20 Most Lucrative Businesses In Nigeria 2019/2020
- 1 20 Most Lucrative Businesses In Nigeria 2019/2020
- 1.1 20 Most Profitable Businesses In Nigeria
- 1.1.1 1. Opening Eatries & Restuarant Business
- 1.1.2 2. Running an Hospitality and Hotel Business
- 1.1.3 Lucrative Businesses In Nigeria | 3. Real Estate Trading
- 1.1.4 4. Owning /Running Private Schools
- 1.1.5 5. Running an ECommerce Or Online Store
- 1.1.6 6. Media and Entertainment Business
- 1.1.7 Lucrative Businesses In Nigeria | 7. Exportation Business
- 1.1.8 Lucrative Businesses In Nigeria | 8. Agricultural Business
- 1.1.9 Lucrative Businesses In Nigeria | 9. Oil & Gas Investment
- 1.1.10 Lucrative Businesses In Nigeria | 10. Transport Business
- 1.1.11 11. Original and high-quality furniture
- 1.1.12 Lucrative Businesses In Nigeria | 12. Dry Cleaning
- 1.1.13 13. Promotional/Ad company
- 1.1.14 Lucrative Businesses In Nigeria | 14. Consultations on social media
- 1.1.15 15. Fresh and delicious juice production
- 1.1.16 16. Waste management
- 1.1.17 17. Dropshipping
- 1.1.18 18. Making paper bags
- 1.1.19 Lucrative Businesses In Nigeria | 19. Nursery services
- 1.1.20 20. Tutoring via the Internet
- 1.2 Other Amazing Business You Can venture Into Today
- 1.1 20 Most Profitable Businesses In Nigeria
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Profitable businesses in Nigeria. First off, I welcome everyone to today’s post. Today, we look at the trendiest top 20 most profitable businesses in Nigeria.
The good news about these profit ideas is that whichever one you decide to try will make you 10 times richer irrespective of the funds invested.
My candid advice to a lot of Nigerian investors and entrepreneurs is that they should carry out proper quality business research before they invest their capital into any kind of business. This will help them invest wisely. A quality business research will also arm you with the right type of knowledge that allows you make effective plans to achieve maximum success.
By the time you are done reading this wonderful guide, you will have learnt ways by which you can also join the train of setting up a business in Nigeria while still enjoying its great benefits.
Some of its offers include eradication and reduction of the poverty rate, helps to make revenue for you, positive contribution to the growth of the economic growth of the country and humanity, meeting the needs of diverse people, and providing employment to the masses.
20 Most Profitable Businesses In Nigeria
Do you want to quit your present job? Are you a new graduate who is looking for smart business ideas to jumpstart your passive cash flow? Are you looking for a good side hustle? Or Are you a potential investor? Not to worry, you will find this article very useful because it highlights and gives you a proper business revelation on the most profitable businesses, investments in Nigeria you can start right away.
The hottest types of investment with huge ROI (return of investment) are:
1. Opening Eatries & Restuarant Business
Starting and running restaurant and eateries is one of the hottest profitable businesses in Nigeria. Man will always need food to survive. Busy schedules and demanding jobs now make preparing your own meals almost impossible. This has led to an increase in high demand for food every day.
With the right business plan, positive and right skill coupled with proper management, you can be more than sure of making millions of naira from owning or running an eatery. There are different categories of eateries in Nigeria. They include:
- fast foods,
- Fine dining restaurants
- mobile food vendors,
- Roadside food vendors popularly known as bukas and
You need to carry out research to discover which one of these you can afford to invest in and then go ahead to invest in it without fear. All kinds of eateries are very lucrative as far as you do the best management practices.
2. Running an Hospitality and Hotel Business
Investing in hospitality and hotel business is a capital intensive business but if properly managed will yield profits in huge numbers that surpasses initial cost of investments.
Hotels can generate revenue through varieties of ways like rentals of hall for events; providing catering service alongside hall renting for different events, costs of suites and rooms, and from sale of liquor and cigarette amongst many others.
The best recipe for succeeding in hotel business is cleanliness, affordable services, good management good customer relation and proper monitoring.
Lucrative Businesses In Nigeria | 3. Real Estate Trading
Owning properties like lands and houses is a sure path to wealth in all parts of the world. It was and is still is one of the convenient, smartest and reliable forms of investment.
Because properties grow in appreciation of value every day in Nigeria. If by today, you purchase a piece of land or building and decide to sell it tomorrow, you are likely to make two times its original cost and even if you decide to sell later, you will be selling at a profit rate of over two hundred per cent.
Every new and old investor is often encouraged to buy properties, because they can never depreciate in value. Real estate remains one of the most profitable business ideas in all parts of Nigeria.
