroad. UAE-based enterprises have emerged as the leading supplier of these goods to many countries in Africa.
- Poultry farming – This is big business, and you can begin with around 100 birds, and build it into a large-scale enterprise within a short period of time. You can make money from selling chicken eggs, or chickens for meat. This is a top business startup idea.
- Transport business – Although a little messy at present, it is a profitable sector in Nigeria and can help you make millions annually.
- Fruit Juice Making – This is a capital-intensive business, but if you can manage the funds you can grow as big as Chivita or La Carcella given how much Nigerians love their fruit juice.
- Tokunbo trade – Business of second hand items in Nigeria is very lucrative and many Nigerians want to spend as little as possible to buy second hand items such as clothes instead of buying new ones.
- Dry Cleaning & Laundry – Float a professional dry cleaning business and keep your rates low and service quality quite high. This type of business is especially profitable in a big city, or urbanized area.
- Pure Water Production – Although this business needs some capital investment, it can be worth your effort and money in the long run particularly if you can manage pure water production and keep the quality intact over a long time. Your options are to sell as sachet, bagged or bottled water.
- Professional Car Wash – This can be a good business if you choose a location like Lagos where you will be able to find a number of good cars.
- Internet Business – You can provide fast Internet connection at affordable monthly rates and manage it well enough to make tons of money.
- Nursery and Primary School – There is a lack of good schools in the country and you can set up high quality nurseries or primary schools to make millions.
- Online tech support – You can easily set up an online tech support business and make a lot of money within a year or two of your business launch. This is a simple business and you do not have to be a tech expert to operate in this sector. I’ve known people set up these types of businesses, and outsource the work to tech professionals.
- Furniture business – A lot of profits await you in the buying and selling of furniture. You do not have to be a carpenter to do this. You can simply contact trustworthy carpenters in your area and arrange a steady supply of furniture items to display in your showroom. This is a big scale enterprise due to the fact that only a few people can afford imported designers.
All of these business ideas have great potential, and the ability to help you generate millions, but remember the success is in the planning, and your ability to execute your plan. There are some key elements that you must assess before committing to any business venture. Once you have all of these elements in place, you are only a few steps away from business success.
Do you agree with my list, and are there any other lucrative businesses that you can think of?