Every lucrative business starts with an idea. Revealing the best, hot, unique and untapped business ideas and how to make them most profitable business in Nigeria is one of the things we know how to do best in our site.
Are you a woman, Housewife, stay-at-home mom, mum, lady or young man looking for latest small or large scale lucrative business ideas in Nigeria to start now? You can select your best suit from below list of lucrative businesses and start up in this 2018.
Every year, we do carryout research for both small and large scale businesses that are currently lucrative and fast growing in Nigeria. The outcome of our research for this year fast growing small businesses in Nigeria is what you will see below. We also write business plan for any kind of business idea you can think of.
There are number of people who have capital (little or large amount) to invest in business in Nigeria but have no business idea to start. So, if you are one of those beginner entrepreneurs who is thinking of starting a business in Nigeria but don’t know where to start from or which business to invest your money into to make profit, here are 25 highly lucrative business ideas in Nigeria that make millions of naira in shortest possible time.
This list of business ideas in Nigeria is composed of the best business ideas to make money in Nigeria, not just some selected junks you have out there called businesses ideas. They are unique, carefully selected, thriving business in Nigeria you can stake in your money on and be reassured that you will make it big time. These businesses are hot, practical and highly profitable in Nigeria in 2018 and beyond. Some are home based businesses while others may need rented space, store or factory.
To succeed in any of these business ventures below, you need to have the right business mindset, work hard and consult experts and business mogul where necessary. Before we proceed on this list of lucrative business ideas, I want us to look at some of the important reasons why you must start a business in Nigeria today.
Reasons Why You Must Start A Business In Nigeria Now
Nigeria is one of the best countries in the world to invest business on because of its large population size and availability of market. We have good climate condition in Nigeria and fertile soil for Agricultural businesses compare to other countries of the world. While there are vast business opportunities to make money in Nigeria; many Nigerians still flee abroad in search of greener pasture. This is an irony and I’m yet to understand why it is so.
The Chinese, South Africans, Lebanese, Indians, South Koreans, and even Egyptians are here in Nigeria to invest their businesses. These foreign company and their businesses in Nigeria are thriving very well yet you see some Nigerians leaving this country to foreign countries where there is no hope of survival for them. The big brands in Nigeria like Samsung, LG, thermocool, Nokia, name it are all owned by foreigners and they are making money in Nigeria if not, they would have ceased to exist long time ago. Could you believe me that we still import toothpick in Nigeria? Yet, the plant tree where toothpick are gotten from grow everywhere in Nigeria. We make foreigners rich while we grow poor. Now is the right time to start a business in Nigeria.
For the past 10 decades, Nigeria as a nation has been depending on its natural oil resources; this has made some selected sect of Nigerians (the elite) rich while an average Nigerian still wallow in abject poverty. The era of Nigeria dependence on oil resources have gone, it is time to make a change to strike a balance. We have some top Nigerian business magnate and tycoon who have made a difference as entrepreneur within and outside the shores of Nigeria. Nigerians like Folorunsho Alakija, one of the richest African women, and one of the richest black women in the world; Aliko Dangote, investor, richest man in Africa and owner of the Dangote Group; Mike Adenuga, billionaire businessman, the second-richest person in Nigeria and owner of Globacom, Jim Ovia, Nigerian businessman and founder of Zenith bank; Sim Shagaya, Nigerian entrepreneur and business mogul, founder and former C.E.O of one of West Africa’s largest electronic commerce website Konga.com and the executive chairman of DealDey, a daily deal website; Mohammed Indimi, Nigerian businessman and founder of Oriental Energy of which he is still chairman; Arthur Eze, Nigerian business man and one of the wealthiest men in Africa, the founder and Chairman of Atlas Oranto Petroleum which has assets in Nigeria, Liberia, Guinea, Gambia and the UK; etc. This goes a long way to prove to you that Nigeria is a fertile ground for business start-ups and any business started now in Nigeria will surely thrive.
If you are thinking of starting a business in Nigeria, you can consider choosing from a variety of options below. Click through, read, and start from list of my best 25 Lucrative Business ideas in Nigeria That Make High Profit.
