People are beginning to explore alternate means of earning as employers of labor provide a fixed amount as salaries to their workers while prices of commodities, goods, and services alike rise. Thus, beginning a business is critical. There are lucrative business opportunities in Nigeria. Read this article to the end so you can choose the most preferable lucrative business idea of your choice and know how you can start it in Nigeria this 2023.
What to Know About Business
When you start your own business, you get to choose your own schedule, handle your own finances, produce your own revenue, and if you do it right, you can even hire others.
In this way, you benefit both yourself and the economy. You don’t have to be extremely wealthy to start a business. The business ideas we’re about to provide here can be launched with little or no cash. Everything is dependent on your financial capabilities.
When you establish your own business, you place your fate in your own hands rather than in the hands of a boss who might wake up one morning and take the bread out of your mouth and serve you stone. It allows you to grow and become wealthy, improve yourself, and build an excellent brand that can leave a legacy even if you are no longer present or dwelling in that region.
Most Lucrative Business Ideas in Nigeria
There are many enterprises that Nigerians should start rather than pursuing white-collar employment, giving room for tourists to begin businesses and succeed in their own country.
Are you prepared? Here are the most lucrative business ideas in Nigeria today, with the biggest returns.
#1. Food Business
Everyone on our planet requires food to survive. Food is one of the three most basic human needs, along with shelter and water. Every second, minute, and hour of the day, people consume food.
People will always eat, hence the food business is the most lucrative business concept in Nigeria. Food is one item we cannot live without.
So, if you get into the food business, you can expect a consistent influx of sales on a daily basis, bringing you a lot of money. You can even track your earnings on a daily basis.
#2. Cooking Gas Business
This is yet another large and lucrative business in Nigeria. People cook and eat every day, regardless of what happens. With kerosene posing major hazards to human life due to tainted products, many families have opted for gas.
With a minimal investment, you can start a retail cooking gas business selling and locating it in a residential neighborhood to attract customers, particularly students who expect speedy services at reasonable prices.
#3. Phone Business
Mobile phones have become ubiquitous with the advancement of technology. Mobile phones have been in strong demand across all age groups.
Even children now have cell phones. You can buy high-quality and in-demand phones with a large sum of money, depending on the trend. However, even with limited funds, you can purchase less expensive phones for the common person.
You also sell phone accessories such as chargers, USB cords, earphones, headsets, ear pods, wireless Bluetooth, screens, screen guards, and so on.
#4. Transportation Business
You will agree with me that a significant number of individuals move from one location to another in a single day utilizing various modes of transportation.
In this situation, we’re talking about land transportation. Depending on where you live, you are either a taxi driver, a bus driver, or the more frequently called okada. It is one good lucrative and profitable business in Nigeria. However, make sure your vehicle is in good condition, have the right documentation, and drive safely.
#5. Cleaning Services
Why wouldn’t you establish your own business if you used to clean homes or workplaces for a living and are good at it? All you need is people to work for or with you, as well as cleaning supplies. As a result, you can provide cleaning services for offices, homes, and apartments. This service is not cheap these days.
#6. Exportation
With the ongoing conflict between Russia and Ukraine, the cost of importation and exportation has skyrocketed, making it harder for people to get goods from their varied original regions.
You would believe that there isn’t much to export in Nigeria, but you’d be mistaken. One of Africa’s most profitable overseas trades is shipping materials. Exporting raw materials to other countries, such as cocoa, green vegetables, vegetable oil, yam, cassava, palm oil, or crude oil, can ensure your financial success. Outside of the country, these items are in high demand.
#7. Agriculture
This is Nigeria’s next breakthrough business, where millionaires are currently being created. Nigerians both at home and abroad are beginning to recognize the enormous potential in agribusiness, a sector we have neglected in recent years due to the discovery of oil. Now that the oil is running out, individuals are looking into other sectors of the economy to make money.
#8. Dry Cleaning
Professional dry cleaners at reasonable pricing are hard to come by in Nigeria. What we have are expert dry cleaners with exorbitant service costs or substandard dry cleaners who can never keep up with the times. Give them clothing now and expect them to be unwashed in a week. If you balance it well, this business can be profitable.
#9. Professional Car Wash
Car wash is a wonderful business if you can put it up in a strategic location, such as Lagos, where there are a lot of automobiles.
#10. Sales of Building Materials
With the rate at which new houses are being built in Nigeria, one wonders why so many people continue to complain about housing issues. Investing in construction supplies is a profitable business in Nigeria. I know a few individuals who make millions virtually every day in this business.
#11. Nursery and Primary School
There is no competition in the school business. My young child’s school expenses are nearly a million naira every term merely to learn the ABCs! In Nigeria, school business at any level is a major business that generates millions of naira.
#12. Online Advertising Agency
As Nigeria’s online presence grows, so does its advertising. Thousands of Nigerian businesses are going online to advertise their products to the large community of Nigerian internet users. This surge has generated an additional business opportunity in Nigeria for astute digital marketing professionals. Today, you may start your own online advertising firm in Nigeria and make millions.
