You can easily begin a business in Nigeria. Some of these businesses require little capital to start. This eliminates the problem of sourcing for capital to start a business. Many people find it difficult to think through the possibility of converting such ideas into business opportunity.
In this article, we have provided some lucrative business ideas for Nigerians as well as what you need most to become a successful entrepreneur in Nigeria.
Why is Nigeria Good for Business?
The country has a vast market and population with varying taste. Invest in areas that have potency for good returns. These are areas that have a high-profit return.
Yes! It is the returning customers that will actually make you rich in business. In Nigeria, the unemployment rate is on the rise.
There are fewer jobs to cater for the booming population. This is the more reason why you need to start up a business today.
Even the government recognizes this fact and is doing what they can to encourage entrepreneurial enterprises and new startups.
There are different fields that have a wide range of opportunity. You can consider investing in these fields.
- Entertainment industry
- Home keeping/management
- Information and communication technology(ICT)
- Education and learning
- Agriculture and agro-allied industry
What you need most to start business in Nigeria
Some people intending to start new businesses often think that all they need to kick start is capital (huge starting income).
Yes, money is important but to succeed more in business generally and particularly in a place like Nigeria money is not all you need. You need what is called the entrepreneurial spirit.
It is this mindset that will guide you through the initial hurdles of doing business in Nigeria. It will give you the resilience and focus needed to change your idea into the dream business you desire.
25 Hot Business Ideas in Nigeria
Some of the lucrative business ideas that have the potency of succeeding in the Nigerian environment include:
- Livestock farm business
- Animal feed production and sales
- Catering service business
- Tutoring business
- Transportation business
- Waste management business
- Car renting/ driving school business
- Real estate business
- Run a school
- Packaged water production
- Wears importation and sales
- Wears sowing
- Bead and jewelry making
- Agro-product repacking and exportation
- Security outsourcing company
- Own and manage a blog
- Writing and freelancing business
- Electronics sales and repair business
- ICT/ digital skill services
- Laundry business
- Event planning and management
- Printing business
- Pharmacy and health care delivery
- Construction company
Livestock farm business
This is a very attractive line of business with a promise of good returns in the shortest possible time. There are vast areas of livestock farming that you can start today.
Such areas include piggery where you manage pigs, fish farming, dairy farm, and poultry business. Other areas like snail rearing are also becoming attractive.
Animal feed production and sales
As animal production is increasing, so also is the need to produce feeds for the animals. So you can make use of this opportunity here and produce feeds for sale.
You can produce feed for poultry, pigs etc.
Catering Service Business
You can start eatery business in most cities in Nigeria where there is high demand for such and make reasonable income from it. So if you are good at cooking and catering service, then do this.
You can start tutorial classes for different people preparing for different exams.
You can also establish special tutorial classes or you run home tutoring service and see your income rolling in.
Shuttle Bus Services
Transportation services are highly lucrative in Nigeria. I know of a person that started an in-town shuttle service without much seed capital. He did this by opening up to partners who purchase shuttle buses while he manages the business.
The profit is shared by all the stakeholders. This transport company is doing very well today.
Car Renting/ Driving School Business
If you own a car in Nigeria you can easily turn it into a source of revenue. You can do this either by renting out or starting a driving school.
In starting a driving school you will just need to obtain a permit from the government. People who are having events like wedding are always in need of cars to hire.
Real Estate Business
Investing in real estate is a profitable line of business. There is an increasing level of urbanization and a good number of people are in need of properties to purchase.
Real estate business guarantees a continuous stream of income even in the long run. You can also partner with people in this area of business as an agent.
Run a school
If you have an interest in education, you can start a school. Running of school is profitable as well as beneficial to society.
To run a school effectively in Nigeria you will need to consult with the ministry of education in the state you intend to start the school in.
Packaged Water Production
Sachet water companies are making it big in Nigeria. This is a good business area you can feature in. In Nigeria, you can get cheaper labor to help you in this line of business.
Wears Importation and Sales
Wears and fashion business is growing in Nigeria.
With little to high seed capital, this business can be started. This business will be more efficient in areas where there is a good population concentration.
If you have the skills, you can start making clothes for people.
Even if you don’t really know how to do this, there are places you can learn this skill. This you can do in a matter of a few years.
Bead and Jewelry Making
You can also make pieces of jewelry and bead and sell it to people.
Making money comes in different ways. If you know how to do this, social media is a good platform for you to showcase your product and attract customers.
Agro-Product Repackaging and Exportation
Nigerian farmers produce vast products. But in most times they fail to promote these products properly through effective branding and packaging.
You can start this business by reaching out to these farmers and creating a link with them.
You buy these products from them in bulk, brand and package them and then sell them out to customers in different parts of the world.
Nigeria is blessed with a lot of mineral resources that are most times underexploited. Mining is a very good area of business with great fortunes.
You will need to obtain licensing from the government in other to be able to operate this business legally.
Security Outsourcing Company
In Nigeria, insecurity is an issue of great concern. The government is doing so many things within their capacity to provide security to the residents.
If you have expertise in security issues, you can consider setting up a company in this line and providing security-related services. You can also train and outsource security personnel to companies.
These security personnel will help in the general maintenance of order in and around those companies’ spaces.
You can also consider starting a business in these areas: owning and managing a blog, writing, and freelancing, electronics sales, and repair, ICT/ digital skill services, laundry.
Others include event planning and management, printing business, pharmacy, and health care delivery and starting a construction company.
Doing business in Nigeria is not so difficult once you have been able to think out a business idea that can thrive in the Nigerian environment.
From the vast business ideas, we have enumerated you can see that business opportunities abound everywhere.
What you just need is to start, and you see your idea grow into a business empire. Let us know other areas that you think will be worthwhile to start a business in Nigeria.