as one of the most lucrative business
ventures, in today’s global business
environment. For the past 50 years Nigeria has
been dependent on its valuable oil resources,
which have brought great wealth to a select
few, but oil is not the only lucrative business
in Nigeria.
However, as Nigeria’s economic sphere slowly
changes, its economic structure diversifies to
overcome its dependency on oil. This shift has
opened up the playing field for 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 you can enter and make
money from.
If you are thinking of setting up a business in
Nigeria and making millions of Naira from it,
you can choose from a variety of options.
Read and find out my Top 20 Lucrative
Businesses in Nigeria That Make Millions of
Naira.
Top 20 Lucrative Businesses in
Nigeria That Make Millions of
Naira
1. Fast Food business – You need 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 Mr. Biggs.
2. 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.
3. Construction business – 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. 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.
4. 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.
5. 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.
6. Rice farming – Is the most profitable area
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. Recent
reforms in the Nigerian agriculture sector have
seen the government open up the sector for
more investments to support small, medium
and large-scale farmers.
7. 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.
8. 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.
9. 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.
10. Poultry farming – This is big business,
and you can begin with around 100 birds, and
build it into a large-scale enterprise within a
short period of time. You can make money
from selling chicken eggs, or chickens for
meat. This is a top business startup idea.
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 Making – This is a capital-
intensive business, but if you can manage the
funds you can grow as big as Chivita or La
Carcella given how much Nigerians love their
fruit juice.
13. Tokunbo trade – Business of second hand
items in Nigeria is very lucrative and many
Nigerians want to spend as little as possible to
buy second hand items such as clothes
instead of buying new ones.
14. Dry Cleaning & 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.
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 great
potential, and the ability to help you generate
millions, but remember the success is in the
planning , and your ability to execute your plan.
There are some key elements that you must
assess before committing to any business
venture. Once you have all of these elements
in place, you are only a few steps away from
business success.
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