25 best lucrative business ideas in Nigeria
- Restaurant business – this is the one of lucrative and fastest growing business ideas in Nigeria. These days, young men and women are too busy with their jobs and that they hardly find time to prepare their own meal. Even our housewives and moms hardly find time to cook for their family, these days. Though, there are good number of restaurants in some cities in Nigeria like Lagos, Abuja, Portharcourt, Kano, Aba, Enugu, Onitsha etc; yet the restaurant business continue to thrive in these cities due to population explosion and busy life of our people. Restaurant business is easy to start; once, you can cook very well you’re good to good. You can also employ a chef if can’t cook. The cost of starting restaurant business varies depending on your entry level – you start on small scale, medium scale or large scale. Restaurant business is one of those businesses that can be started from home (i.e. if you have a space in your home). Promotion of your Restaurant should be your top priority. It doesn’t matter how good you cook or how excellent your services are if people don’t know about your restaurant business.
2. Cosmetic and beauty business – Cosmetics and Beauty industry is flourishing enterprise especially in localities where there is high percentage of young ladies. So when sitting cosmetics and beauty business in a locality, consider the population around the vicinity. Location close to or around higher institutions and universities is quite good for this kind of business. Cosmetics and beauty enterprise is best started on medium scale or large scale. With 2million – 3million naira, you can start a medium scale cosmetics and beauty business.
- Snail farming – Snail rearing is one the home based business that needs low investment as they feed on vegetation and leaves. Snails reproduce at an alarming rate that makes this business a lucrative one. It is one of those businesses that can be started from home and precisely at your backyard. They are to be protected from sunlight, as snails are delicate and kill by high temperature and salty environment. They need a moisture environment to survive. There is not much competition in the business and the market is readily available. You can enjoy making profits without much challenge.
- Cat fish rearing – cat fish rearing business is another lucrative business you can to start today in Nigeria. The cost of starting this business depends on and nature of pond you want to construct. To succeed in this business you need experience and skills. This business is a delicate one as the fishes are sensitive to PH and salt content of the water. You may need an expert to manage the business.
5. Phone accessories business – it is no longer as lucrative as it is five years ago. However, you can still make it big time if you are dedicated it. It is always good to start by writing a business plan for your mobile phone accessories when you make up your mind to start the business. You can always get a detailed phone accessories business from us if you can’t write one. In case, you don’t know where to buy phone accessories in a wholesale, you can see that
See the; Top mobile phone accessories to sale.
See also the; Mobile Phone Accessories Distributors.
- Chemist drug business – this is one of the businesses that can make you a millionaire in about 8-9 months if you know what you’re doing. This business requires knowledge and experience. To set up and operate a chemist store in Nigeria, certifications and license are usually required. Chemist business requires that you have knowledge of drugs, good stock record keeping and price ranges of drug. You can acquire the knowledge of drugs and prices ranges by serving in another Chemist.
7. Computer business centre with cyber cafe – this is one of the trending businesses in Nigeria. Computer business centre with cyber cafe thrives very well in big cities in Nigeria though not far back when laptops are not yet common. The business can be very lucrative when located in a good place and properly managed. The best places to located computer business centre with cyber cafe are around schools, campuses and offices. Mini computer business centre can be set up within mini markets, offices, parks etc. With capital of N300000; you can start up a good business centre.
8. Pharmacy drug business – this business is highly lucrative though it seems to be enjoyed mostly by pharmacist as it may require professional certificate and registration with Pharmacists Council of Nigeria (PCN).
- Cassava processing business – it is one of the most untapped business opportunities in Nigerians. Locally, this business is simply a gold mine for small, medium and large production industry. There are vast money making opportunities in cassava process industry. However, the business is capital intensive. It requires experience and skills. See the cost of starting cassava processing mill business in Nigeria.
- Taxi transportation business – since the introduction of keke napep in most cities in Nigeria, the business is a bit messy. Though, it is still a profitable sector in Nigeria and can help you make thousands of naira monthly. You can buy taxi cars online from these websites to start your taxi transportation.