4. Owning /Running Private Schools
The poor management of government owned schools in the federal republic of Nigeria has encouraged the fast rise of countless private schools at levels of education. P
arents and guardians generally have a “thing” for privately owned schools because of the evidence of decadence of morals, good teaching delivery and government negligence of majority of its schools.
Owning or running a private school requires you possess a lot of professionalism and expertise as the school foundation must be one that meets good educational standards that are of high quality and still meet the expectations of parents who pay so much in their bid to get their children educated.
Private schools that are runned by individuals with passion will yield high returns on investment for its owners and unless the federal government of Nigeria urgently tends to the poor state of facilities of education in Nigeria, a lot of private schools owners will forever be in business.
5. Running an ECommerce Or Online Store
We live in the 21st century; a period where there is a huge development of technology. The internet has made a lot of young and old Nigerians millionaires (especially through blogging). We have seen online shopping malls like Jumia.com, Konga.com, PayPorte.com, jiji.ng rise and prevailed against all odds. Many of these sites are still surprisingly in business.
E-commerce is also one of the most profitable businesses in Nigeria. We have heard and seen a lot of people make big bucks from building and running their own blogs and other freelancing sites such as fiver.com. In fact the richest blogger in Africa named Linda ifeoma ikeji is a Nigerian.
The internet has also recorded Nigerians doing digital marketing and making good money online. A good platform with huge SEO will fetch you big money that will slowly turn your blog or website into an empire.
6. Media and Entertainment Business
It is not new that Nigeria has been and is still the home of Africa entertainment. The biggest and trendiest artist, television and on-air personalities as well as a good number of legendary film makers in Africa are actually Nigerians.
This industry has paved way for the creation of employment opportunities and has generated so much profit for its starters. One can invest hugely in the music or film industry by building radio stations, studios, TV stations and music or film academies.
Lucrative Businesses In Nigeria | 7. Exportation Business
A lot of consumers still people prefer to buy “okirika” or “fairly used items” that are genuine than most “Aba brand new items” that are totally fake. This has enlarged the huge market potential for second hand goods.
Vehicle spare parts that are second hand have a large market in Nigeria. But it would be wise to decide the kind of products you want to sell before investing in fairly used products.
The available options include phones, laptops, gadgets, clothes, shoes, other electrical devices and car spare parts.
I recommend Investors to carry out deep market research with feasibility studies, plan carefully and consistently work smart and hard to achieve good ROI (return on their investments). Importation is one of the most profitable businesses in Nigeria.
Lucrative Businesses In Nigeria | 8. Agricultural Business
Agriculture is a virgin opportunity, one of the most profitable businesses in agribusiness. Nigerians in their craze for “white collar jobs” have abandoned agriculture for far too long, with many heavily investing their hard earned cash on the oil and gas sector. This leaves a lot of investors to simply invest their money on oil. The result of this is an undeveloped country looking up to these for progress and development.
This is the major reason why many are still lost even in a nation blessed with rich diverse natural resources. The farming industry remains the best young profitable business idea one can start in Nigeria with little cash and still make huge chunks of money.
Since every new government fails to diversify the economy by investing heavily and boosting the agricultural sector, new and old private investors are encouraged to plunge into this gold mine.
The higher number of agricultural products like chicken, fish and rice are imported from other countries because the constant production and supply of these products by local farmers are insufficient.
As a smart investor, you can diversify your investment on other branches of agriculture that guarantee maximum profits. Some other aspects of agric in Nigeria to invest include: poultry farming which attracts lots of investors because of its high profitability; rice and cassava farming (most consumed staple food) in the country; snail farming, fishery, piggery and farming cattle’s..
Lucrative Businesses In Nigeria | 9. Oil & Gas Investment
It would interest you to know that our dear country Nigeria is rated as one of the biggest producers of oil in West Africa and Africa as a continent. There is a large deposit of oil in the country especially in parts of Niger Delta. This has provided and will continue to be one of the most lucrative business opportunities for our government and entrepreneurs alike.
Refining, producing and selling petroleum products can be quite capital intensive but it is a very lucrative business that has made a lot of serious entrepreneurs’ millionaires in Nigeria today.
No money invested in this business is a waste. You can invest by distributing kerosene, diesel, to wholesalers or decide to own one, two, three or more petrol filing stations. This market is a hot niche amongst the top 10 most profitable businesses in Nigeria.
Lucrative Businesses In Nigeria | 10. Transport Business
Transporting people and practicing haulage has been in existence for a very long period of time. Today, the most common type of transportation evident in Nigeria is the road transportation. Many individuals need to move around to tend to their respective businesses.
There can be no trade without people moving about as money and other primary things are needed to sustain man. Road transportation is convenient to a lot of people because it is readily available, flexible and cheap. When we talk about profitable businesses, we talk about transportation.
