In Nigeria today, entrepreneurship has become inevitable because of the low level of economic development, and people who wish to survive and not just exist require one business idea or the other.
Are you desperately looking for business ideas?
You need not worry.
Here are 40 lucrative businesses you can venture into.
- Alternative power sources:
The major electricity problem in Nigeria means that alternative power sources of businesses thrive well. This includes generators, inverters, solar energy, and windmills. There is an ever-growing demand for these products, and you can capitalize on that by starting a business in that line.
However, note that you might require a good amount of capital to start this business due to how expensive the products are. On the other hand, you would surely sell them for a high profit.
- Poultry farming:
Poultry farming is one business that can thrive in any location, including Nigeria. It involves the rearing of domesticated birds like chickens, turkeys, ducks, and geese, for their end product. You can either sell them off as meat or their eggs for food. Poultry is one of the most successful businesses in Nigeria and depending on how well you run the business and succeed, you can also attract investors.
- Email marketing:
Email marketing is one of the most effective ways to reach out to customers in the digital sphere. Every Tom, Dick, and Harry these days have an email, and you can advertise products to them directly. With a good sales pitch, you can convert strangers to customers for businesses, and get paid in return.
If you have a good email strategy, with proven results on conversion, you would have businesses coming back for more and also referring others. Most businesses today outsource this to allow them to focus on other important things. The best thing about email marketing is you not needing a lot of capital to get started.
- Rice farming
Since the Nigerian border was closed to the importation of rice, rice became even more lucrative than it was. The demand for quality products is very high and matched with a very low supply, which has caused rice to become expensive and lucrative too. Should you have enough capital, starting a rice farm business in a favourable state would see you rake in lots of profit.
You can start small and grow your business. In whatever you do, ensure that you destone the rice properly.
- Making of fruit juice:
Although it might not sound like much, making and selling fruit juice is another lucrative business for you. The reason companies like Chi still thrive in Nigeria is because of the high demand for juice. You can grab a share of the market too by starting a business that manufactures juice.
In states like Benue which bear many fruits, these excess fruits like mango, oranges, bananas, and pineapples go to waste. You can get them on the cheap, establish good preservative methods, and start making some juice (drink and cash) of your own.
- Search engine optimization business (SEO):
As the digital sphere gains more importance, a skill like search engine optimization (SEO) keeps rising in demand. You can start an SEO business with little or no capital, as long as you have the required skill.
SEO involves you helping improve a business’s website rank on the search engine. This way, you connect them to their potential customers by increasing their presence on the digital map.
- Content marketing:
Content marketing is a major component of digital marketing and is being used by over 70% of businesses in Nigeria today. It involves the creation and sharing of contents (writing, video, pictures) across social media to raise potential customer awareness of a product. This is part of a larger scale of things done to convert a potential customer into actual customers.
Mastery of content marketing would see you quickly be in high demand. You do not also require large capital to establish this business. What is most important is the technical know-how
- Digital marketing:
Digital marketing focuses on marketing in the digital sphere. Unlike regular marketing that reaches out to people through meetings and calls, digital marketing uses social media and other online channels. It combines the power of SEO, content, emails, and many more skills to create a large online print for businesses.
If you are skilled in digital marketing, then it is much easier to start the business. However, you can also devote time to learn and start small with SMEs around you. Digital marketing is a skill that every business needs but can only afford to outsource. Take advantage of this opportunity today and earn a good income.
- School business:
From crèche to nursery and primary, owning a school would give you lots of income although it requires high capital. Regardless of the number of schools in existence, yours can always thrive due to the limitless numbers of students to pick from.
It requires substantial capital, but you do not need to invest millions at a go. Start small and grow the business through innovative ideas and dedication.
- Plantain chips making:
From streets to fancy stores and traffic hawking, plantain chip is easily one of the common snacks that you would find around. Everyone likes it because it serves as a chewy snack at any time of the day.
Plantain chips are easy to make and sell daily. You either start small and sell yourself or massively supply to numerous outlets. Which every way, selling plantain chips is sure to make you a good amount of money per day.
