Top 10 Lucrative Businesses In Nigeria That Yield Millions
There are more lucrative businesses in Nigeria than you can probably imagine. People are getting richer and richer by investing in the good business ideas.
The only resource on shortage is adequate information and that’s the purpose of this post: To enlighten every potential entrepreneur on the possible avenues to wealth in Nigeria.
Nigeria’s economic sphere is gradually changing and the government is encouraging diversification instead of the current over-dependence on oil.
Before you dive into any of these lucrative businesses in Nigeria, it is important that you first carry out some basic market research and have a marketing strategy.
Find out the demand for this venture in your locality or just how many people in your area are willing to part with their cash to purchase your proposed product or service.
If your plan is to make money by setting up a business in Nigeria, you can choose from the variety of options highlighted below:
Top 10 Lucrative Businesses In Nigeria
1) Fast food business
I eat, at least a meal, every day. And so do the remaining 170,000,000 million Nigerians out there.
You can cash in on this by establishing your own fast food business.
You don’t even have to cook or know how to. With proper planning, branding and employment of good cooks, you stand a chance of making it big in this venture.
It is also important to embrace cleanliness in this venture as your reputation depends on it.
Hot tip: Nigerians love local dishes. Might not fit into your definition of fast food, but that’s our definition of fast. Lol.
2) Professional Car Wash Business
The keyword in this is “Professional“.
The need for professional car washes that have all the necessary facilities and knowledge to keep cars sparkling clean is on the rise.
This venture is best established in Capital cities or at least in a commercial location where you can serve a defined set of people like lecturers in institutions, customers in shopping malls, and markets.
3) Primary and Secondary School Business
This is one of my personal favourites. Not just because it helps to build the leaders of our dear country but also because it creates so much employment for the jobless population in our country.
By setting up an educational institution of a high standard, you stand a chance to also join the league of wealthy individuals in this country.
Startup cost is a little on the high but this business is what every penny of investment and that is why it is among the top 3 in our list of lucrative businesses in Nigeria.
Farming is big business, that can quickly transform into a large-scale enterprise within a short period of time.
Moreover, 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.
You don’t need to worry about how to raise capital for your business.
What this means is that capital is unlikely to be a problem. A real interest from you and the Nation provides the capital.
5) Cooking gas distribution business
Forget that petrol filling station you plan to start, cooking gas business is the real deal.
Less competition and good profit. You can start small or start big. This venture is the bomb.
Moreover, the demand for cooking gas as grown since a lot of homes have switched from more traditional means of cooking such as the use of firewood and kerosene oil to using cooking gas( also known as Liquefied Petroleum Gas LPG ) for cooking and other domestics purposes.
This business could be one of the smartest entrepreneurial moves a businessman can make. If you are interested, click here to learn more: How To Start A Cooking Gas Distribution Business In Nigeria.
6) Laundry & dry cleaning business
Another overlooked and underrated business. Not anymore.
A laundry business offers a valuable service many people are looking for. Moreover, your laundry or dry cleaning service can be simple and profitable at the same time, despite the scale of your startup.
However, knowing how to start your own laundry business from scratch sounds difficult especially when you are on a budget.
So, if you’re thinking of starting your own laundry business, here are: 7 Key knowledge areas that will help you start and run a successful dry cleaning business.
7) Online business
That is the rave in the Us, India and now Nigeria. Contrary to popular opinion, this is still an untapped niche in Nigeria. Online business if far bigger than blogging and cooking up stories to get attention.
We have eCommerce, SAAS, eLearning, Information as a product, SEO, Social media and lots more. A few privileged one are enjoying the goodies of this “milk and honey” business.
Why not pick up your computer device and search the internet to discover how you can make money online in Nigeria.
8) Rental Services
Anything can be rented. From cars, houses, rooms and halls to chairs, tables, cooking utensils, construction machinery and likes.
The initial step is to find out what rental service you want to invest your money. Then you should investigate the cost of purchasing the items for rent and how the renting process would be managed.
The final step involves making up your mind on how to spend the millions that will accrue from this business. cheers.
Hot tip: Uber is in town.
9) Manufacturing Business
Don’t fret, it is possible and highly profitable. The growth of the manufacturing industry in Nigeria is on the rise. This is because the government is doing everything possible to encourage made in Nigeria products.
Products that can be manufactured include paints, clothing linens, household items, kitchen items, beauty products, lots more.
Nonetheless, you need adequate knowledge, determination, and perseverance, as well as a good marketing strategy.
At the end of the day, you can start a series of manufacturing companies that can grow to be an internationalIsn’tnd.
Isn’t that a dream come true?
10) Retail Business
Last on my list of the most lucrative businesses in Nigeria is the retail business.
This business ranges from furniture and household retail products to fashion and automobile products.
This is probably the most popular business in Nigeria at the moment. Hence, the stiff competition.
The potential for profit is a lot dependent on whatever niche you invest your money and the cost of purchase of these items from the wholesalers or manufacturers.
Nevertheless, the retail business is still one of the most lucrative businesses in Nigeria as evidenced by the constant influx of investors and entrepreneurs into this business.
In summary, here are 10 lucrative businesses in Nigeria with small capital that yield millions:
- Fast food business
- Professional car wash business
- Primary and Secondary School Business
- Farming Business
- Cooking gas distribution business
- Laundry & dry cleaning business
- Online business
- Rental Services
- Manufacturing Business
- Retail Business