10 Most Lucrative Businesses in Nigeria
Getting to know some of the most lucrative businesses in Nigeria is no rocket science. As a matter of fact, it is noteworthy to be sure that you have the right information before venturing into any business. While unemployment is a big problem in Nigeria, you could get it right if you venture into some of the most lucrative businesses in Nigeria.
The best part about this is that you could become an employer of labour in no time if you get it right because not only are these businesses lucrative, but they also allow for growth and, so much so that you might need others to efficiently run your business.
For the record, just because these businesses are lucrative does not necessarily mean that you will hit gold instantly. As with any genuine real business, it will take time, but the right approach and clear-cut business model will see your business grow a lot.
Another best part about these businesses is that they do not run out of season. That means that your earnings year-long are guaranteed, as long as you are resolute and committed to your business growth.
10 Most Lucrative Businesses in Nigeria
Before deciding you want to venture into a lucrative business in Nigeria, it is important to know how much capital is required to keep such business running and staying afloat. For some of these businesses, you might need lots of money as capital while some of them may not cost you more than N30,000 in capital. Without further ado and in no particular order, here are the ten most lucrative businesses in Nigeria.
10. Oil and Gas Business
The world, and to a significant extent Nigeria, still rely on oil and gas, that much is clear. This company will continue to rule as long as this pattern persists. The most profitable industries in Nigeria without a doubt include the oil and gas business.
Consider the fact that we rely on gas or kerosene to cook. Whether we travel by motorcycles, tricycles, popularly known as Keke Napep, or cars, we all rely on petroleum. Additionally, we rely on fuel for energy due to an inadequate supply of electricity. Too much is reliant on oil and gas. And Nigeria is fortunate to have a lot of it. Anyone who participates in this business will profit greatly.
9. Agriculture Business
Aside from being one of the most profitable industries in Nigeria, agriculture is a sector that will never go out of style or season. It never ages or deteriorates, which is one major reason this business is greatly recommended for anyone
The fact that there are several loan or financing choices accessible for Nigerian agribusiness entrepreneurs is one factor that makes this business so alluring. The Federal Government, through the Ministries of Finance, the Central Bank, and Agriculture, runs a special Bank of Agriculture. To learn how to apply for a loan from the Bank of Agriculture, click here. The agriculture business is given a lot of preference by commercial lenders.
8. Food Business
There is no possibility that the food business won’t rank among Nigeria’s most valuable industries. This business is always in demand. Everyone will need to eat! Food is one thing that people can never live without, regardless of how bad the economy is.
You can run a profitable food business if you can find a great site, get the necessary employees, and resources. This business has no season and is constantly in demand. So, whether or not you want to get a physical location for this business or cook from your home and deliver to your clients via social media, be rest assured that the food business is worth it in every sense.
7. Blogging Business
The blogging business has unquestionably earned a spot among Nigeria’s most lucrative industries. Online news and content creation are becoming more popular than conventional magazines and newspapers.
Direct advertising, ad networks, affiliate marketing, product sales, sponsored posts, collaborations, and many more methods are used by bloggers to monetize their sites. High end bloggers in Nigeria typically earn above 20 million Naira each month.
Starting a blog is simple. With a very modest investment. You would need to invest roughly N4,000 for a domain name and N27,000 for hosting for the first year of your self-hosted blog. For a year, you pay for both. Starting a business that can bring in 20 million Nigerian Naira a month will cost you just about N35,000. In truth, while blogging is very lucrative, it is noteworthy to admit that you might not exactly make money instantly. It takes a while and if you need or require a good web designer to help you set up a professional blog, then we recommend Lizeda Media Services as they are one of the highly-rated web designer companies in Nigeria.
6. Real Estate Business
One of the most valuable industries, both locally and globally, is real estate. There is no doubt about that. The need for a roof over one’s head will never go away. Real estate will continue to flourish as long as the population grows. This business continues to flourish as more people move to cities.
You can create properties in a location that is in high demand for sale or rental. Additionally, you can purchase land to develop or sell for a profit.
5. Furniture Business
The furniture business is justifiably one of the most profitable in Nigeria. Demand is great and the market is enormous. Furniture will always be used by people. Furniture is used for sleeping and for seating. Furniture for the dining room and living room. Businesses require furniture. There is furniture all around us. Furniture is a necessary item.
If owning a carpentry business is not your thing, you can start a showroom and source quality furniture from local carpenters. Sell them and display them. Both the market size and the profit margin are enormous.
4. Hotel/Hospitality Business
One of the most lucrative industries in Nigeria is the hotel business, which is quite profitable. Nigeria has a sizable population, and individuals travel frequently for both business and pleasure. They are housed at a hotel. Additionally, visitors to the nation use motels.
In order to flourish in the hotel business, you must either establish your firm in a less competitive setting or provide better or more affordable services in a crowded market.
3. Transportation-related Business
Unsurprisingly, the transportation business ranks high on this list of profitable industries in Nigeria. This is one company that is worth it. People move around constantly. Moving from one city to another, to work, to a mosque or church, to visit. Movement is constant. Nigeria has a population of over 150 million people, making this business profitable.
You can start with little or a lot of money. For extra money, you can use your automobile to drive for Uber. Purchase Okada, keke-napep, or buses. Even aircraft. The market is enormous and in high demand. People move around constantly! Just be sure that you get reliable or trusted people to hire as that has always been the downside of this business.
2. Social Media Marketing Business
Social media marketing must be among the most lucrative businesses in Nigeria because so many individuals spend the majority of their time on social media. What’s interesting is that companies in Nigeria spend billions of Naira annually on social media advertising, which, of course, is a pretty big deal.
Utilizing social media to generate leads for businesses is the core of social media marketing. You can use social media to advertise and sell products on your own or work independently to assist businesses in using it to its fullest potential. If you have a knack for social media, you shouldn’t waste time in any way. Take some online courses, learn the ropes of social media marketing and you are on your way to becoming a social media boss.
In actuality, individuals watch less television and spend more time online. Online video consumption is growing in popularity. Especially Netflix and YouTube. There is a large market. On YouTube, you can build a video blog and concentrate on your preferred subject. Ads, affiliate marketing, sponsorship, and many more sources of income are available.