Are looking for most lucrative business ideas to start in Nigeria? Discover 20 most ∗lucrative business to invest in Nigeria∗.
Nigeria is endowed with natural resources that are easily convertible to useful end products. Apart from the natural resources, the fast-growing population of Nigeria provide a fertile ground for marketing businesses. According to worldpopulationreview 2020 report, the population of Nigeria is over 206.14 million, ranking as 7th most populous country in the world.
But for some reason, most Nigerians leave the shores of the country in pursuit of greener pastures elsewhere instead of tap into the business opportunities back home.
Foreign investors take advantage of these business opportunities that we fail to see to create lucrative businesses for themselves. While some of these foreign companies like Unilever, Samsung, LG, R&S, to mention but a few have established their businesses in Nigeria, some local businesses are still performing very well.
Although there are well-established foreign and local businesses in Nigeria, investment opportunities still abound.
That said. If you’re in need of business ideas to invest in Nigeria to make huge profit within a space of time, here are 20 most lucrative business to invest in Nigeria;
Oil and Gas Business
Nigeria and to a large extent the world still depend on oil and gas. As long as this trend continues, Oil and Gas business will continue to dominate. This business idea is certainly king among some lucrative businesses in Nigeria.
Look at it this way, we depend on gas or kerosene to cook. We depend on fuel to move around whether we are using cars, okada or Keke-napep. And because of poor electricity supply we depend on fuel for electricity. All the large and tiny companies in Nigeria rely on fuel or diesel to work.
There is too much dependent on oil and gas. And Nigeria is blessed with abundance of it. Anyone who join into this business are making large financial gain.
Here are investment opportunities in Oil and gas business;
Oil and Gas Distribution
This is one of the most lucrative part of oil and gas business. But you will need a high budget to get into it. An oil and gas distributor bring in refined petroleum product into the country for distribution to different sectors.
With few millions of Naira, you can start a petrol station. There are so many cars in Nigeria that you will never run out of customers. Also, a lot of people depend on petrol station to power their generators.
Oil and gas transportation
You can purchase tankers and join into the business of lifting petroleum merchandise. It could be ships. Petroleum merchandise is like every different commodity, they need to be lifted. There is an also fleet management opportunity.
These are some of the opportunities in oil and gas business. There are more if you do your research. But one factor is for certain, Oil and gas remains one of the most lucrative businesses in Nigeria.
Cooking Gas Business
This is an untapped lucrative business in Nigeria. A lot of people are so focused on Petrol that they overlook cooking gas. Not long ago, I was speaking with a friend who manages a mid-size petroleum company. They are into all petroleum products. They make more money from cooking gas than any other crude oil product.
You can supply cooking gas to retailers or you become a retailer and refill gas for end users. Spice it up. This business is very lucrative and it does not cost much to start. You can start small and grow!
A lot of Nigerians still depend on kerosene for various reasons. Even those with cooking gas use kerosene powered stove as back up. This business is very lucrative. More lucrative because not so many people are into it any more.
Apart from being one among the most money-making businesses ideas in Nigeria, agriculture business is an evergreen business. It never gets old and never fade. As long as human exist, agriculture business will continue to thrive. This makes it a very important and strategic business.
One factor that makes this business so attractive is the various loans or funding options available for agriculture entrepreneurs in Nigeria. We have a dedicated Bank of Agriculture operated by the Federal Government through the Ministry of Finance, Central Bank and Ministry of Agriculture offer loan to SMEs.
And as the government is continually looking to diversify its economy, their major focus is on agriculture. More incentives will be triggered for this sector. There is large profit margin waiting for anyone who ventures into Agriculture business.
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Here are lucrative Agricultural business investment opportunities in Nigeria;
Beef meat is very popular in Nigeria. Cow milk is nearly as precious as oil in Nigeria. These make cattle farming one among the most lucrative businesses in Nigeria.
Palm Oil Busines
Palm oil is gold. Most of the items you use, from cream to soap and plenty of additional are made of palm oil. There are several companies around the world who imports palm oil from Nigeria. This business is very lucrative. You can become a millionaire exporting palm oil to the neighbouring countries.
Majority of Nigerians depend on Garri and other products made from cassava. Cassava farming and processing business are very lucrative because the products are very much in demand.
People are starting to turn their attention to this side of farming in Nigeria that being neglected for years. Cassava derived foods are a number of the most consumed in Nigeria.
If you’ll invest in cultivating fifty – a hundred Acre in an exceedingly fertile space like Ondo State, your harvest is going to be nice.
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- How do I get Grant for Cassava production farming business
Chicken meat, Turkey meat and some others are extremely popular among Nigerians, particularly during festive seasons. Poultry farming is a very profitable business anyone can start with small capital. Read a lot of here: a way to begin poultry farming business in African country. Consult an expert who can advise you on how best to care for the birds.
Snail farming is an untapped business in Nigeria. There is so many possibilities and potentials in this business. You can read more on How to Start Snail Rearing Business in your locality
There are several different agriculture business ideas excluding the above listed.
Food Stuff Business
Foodstuff business is a common business in Nigeria. The business is evergreen and lucrative. People will always eat! No matter how difficulties things are or tough the economy is, the only thing people can never do without is food.
