Profitable/Lucrative Businesses in Nigeria
So, let’s say you have some capital, and you are thinking of starting a business in Nigeria, but you can’t seem to place your hands on which business idea to dive into. And it’s not that you don’t have a lot of business ideas in your head, it’s just that you are being careful.
Your plight is understandable, and so to prevent you from making the wrong decision, this article will guide you through some profitable/lucrative businesses in Nigeria that can withstand the current harsh Nigerian economic climate. The business ideas in this article are yet to be fully explored in Nigeria and so, they’ll yield you profits even with little capital.
- Agricultural Business
Agriculture is one business idea you can’t be wrong about. So if you’ve been thinking of walking its lane, then this is a sign that you should. If you’re skeptical about investing in it, then here are some reasons why you should.
- Absence of market saturation is one benefit of agribusiness that you can’t find in other businesses because day after day there’ll always be an increase in the demand for Agri-products.
- High yield return: when done right, agribusiness is capable of giving you a very stable source of income.
- Support from Government and Non-governmental organizations: – when doing business, support from the government is vital for success. Agribusiness gives you many opportunities to receive subsidies, loans, and support from organizations.
If you don’t think you’re cut out for Agribusiness, there are still a lot of other profitable business ideas you can try out.
- Online Business
The way people spend most of their time online has made the internet the busiest place in the world. You can take advantage of this by starting a money-making business online. There are lots of options available for you. All you have to do is understand which of them sits well with you. Some of them are explained below.
- Affiliate Marketing: – all you have to do as an affiliate marketer is market a company’s product online. When the product is purchased, you get to earn a commission.
- Blogging: – Nigerians are always online searching for something or chasing the latest entertainment. If you have a passion for an interesting topic, you can blog about it to make money.
- YouTube: – if you have some video editing skills, you can start the business of making videos for YouTube. YouTube is known for paying its creators well for posting videos.
Other online businesses you can start include; – freelancing, web design, online bank sales agency, social media marketing, drop shipping, creation of digital goods, mini-web hosting business, and more. Some of the online businesses listed here require no start-up capital, and one major benefit is that you get to do your work from home.
- Transport and Logistics Business
People and goods are always on the go. Whether the price of fuel increases or not, people and goods will always move from one place to another. So to simply put it, the transportation business is one of Nigeria’s most lucrative and profitable businesses.
If your capital can afford a bike, a bus, a tricycle, or a lorry, then you are good to go. All you need is good management and a license from the right authorities.
You can also try doing logistics because it is very profitable just like the transport business. It requires that own a cargo bike, bus, or truck that can be used to send the goods to the consumers. A mobile phone or laptop is also needed to help track orders.
Most times, office space or warehouse is required to store the company’s goods that are ready to be sent off to customers.
READ ALSO: CROWDFUNDING IN NIGERIA
- Mini Importation
Importation of goods to Nigeria is a very lucrative business if you have the knowledge of it. If you don’t, it’s not too late to learn.
To start this business, you’ll need a phone, a reasonable capital, a working ATM, a valid email address, and a location. In other words, it is very easy to start mini importation of goods.
When starting this business, you need to consider a lot of things like your current location in Nigeria, and what product people will likely demand when imported. The below products have a high demand when imported into Nigeria.
- Tokunbo spare parts and pieces of machinery: – there is an increasing need for auto parts in Nigeria in commercial cities like Port Harcourt, Lagos, Abuja, and Onitsha. Getting a genuine partner to import from in China will leave you swimming in loads of money.
- Electronic devices: – devices like mobile phones, computers, earphones, memory cards, cameras, video games, decoders, Phone screens, electric bulbs, phone screens, and more.
- Fashion items and beauty products: – with fashion growing increasingly popular amongst both the males and females in Nigeria, it’ll be a profitable venture to import fashion items.
- Food business
However hard the economy may become, there’ll always be a need for food. This reason alone makes the food business deserving of a place in this list of the most profitable business in Nigeria.
With the right capital, you can look for a good site to open a local restaurant with foods that appeal to the people of the environment. If you have knowledge of foreign foods, you can also try opening a restaurant with foreign food varieties.
Aside from opening a restaurant, you can start the business of supplying foods to conferences and events. The right connection is what you need to be successful in this line of food business.
Starting a business anywhere globally, especially in Nigeria isn’t easy. You need to be determined and ready for all the risks that may surface. It won’t be easy on the first try, but being determined and focused is the key.
The businesses listed here are a game-changer. You just have to focus on the one you think you’re capable of handling. Don’t try to go beyond your means, take it one step at a time.
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