20 MOST LUCRATIVE BUSINESS TO INVEST IN NIGERIA
In the Quinquagenary, Nigeria has been dependent on its oil resources, which unarguably have brought great wealth to selected few in the country. The oil resources however brought along with it redundancy to Nigerians in exploring other available resources. Nevertheless, as Nigeria’s economic changes, its economic structure diversifies to overcome its dependency on oil. This shift has led to the emergency of a new generation of entrepreneurs in Nigeria. People, who can identify business opportunities in Nigeria, know that the oil industry is not the only business that is highly profitable. Some businesses have been identified to be highly profitable yielding millions of naira. Some of these businesses are listed below;
1. Rice Farming – This is a fast rising business now in Nigeria, as part of the economic diversification strategy in Nigeria, Nigerians are beginning to go back to farming which was further encouraged by the ban of rice importation into Nigeria. It is the most profitable sector in Nigerian agriculture. Nigeria has a low local production of rice, but an extremely high consumption rate, which leads us to import the majority of our rice from overseas. With this stop, locally produced rice is sold at a highly profitable price by the farmers and retailers.
You can make money from selling eggs, catfish, pork etc.
3. Fast Food Business – It requires a good business feasibility study to give analysis of the intend business environment (location), Experience chef, decent customer service, management skills and capital in order to set up an eatery and make sure that everything runs professionally. You can set out on your own and create your own brand, or buy in to an already established business franchise, such as KFC, CHICKEN REPUBLIC.
4. E-Commerce – This is a very promising venture and the best thing is you will have all the tools and customers over the web. If you do not have the required knowledge, you can collaborate with an established firm to operate your e-commerce enterprise.
Benefits are – Low start-up costs, changes can be made instantly, the potential customer reach, and you can easily measure results with cost affective online marketing.
Benefits are – Low start-up costs, changes can be made instantly, the potential customer reach, and you can easily measure results with cost affective online marketing.
5. Hotel Business – This is a goldmine industry if you can get it right, but the competition in this sector is quite high.
To launch 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 service skills is also required to attract new and returning visitors.
To launch 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 service skills is also required to attract new and returning visitors.
6. Kerosene Retail – You can set yourself up as a supplier to make your millions quickly. Kerosene is used in most homes in Nigeria, and Africa due to inconsistent power supply. This is one of the most lucrative business opportunities in Nigeria. . Entrepreneurs have been known to receive 100% returns on their initial investment.
7. Construction Business – The investment is not as huge, but considerable investment will be required initially to buy and stock materials. But you can be assured that there will be no shortage of business. Construction business is booming in Nigeria, and so is our population. To support this growth, Nigeria now has a booming construction and housing sector. The range, type and size of projects is huge, so there are plenty of opportunities depending on how much capital you can invest. If managing a construction project isn’t for you, you can set yourself up as a local dealer to supply building materials.
8. Haulage Services – Given the poor rail transport system in Nigeria, most of the goods are shifted by road and this makes the haulage business in Nigeria extremely lucrative.
9. Snail Rearing – This is one of the business ideas in Nigeria that needs low investment as snails require simple vegetation to eat, and they reproduce at an alarming rate. You will need to invest in housing and protecting them, as snails are delicate, and must retain their moisture to survive. There is not much competition in the industry and you can enjoy making profits without many challenges.
10. Car and machinery spare parts – As Nigeria’s economy grows, so does our manufacturing industry. This has driven a rapid increase for capital goods such as machinery, lubricants, spare parts, ball bearings and other mechanical goods and accessories. The key is to find a good supplier from abroad. UAE-based enterprises have emerged as the leading supplier of these goods to many countries in Africa.
11. Transport business – Although a little messy at present, it is a profitable sector in Nigeria and can help you make millions annually.
12. Fruit Juice/ Yoghurt Making – This is a capital-intensive business, but if you can manage the funds you can grow as big as Chivita or Hollandia given how much Nigerians love their fruit juice.
13. Akube trade – buying and selling of second hand items in Nigeria is very profitable and many Nigerians want to spend as little as possible to buy second hand items such as clothes instead of buying new ones due to cost or sometimes durability.
14. Laundry – Float a professional dry cleaning business and keep your rates low and service quality quite high. This type of business is especially profitable in a big city, or urbanized area.
15. Pure Water Production – Although this business needs some capital investment, it can be worth your effort and money in the long run particularly if you can manage pure water production and keep the quality intact over a long time. Your options are to sell as sachet, bagged or bottled water.
16. Professional Car Wash – This can be a good business if you choose a location like Lagos where you will be able to find a number of good cars.
17. Internet Business – You can provide fast Internet connection at affordable monthly rates and manage it well enough to make tons of money. This include Ponzi Trade, Blogging, Social Media Management
18. Nursery and Primary School – There is a lack of good schools in the country and you can set up high quality nurseries or primary schools to make millions.
19. Online tech support – You can easily set up an online tech support business and make a lot of money within a year or two of your business launch. This is a simple business and you do not have to be a tech expert to operate in this sector. I’ve known people set up these types of businesses, and outsource the work to tech professionals.
20. Furniture business – A lot of profits await you in the buying and selling of furniture. You do not have to be a carpenter to do this. You can simply contact trustworthy carpenters in your area and arrange a steady supply of furniture items to display in your showroom. This is a big scale enterprise due to the fact that only a few people can afford imported designers.
All of these business ideas have high profitabiliy index, and the ability to help you generate millions, take note the success is in the planning, management and your ability to execute your plan. A feasibility study must be taken to assess the business environment before committing to any business venture. Once you have done the feasibility study go ahead with other assessing other related factors, you are ready to do business.
Do you agree with my list, and are there any other Profitable businesses that you can in Nigeria currently?
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