This is a good business that if well starts and run very well. It can make you rich within a space of time. It is also very easy to win loyal customers
If you’ll be able to locate a decent location, acquire the right skills and personnel, you can run a successful food business. This is a business without season. It is in demand every day.
Restaurant is one of those businesses that have made people millionaire. There is plenty of restaurants, but it does not mean you cannot start your own restaurant. People usually go to restaurants which are not too expensive but provide high-quality food service.
These days, many people are too busy to eat at home and cook for themselves, so they very often eat out. This applies to students and workers, which is why setting up your restaurant in the studying or business area would be a great idea.
As long as you cook delicious food, people will always come back. But you may need to high professional cook if you having challenges preparing palatable food.
The restaurant seems to be a tricky business, but for people who have experience and knowledge in hospitality, it is easy to run.
You mustn’t be fantastic to catering before you can start a bakery business, but having some knowledge of it would be beneficial. The most significant point is finding the place for your bakery business because you will need it to attract customers and be noticeable.
At first, you can start small, but when growing bigger you can hire some staff. Hiring people, you need to hire those who have passion for bakery business
Most successful bakeries have some twist, like the product that only they have a recipe for, and no one else does. Be creative when you start the bakery business, and one day you will gather the crops in the form of the cash.
Real Estate business
Real Estate is one of the most lucrative businesses in Nigeria and in the world at large. There are no mincing words about it. People will continually want a roof over their heads.
As the population continues to increase, and as status increases, real estate business will continue to boom. As people move to cities, this business keeps booming. Real Estate is a hot business idea in Lagos and Abuja and some other states in Nigeria.
There are many opportunities in the real estate business. You can choose to work as an agent. Helping people find properties and apartment for fee or commission, there are lots of website doing that today. You can also help property sellers and landlords find buyers or tenants for a fee.
You can develop properties in highly sought-after environment, for sale or for rent. You can also invest in lands either develop or sell when it appreciates.
The majority of families have children, but they also need to work hard to earn enough income to cover their expenses. Therefore, not every parent have enough time to spend time with their kids.
There are quite a lot of daycare centers, but not all of them are competent. So, if you love children and are sure that you can care for them, you should consider setting up a Daycare center.
For starting a successful Daycare business, the environment has to be suitable for children so their parents can trust you with their kids. If you are creative in your approach to the youngsters and can create a good atmosphere for them, then you have a chance to make good money from this entrepreneurship.
You can start this business from home, as long as you think that your home would be a good starting place for the daycare center.
If you love and can tolerate children, start a Daycare or creche business from your home or even provide these services in your family home.
You can even start by babysitting or even as a nanny. This service is on high demand in Nigeria because of the working nature of parents.
Sachet/Bottled Water Business
People drink water daily because staying hydrated is essential for everyone’s health. Besides, sachet water is needed these days for occasions and events.
You can become one of those people who package sachet water and supply to those who need them. If you can package clean and cool water, then there is a significant chance for the customers to purchase it in large amounts.
Besides, because of the latest policies, it is essential to establish your brand on the market as soon as possible. So if your heart desires are in the sachet water business, then get started now.
If there is one thing humans can never do without, it is water. Because of the necessity of water, sachet water business is among the list of most lucrative businesses in Nigeria.
Importation of Tokunbo Spare Parts
If you’re in USA, Germany, or Denmark, this business is especially good for you. Don’t simply keep importing exotic cars, gather tokunbo spare parts in containers and ship it down to Nigeria.
There is large marketplace for used (tokunbo) spare parts in Nigeria. An average Nigerian will prefer to buy foreign used spare parts to new parts.
Making of Fruit Juice
Nigerians drink fruit juice more than the other country. That’s why companies like La Carcella and Chivita who do business in Nigeria makes billions of dollars annually.
This business in capital intensive however if you can afford it, it’s well worth starting.
Everyone like looking good and smart making beauty products fast selling.
If you like beauty, then going into the cosmetics business is your best bets. To succeed in this business, you need to research always, attain events and shows to learn new things concerning the cosmetics business increase the growth of your business.
The cost of taking a truck from one place to the other in Nigeria is between N20,000 to N100,000 or more per trip. Due to poor rail transport system, most of the Nigerian product is transported through the road.
Creating haulage business in Federal Republic of Nigeria is a lucrative one. Petroleum products haulage and movement of goods from manufacturers and importers are the aspect of haulage in Nigeria that is very lucrative now.
Invest in little scale hotel of simply ten suites and watch as the cash flows in.
This has nothing to do with the tourism boom of any kind. There’s simply one thing in Nigerians system that makes this business very profitable – Nigerians square measure jolly people!
What we’ve got in this sector of the economy is transport firms badly managed by native chiefs and touts. Invest in this business with good management.
You can make money unimagiably. Read more about Starting transport business: best car for taxi business in Nigeria.
Running your own business gives you a bigger opportunity to become rich. There is too much competition in the workplace. You find a lot of who have worked for many years without promotion but no one can deny you that in your own business.
You have the opportunity to impact the economy by creating jobs and providing livelihood for other Nigerians. The joy of employing people and giving them a means to survive should be a big motivation for everyone with a good heart to venture into business.
The above are some lucrative business ideas you can invest in Nigeria. Put your destiny in your own hands. No boss can wake up tomorrow and tell you “you are fired!” There is job security.