- Importation of used cloth:
Designer clothes in boutiques are what everyone desires, but sadly can’t afford, especially in Nigeria. The majority of the masses are poor, and would rather patronize the famed “Okirika” or fairly used clothes. This business opportunity is very wide and can fit in as many competitors as possible.
By importing fairly used clothes, you can become a major supplier of Okrika markets. This market has customers in the poor, average, and even some rich class category. Once again, start small and expand.
- Car wash:
The car wash business is one of many that would give you income daily. Set up a shop, purchase the necessary tools, and you are good to go. You can also employ attendants or handle it yourself depending on your schedule. If you can strategically set up in a place with a high population of cars, there’s not telling of your income.
- Setting up an eatery:
People need food, all of us do, and you can be the provider by setting up an eatery. Running an eatery takes time and requires cooking and housing facilities. Get this in order and have a nice place, and in no time you would rake in profit every day.
- Transportation business:
Everyone goes to work or their business place or transport goods around. Being a basic characteristic of living things, everyone moves. With a fleet of vehicles or just one, you can solve this basic need by transporting people or goods around, and get paid for it. Transportation is a very good business that has space for everyone.
- Cassava farming:
“Garri” and “Fufu” are some of the most common foods in Nigeria. They are both made from cassava which places this particular product in high demand. Many do not venture into cassava farming due to the stress and nature of the business. However, if you hold yourself together and do this business, you are sure to make a good profit.
Nigeria has numerous natural resources like oil, coal, gold, and many more. Mining them and selling off as raw materials is a great business to establish. We can assure you that you would sell the raw materials at a very good price. The major obstacle in establishing a mining business is obtaining a license and the necessary tools for the job.
- Fashion designer and tailoring:
If you know your craft well, sewing a single cloth can earn you tens of thousands. Of course with . right clients. You can start by obtaining the contract for sewing uniforms for a school, to sewing for other occasions. If you are good as a fashion designer and have a good business model, your work would speak for you in attracting clients.
- Call center agency:
Call center agencies are important because there would always be questions and complaints from customers. You can set up one and handle the customer calls for companies that do not have such a department. You can start small, and expand with time, with the major cost being to hire staff.
- HR recruitment agency:
All companies need staff, and many do not have the time to sort for and run the entire process. This is where a recruitment agency comes in. You can do this in their place and get paid for it.
- Waste management:
Nigeria’s waste management system is grossly underdeveloped, which has led to a sizeable amount of pollution in the country. You can set up a business to pack, recycle, and convert waste into organic fertilizer. The choice is yours.
- Animal Husbandry:
Nigeria is an agriculturally inclined country, and one aspect of agriculture is the rearing of animals. We do not limit this to mere poultry; it goes further to cover rearing cattle, snails, goats, fish, etc. All you need is a large land space, capital, and enough time. You also need to gain the necessary knowledge about your choice of animals and their care.
- Rental services:
People often would not buy one/two-time-use equipment when they know they can borrow. You can buy these types of equipment and put them up for rent such as chairs, music boxes, canopies,. All you need is the proper maintenance of the equipment and advertisements for recognition.
- Mobile phone repair:
With significant training and little money, you can get your phone repair kit and start making good money. Another thing you need here is communication skills that would earn your customers and in no time expand your business.
- Pure water business:
‘Water is life’. It is a basic need for every living thing, and its production can never outrun its demand. It is highly lucrative and comes with a high level of returns. You can gain the knowledge required by first learning as an apprentice in a pure water company. You must also get the necessary legal qualifications.
To start a business like this, you need enough money. Therefore, you can opt for a quick loan to begin.
- Recharge card and data:
In this 21st century, you can hardly find a young adult without a phone. Phone is one of the major essentials of human life. This makes recharge cards and data equally essential and on an outrageous demand. You do not need training to start this business, neither is a large capital required.
- Catering services:
Food is one of the major life essentials that a man cannot do without, especially on occasions. Therefore, you can improve your cooking skills, take up orders for major events, or make food deliveries to notable places. Catering is a very lucrative job that has gained wide acceptance.
