20 Most Lucrative Business to invest in 2020

Are looking for most lucrative business to start in Nigeria? Discover ⇒ the hot and most lucrative business to start in Nigeria.

Most Lucrative Business to Invest in
Most Lucrative Business in Nigeria

There are many good lucrative businesses in Nigerians to do or invest in. But for some reason, Nigerians leave the country pursuing greener pastures without trying to tap into ideas back home. As a result, foreigners are seeing the business opportunities that we fail to see and they are taking over! It is high time we realize that there are so many lucrative businesses in Nigeria one can consider starting.

If you ready to start a business that will catapult you to next level, here are list of 20 most lucrative business you can start. So, organize yourself and get prepared to start up any of these lucrative businesses.

The list of the most lucrative business you can consider starting are;

Oil and Gas Business

The simple truth is that Nigeria and to a large extend the world, still depends on oil and gas. As long as this trend continues, this business will continue to dominate. Oil and gas 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 opportunities in Oil and gas business:

  1. 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.
  2. 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 station to power their generators.
  3. 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

Cooking Gas business
Cooking Gas business

This is an untapped 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. He told me they make more money from cooking gas than any other business.

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!

Kerosene Business

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.

Agriculture Business

Agriculture business
Agriculture business

Apart from being one among the most moneymaking businesses in Nigeria, agriculture business is an evergreen business. It never gets old and never fade. As long as human being in existence, agriculture will continue to strive. This makes it a very important and strategic business.

One factor that creates this business so attractive is that there are 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. You can read: How to get a loan from the Bank of Agriculture. Many business lenders provide various preference to the agriculture sector.

And as the government is continually looking to diversify from oil, their major focus is on agriculture. More incentives will be triggered for this sector. There is large profit and growth waiting for anyone who ventures into Agriculture business.

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Cattle Farming

Cattle Farming
Cattle Farming

Beef meat is very popular in Nigeria. Cow milk is nearly as precious as oil in Nigeria. These factors build cattle farming one among the most lucrative businesses in Nigeria.

Palm Oil Busines

Palm Oil business
Palm Oil business

Palm oil is gold. Most of the items yo use from cream to soup 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.

Cassava Farming

Cassava Farming
Cassava Farming

Majority of Nigerians depend on Garri, fufu and other products made from cassava. Cassava farming and processing business is 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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Poultry Farming

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 expert who can advise you on how best to care for the birds.

Snail Farming

Snail farming is an untapped business in Nigeria. There is so much 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

There is no way food stuff business won’t be among the most profitable businesses in Nigeria. This is an evergreen business. People will always eat! No matter how difficulties things can be or tough economy can be, 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. It is also very easy to win loyal customers. As long as you have a delicious food, people will always come back.

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.

There are plenty of eateries, but it does not mean you cannot start your own restaurant. People usually go to restaurants which are not too expensive and provide high-quality food service. These days, many people are too busy to eat at home and cook for themselves, so they very often visit eateries. This especially applies to the students and workers, which is why setting up your restaurant in the studying or business area would be a great idea. This business requires some starting capital, but usually, the eateries which provide excellent service and have their special charm attract a pretty good audience and therefore make a lot of money. The professional stuff needs to be hired as well. The restaurant seems to be a tricky business, but for people who have experience and knowledge in the area, there is truly nothing impossible.

Bakery Business

If you would like to start your little bakery, then it is not necessary for you to be a fantastic cook, but having some knowledge of it would be beneficial. The most significant point is finding the place for your bakery because you will need it to attract customers and be noticeable. At first, your business can start small, but it can become bigger when it is profitable enough, and you can hire some staff. Also, remember that the 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.

If you would like to start your little bakery, then it is not necessary for you to be a fantastic cook, but having some knowledge of it would be beneficial. The most significant point is finding the place for your bakery because you will need it to attract customers and be noticeable. At first, your business can start small, but it can become bigger when it is profitable enough, and you can hire some staff. Also, remember that the 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 serious business 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. Also helping 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 and either develop or sell when it appreciates.

Daycare Center

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 can allow themselves to spend time with their child. 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 business, the environment has to be suitable for children so that parents would 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. Except that, it is possible to start it 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, that is a business idea in Nigeria today, you can start child care 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.

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Sachet/Bottled Water Business

People drink water daily because staying hydrated is essential for everyone’s health. Besides, pure water is needed these days, and you can become one of those people who produce it and supply those who need constant hydration. If you produce clean and cooling 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 to be involved in this business, then you should start now.

If there is one thing humans can never do without, it is water. Because of the necessary nature of water, pure water business makes this list of the most lucrative businesses in Nigeria.

There are around one hundred eighty million people in Nigeria today and every one of them drink water! That makes this business very profitable, because you will always have buyers.

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.

Making of Fruit Juice

Nigerians drink fruit juice more than the other individuals. That’s why companies like La Carcella and Chivita who came into the country as nobody are today making billions of naira annually. This business in capital intensive however if you’ll be able to afford it, it’s well worth it.

Cosmetics Business

If you like beauty, then going into the cosmetics business is one of your bet. For you to do very well during this business, you will need to engage in some deep research. Why is this important? This is necessary because you may need to learn new things concerning the cosmetics business which will facilitate your business.Read more on….How to start a cosmetics business in Nigeria (10 practical steps)

Haulage Services

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 are transported through the road, creating haulage business in Federal Republic of Nigeria a viable one. Petroleum products haulage and movement of goods from manufacturers and importers are the aspect of haulage in Nigeria that is very lucrative now.

Hotel Business

Invest in little scale hotel of simply ten suites and watch as the cash flows in. This has nothing concerning with tourism boom of any kind; there’s simply one thing in Nigerians system that produces this business very profitable – Nigerians square measure jolly people!

Transport Business

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 and you will be wondering what will hits you with bags of money.  Read more about Starting transport business: best car for taxi business in Nigeria.

In Conclusion; Running your own business gives you a bigger opportunity to become rich. There is too much competition at the work place. 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.

There are so many good sides to starting a business in Nigeria. First, you 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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