#13. Fashion Business
Nigerians are undoubtedly among the most fashionable individuals in the world. Fashion designers are earning millions on a daily basis in Nigeria, thanks to a revolution in the Nigerian fashion business driven by the country’s booming entertainment industry.
#14. Investing in Property
Property in Nigeria is increasing in value on a daily basis. Nigeria is currently one of the most expensive countries in the world for landed property. If you buy land in Lagos right now, you will make a 100% profit in two years. You can buy, immediately resell, and profit. Alternatively, you can buy now and sell later.
#15. Fast Food Eatery
Another goldmine is the restaurant business, yet poor management might lead to its demise! If you want to get into this business, make sure you do everything correctly, and keep in mind that it is a bit capital-intensive and demands solid management abilities. But if you get everything perfect, you’ll get free money.
#16. Sale of Furniture
Buying and selling locally-made furniture is an absolute goldmine. You don’t have to be a carpenter to do this; simply arrange for consistent supplies from reputable Carpenters while displaying and selling in your showroom. It is a significant business in Nigeria because only a few people can afford foreign designers.
#17. Making of Fruit Juice
Nigerians consume more fruit juice than any other country. That is why companies like La Carcella and Chivita, which entered the country when no one else did, are now making billions of naira per year. This is a capital-intensive business, but it is well worth it if you can afford it.
#18. Egg Supply/Distribution business
Every ordinary family in this country consumes at least one per day. What you need to do is locate a poultry owner who will sell you these eggs at a lesser price.
From there, you can sell it to anyone, including supermarkets, residential houses, restaurants, supply stores, and even market vendors.
You can also sell to regular people at retail prices. This is a quiet but very lucrative and profitable business in Nigeria that many people are unaware of. To begin, relatively little capital is required.
#19. Cosmetic Business
Because it caters to the requirements of Nigerians regardless of age, gender, or skin color, the cosmetic business is immensely lucrative. You can make money selling creams, hair creams, cosmetics powder/accessories, different types of hair, lipsticks, and so on with a cosmetic business.
Cosmetics are big business in Nigeria because Nigerians can’t live without them. Even men use lotions and take the time to care for their skin and hair.
Nobody likes to be overlooked. You can be a definite plus, especially for those who desire to bleach their skin. This is a lucrative business with a quick turnover.
#20. Haulage Services
In Nigeria, the cost of transporting a truck from one location to another range from N20,000 to N200,000 every trip. Because of Nigeria’s inadequate rail transportation system, most commodities are moved by road, making the haulage business feasible. Petroleum product haulage and the movement of goods from manufacturers and importers are two lucrative aspects of haulage in Nigeria right now.
#21. Snail Farming
Snail farming is a fairly rare and little-known business in Nigeria. Depending on how you want your business to be, you can perform well with little or no funding. We have several kinds of snails, the most common of which are AA and AM. AM produces 5-15 eggs every clutch, but AA can lay up to 200 eggs per clutch.
Consider having 500 snails, each of which generates 300-400 baby snails. A single layer will have between 150,000 and 200,000 snails, and snails lay numerous batches of eggs every year. You will have no less than 1 million snails in a year.
Which Business is the Most Profitable in Nigeria?
The following are the most lucrative enterprises in Nigeria:
- Oil and Gas business.
- Agriculture business
- Food business.
- Blogging Business
- Real Estate business
- Furniture business
- Hotel business
- Transportation business.
Which Business Can I Start with 100K?
Some enterprises that can be started with N100,000 include:
- POS/E-PAYMENT
- Phones and other gadgets charging
- Mobile food vendor and delivery business
- Copywriting
- Graphic design.
- Selling of clothes
- Laundry business
- Shawarma selling business.
What Business Can I Start with 30K as a Student?
You can raise chickens in your own backyard. You may acquire a large cage that can hold up to ten chickens and start selling them for 3,000 naira apiece in just five months, especially around the festive season. With 30k, you can start this business comfortably and without undue worry.
Can 200k Start a Business?
Many people may consider 200k to be a reasonable amount of money to start a business in Nigeria in 2023. And that is completely correct because you can start a lot of enterprises in Nigeria now with that kind of money.
Is POS Business Profitable in Nigeria?
The answer to the question “is there money in POS business” is a resounding yes! POS businesses make money by charging a fee for the services they provide. The average transaction costs between N100 and N500, depending on the amount of money involved and the type of transaction.
Conclusion
Most lucrative businesses do not necessitate a lot of capital or worry. However, business gains do not come easily. If you truly want to become a millionaire, you must be enthusiastic and committed. The important thing is to choose a path and work your way to the top. Consistency, hard work, and sound counsel from experienced people are essential.
Related Articles
- Top 10+ Business Ideas to Start in Nigeria (2023)
- 24+ Profitable Daily Income Business in Nigeria 2023
- 101 Best Business Ideas in 2023 (Budget Plan Included)
- Businesses You Can Start With 100k
- Businesses to Start with 200k: The Top 10 (+Business Plans)
- Best business ideas to make money right away: 40+ ideas and business plans
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