To rake in millions as an investor, you can:
- Decide to invest in intra city or inter city transportation by road in cities like Abuja, Lagos, and Port Harcourt, transporting residents from one part of the city to another can make you a lot of money on a daily basis because of the ever increasing population.
- Transport traders with their goods and services from one part of the country to another.
11. Original and high-quality furniture
Are you creative? Are you good at designin? Can you make furniture? You can combine all these qualities and create amazing, exclusive, and contemporary collections. Offer beautiful, up-to-date, and high-quality pieces, and people will choose only your creations.
There is even no need to be a carpenter yourself. You can find reliable and professional carpenters in your hometown and offer their pieces of furniture for sale. Just create an attractive showroom and search for customers who wish to purchase furniture and stunning design from you.
You can choose these ideas for your creativity. Make unusual children’s furniture with unicorns, cactuses, pineapples, ponies, and other popular designs. Offer elegance to adults. Provide an excellent customer service, and you will succeed.
Lucrative Businesses In Nigeria | 12. Dry Cleaning
This niche is a good idea of a profitable business in Nigeria in 2018. Right now, there are not too many professional companies that are willing to perform dry cleaning at affordable prices. This business is not expensive to start.
You have to stay professional and love what you are doing because many Nigerians would be more than happy to use the dry cleaning from responsible individuals and small companies that can keep their fees lower compared to big ones.
Expensive dry cleaning is already present in the market, but millions of families with lower income can be your clients if you can offer similar professional services at affordable cost.
13. Promotional/Ad company
The markets in Nigeria develop and grow. There are many companies (big and small) that wish to reach their audience from all corners of the country and find new potential customers, and this is possible with the help of the Internet.
You can create your own promotional company or advertising agency and work online to promote private firms and their services. The quick spreading of the Internet widens the choices for both individuals and companies. Digital marketing is a perfect niche for your own lucrative business and it can help you earn more than enough money for a happy life
As the Internet becomes more and more popular in our everyday life, the role of social media grows tremendously. Instagram, Facebook, and other platforms have grown into major sources of making money.
Different companies begin to create and develop their own social accounts, and they need professionals who can consult them in this sphere. If you are good at this, offer your services and start owing good money, while this is extremely popular and highly demanded.
15. Fresh and delicious juice production
Which niche can potentially make you thousands of Naira? Think about delicious juices. Nigerians love to drink different beverages. If you have money to invest in something that can bring profit, you can start your own production of juices.
16. Waste management
The whole world has to think about the environment and how to improve it. You can think of ecology and start one of the most profitable business in Nigeria. We are talking about waste management.
It is not a secret that many African countries produce too much trash and throw it on the streets and into the rivers. Celebrities and famous people announce numerous campaigns aimed at waste management and you can follow this wave as well.
Start collecting waste and recycle them. You will earn money and help make our planet a better and safer place to live. It very nice to save nature and make good money.
This is an awesome niche that requires your time and energy and can bring you good money. You can find medium, small and big companies that import or produce popular goods and sell their products to your customers.
You will earn money and the company whose goods you successfully sell will ship the products to your consumers. It is an interesting idea because you can offer tons of goods and products to people from all over Nigeria, search for potential customers and earn profit (since you can offer your own prices that are higher than the producer’s cost).
18. Making paper bags
Plastic is a dangerous product for our planet and many countries have decided to minimize or stop using plastic bags and other things and instead choose paper bags. They are more environmental-friendly and production of such bags can become your top business idea in Nigeria. If you have some money, learn more about the production of ‘ecological’ bags, gain the necessary knowledge, and start producing your own paper bags.
Lucrative Businesses In Nigeria | 19. Nursery services
Young families often have to work to make their living, and they are in search of reliable and trusted nursery schools and centers. Such a business can help you earn more and solve the problem a lot of Nigerian families experience if they have little children.
Of course, opening your own nursery school is not that easy. You need to have proper education, experience, innovative idea, a place where kids will stay, etc. You have to think about different educational programs so that children can study as they play with you. If you are serious enough about this business idea, you can make it a profitable business and earn good money.
20. Tutoring via the Internet
The life flies so fast that many of us have no time to learn something new, attend a physical school, go many bus stops to study, develop and attend courses. Those of us who have some talents and knowledge can share it through online tutoring.
classes cost money, and there are many Nigerians out there who have no spare time to spend on trips around the city but would be happy to study via the Internet. What are people willing to study in 2019? Programming, coding, copywriting, drawing vector images, making websites, languages – these are just some lucrative ideas you can take advantage of.
That’s the much we can take on the topic “20 Most Lucrative Businesses In Nigeria 2019/2020”.
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