- Ambulance service business – this business is unique however, it is not popular in this part of the world. Partnering with hospitals and clinics is the best way to make it profitable. All you need is to buy an ambulance.
12. E-commerce business – this is a promising online business venture. This online business is profitable. You can collaborate with an established website developer and digital marketing firm to operate your e-commerce enterprise. One good thing about E-commerce business is that it is a low costs start-up, changes can be made instantly, the potential customer reach, and you can easily measure results with cost affective online marketing.
- Blogging – this is one of the popular and best ways of making money online. It can be started and run as part-time business or full time. Blogging is one of those online businesses that require little or no start capital start up and can started from home. You don’t need to be an internet guru to succeed in blogging. Bloggers like Linda ikeji, Emma Onwuka, Jason Njoku, Pascal Okafor, etc are making millions of Nairas on blogging. See how to start and make money blogging in Nigeria.
Other useful articles on blogging business
- How to start a blog, grow blog traffic fast & make money.
- How to Begin a Successful Blogging in Nigeria.
- 5 Reasons Why you don’t Make Money Blogging.
- Make money online through Blogging; step by step Guide.
- How to start money-making video blogging.
- Cooking gas Distributorship – this business is currently flourishing. Kerosene stove is gradually fading away. People are now going for cooking gas in place of kerosene due to increasing price of kerosene. The secret of success of a profitable cooking gas distributorship business lies in your marketing strategies The business is flourishing most in cities where they effluent families who use cooking gas.
- Soft drink whole sale and distributorship – this is another lucrative and trending business that needs careful calculation before entry. This business can be combined with provision and grocery business.
- Hotel business – this business is goldmine in big cities. The business is highly competitive. To build and maintain your hotel you will need a large amount of capital. It takes planning, patience and hard work to start a hotel business. A high-level of customer care service skill is required to attract new and encourage returning visitors.
- Palm Oil business – Palm oil and Palm oil storage business is one of the investments with high returns. This business requires patience as you have to wait for some months to sell off stored palm oil. The cost of starting this business depends on your capital.
- Fruit Juice Making and packaging – This is a capital-intensive business, but if you can manage the business properly, you can grow as big as Chivita or La Carcella as Nigerians love their own fruit juice.
- Digital marketing Business – Digital marketing is the marketing of products or services using digital technologies, mainly online, but also including use of mobile phones to displaying of adverts, and any other digital This is a promising business especially in Nigeria. You can add provision of fast Internet connection at affordable monthly rates to it and manage it well enough to make tons of money.
- Catering services – This is another money making business. If you’ve got great cooking skills; with or without capital, you will soon cook your way into millions. Start by building network, connect more with other caterers, and spread the word by word of mouth. Tell everyone you meet about what you do. That’s pretty easy, right. Every week a lot of occasions and celebrations will require hiring of cooks for all food activities. Fill this gap in your locality, and get paid for doing something you’re really good at and totally love. Sound interesting, right? You don’t even need to have your own catering equipment; these things can be rented for a token. Getting money shouldn’t be your number one priority; stay focused and continue on serious marketing. You’ll see your catering business grow into a million naira enterprise.
Finally, we have shared many other lucrative business ideas in this site. I want you to take your time to browse through this site. You will surely see other lucrative businesses in Nigeria to start today.
All of these business ideas have great potential of making you a millionaire but you just need to take step. You can’t become a millionaire or billionaire by procrastination. Procrastination is the silent dream killer. “Never put off till tomorrow what may be done day after tomorrow just as well.” “Time you enjoy wasting is not wasted time.”
Stop keeping your money in the bank. The bank managers will use it for business and give you nothing in returns. You have been working for money; it is time you let your money work for. Thousands of Nigerians both home and abroad are now enjoying the rewards of investing in their own country through the information they found on Naijaonlinebiz.com.
START BY READING: How To Start A Business in Nigeria from scratch – Complete Guide
More Resources on Business Ideas in Nigeria;
- Small Business Ideas for College students & Undergraduate Students.
- Top 15+ Business to do during NYSC and Orientation Camp.
- 15 Business to do on weekends to add to your monthly salary.
- Top 10 factors to consider when starting a small business
- Internet Businesses