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 provides a fertile ground for businesses. According to worldpopulationreview 2022 report, the population of Nigeria is over 216,908,161 ranking as 6th 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 tapping into the business opportunities here in Nigeria. Meanwhile, some foreign investors in Nigeria have taken advantage of these business opportunities that we fail to see to create lucrative businesses for themselves. Foreign companies like Unilever, Samsung, LG, R&S to mention but a few have established their businesses in Nigeria; so many local businesses are still struggle to gain ground for their businesses.
Although there are some well-established foreign and local businesses in Nigeria, there is still fertile ground for new businesses to thrive well. That said. If you’re in need of lucrative businesses to invest in Nigeria, we’ve 20 lucrative businesses Nigeria you can invest in and succeed
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The following are lucrative businesses in Nigeria you can invest in:
Oil & Gas Business
One of the best lucrative businesses you invest in Nigeria is oil and gas business. Nigeria to a large extent still depends on oil and gas. As long as this trend continues, Oil and Gas businesses will continue to sell fast than other businesses in Nigeria. Oil and gas business is certainly the king among businesses in Nigeria.
Look at it this way; we depend on gas or kerosene to cook our food. 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 small companies in Nigeria rely on fuel or diesel to work.
Nigeria and the world at large depend so much on oil and gas. And Nigeria is blessed with abundance of it. If you start oil and business in Nigeria, definitely you’ll make it big time.
Some business opportunities in Oil and gas include:
Oil and Gas Distribution
This is one of the most lucrative of oil and gas business. But you will need a high capital to get into this business. Distributor bring in refined petroleum product into the country for distribution to different sectors. Starting this kind of business will cost huge capital ranging from million to billion dollars
Petrol station (a.k.a Filling station)
Another lucrative of oil and gas business is petrol Station. 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 to power their generators and light their homes.
Oil and gas transport business
Oil and gas transport business is another aspect of oil and gas business that is also lucrative. You can purchase tankers and join this 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
Cooking gas business is another lucrative business in Nigeria that is trending nowadays. 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. Cooking gas business can be started with little capital.
A lot of Nigerians still depend on kerosene for various reasons. Even those using cooking gas still buy kerosene powered stove as back up. So, kerosene business is still lucrative but not as it use to be. People are gradually shifting to cooking gas because of increase in the price of kerosene and fast burning of cooking gas. But the poor economic condition of Nigeria has forced the poor masses to keep on using kerosene. So the petroleum product kerosene will continue sell as long as the poverty level in Nigeria remains high.
Apart from being one of the most lucrative businesses in Nigeria, agriculture business is an evergreen business. It never gets old or fades. 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.
See how to start some Agricultural business:
- How to Start Carrot Farming in Nigeria (ultimate guide)
- How To Start Commercial Plantain Farming In Nigeria
- Commercial Vegetable Farming in Nigeria (how to start & Make money)
Some lucrative Agricultural businesses in Nigeria include:
Palm Oil Business
One of the most lucrative agricultural businesses in Nigeria is Palm oil business. Palm oil is gold. Most of the items you use, from cream to soap and plenty of additional are made of palm oil. Nigeria export Palm Oil to different parts of the world. Several companies come to Nigeria to buy palm oil. So, palm oil is very lucrative business. You can become a millionaire exporting palm oil to the neighboring countries. Even, within Nigeria palm oil sell fast as palm trees cannot grow in some part of Nigeria.
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 bounty.
You can check out the Cost of starting Cassava Processing Mill in Nigeria if you want to start cassava processing in Nigeria.
Read: How do I get Grant for Cassava production farming business
Another lucrative agricultural business is poultry farming. Chicken meat, Turkey meat and some others poultry products are extremely popular among Nigerians, particularly during festive seasons. Poultry farming is a very profitable business anyone can start with small capital. One good thing about poultry farming is that there are many aspects of poultry farming business you can venture into. We’ve boiler farming, layer rearing, turkey farming and so on.
If you want to begin poultry farming business in Nigeria, you can consult an expert who can advise you on how best to care for the birds. Read more on Poultry Farming Business in Nigeria: How to Start (Beginner’s Guide)
Snail farming is another fast growing agricultural business. Snail farming is a yet to be full tapped agricultural business in Nigeria. There are so many possibilities and potentials in this business. Research and technological advance are currently made in the growing and rearing of snail because of the pharmacological and nutritional value of snail. You can read more on How to Start Snail Rearing Business in your locality
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, can make you rich within a space of time. It is also very easy to win loyal customers. If you’re able to site the business on strategic 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 business is one of those businesses that have made many people millionaire. There are so many of restaurants, but that 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 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 can cook delicious food, people will always patronize you. But you may need to hire professional cook if you having challenge 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.
Another lucrative business you can start in Nigeria is bakery business. You mustn’t be fantastic in 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 keep on booming. 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 is 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. Not every parent has time to spend with their kids at home and that why daycare centre is profitable business. There are quite a lot of daycare centers, but not all of them are competent enough. 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 if you want the parents of these children to 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 kind of business.
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.
Related: How to Start Tutorial center in Nigeria
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.
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. Read more on…How to start a cosmetics business in Nigeria (10 practical steps)
Starting 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. 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.
Finally, 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 unimaginably. 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.
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