- Laundry services:
Laundry business is another business popular in Nigeria today because Nigerians are so busy and they hardly have time to wash their clothes and other household items.
This business requires a little capital, and you can do it right in your home without a shop. All you need is a washing machine, a functioning telephone number, and a billboard.
- Event planning:
Nigeria is a country where every weekend has an event attached to it. One could record nothing less than 20 “owambe” occurring at different parts of the country in just a single day. Fortunately, these events would always require a planner to ensure things go accordingly in exchange for cool cash. You should not limit your arrangement and planning skills to the four walls of your bedroom. Opt for event planning and conveniently increase your standard of living.
Memories are one of the most valued assets of any individual. One way to keep them alive is through pictures.
On that note, professional photographers are in outrageous demand. If you are looking to start this business all you need to do is get a very good camera, take some training in photography, and Voila! You are ready.
- Liquid soap production:
This would only require a simple training usually offered free by churches or other organizations. Liquid soap is a product with high demand, even among the average individuals. Hence you only need a great branding and packaging idea to make your product stand out.
- Ice block business:
This business is booming because of the hot weather condition, which makes it necessary for people to look for cool water and drinks. The erratic power supply in the country has made this business to sell like a hot cake. If you venture into this, it will surely bring profitable returns.
This is one of the thriving businesses in Nigeria. If you are looking to make money online blogging business might be your best bet.
Starting a blog business does not require much capital. All you’d need to do is get a domain name and hosting, choose your blogging platform (e.g. WordPress), design and launch your blog, and finally, after doing this you can publish content.
- Affiliate Marketing:
This is one way to make good money online in Nigeria. An affiliate marketer is one who sells products on behalf of an organization or individual.
To start this business, all you need do is register for any affiliate program of your choice (e.g. Jumia Affiliate, Konga, etc) get your affiliate link, choose your marketing niche and start selling.
- Graphics designing:
This business might be the best for you if you have a background in art or probably have a flair for art. If you don’t have a background in art, you can take some courses on graphics design.
This business requires little capital to start. All you’d need is to start is get some design software such as Adobe Photoshop, Illustrator, Corel Draw
- Tutorial business:
The Education sector is one of the fastest-growing sectors in Nigeria and because of this it is in high demand.
If you are very good at maths, science, or any other subject, this business is a yes for you. You can organize tutorials for Jamb students, Waec students, etc.
To start this business, all you’d need is a space; you can start with a shed, a chalkboard or whiteboard, and a billboard or signpost to tell students around about your services.
- Beauty Service:
This business is one of the hottest businesses in Nigeria. Nigerians love ‘owanbe’ and the truth is we always want to look good for any owambe.
On that note, people spend a lot to look good for social occasions such as wedding ceremonies, birthday parties, naming ceremonies.
To start this business requires little funds. You can start with some basic items such as Mascara, Powder palette eye pencil (black, brown, white) Pro concealer, Highlight brush, Foundation,. and as time goes on, you can get the complete make-up box.
- Gas shop:
Gone are the days of Kerosene. A lot of households in Nigeria now cook with a gas cooker and because of this, the demand for gas has skyrocketed.
This business requires little capital, all you’d need is a shop, gas cylinders (you can start with one or two), and some basic materials such as scale, hose.
- Hotel Services:
Nigerians travel a lot and when we do, there is a need for a comfortable place to lodge. If this business is exploited, it turns around the fortune of the investor.
- Interior decoration:
This is the art of decorating or designing a residential building or a commercial business according to your client’s preference.
If you have an expert eye for art and color, this business might be the best for you. Taking interior design projects will yield a high profit for you.
- Freelance web development:
A lot of businesses need at least a simple website to promote their products and services. On that note, if you are very good at coding and design, then this is the best bet for you.
With this business, you can earn a good fortune, all from the comfort of your home. Leverage freelance websites such as Upwork, Fiverr for endless opportunities.
Running a successful business in Nigeria largely depends on what goes down well with you. You should consider important factors like the area you are in and the demand for such a service. Most importantly, do something that you do not find burdensome, and offers a good profit margin compared to investment.