You can easily begin a lucrative business in Nigeria. Some of these businesses require little capital to start. This eliminates the problem of sourcing for capital to start a business. Many people find it difficult to think through the possibility of converting such ideas into business opportunities.
In this article, we have provided some hot business ideas in Nigeria as well as what you need most to become a successful entrepreneur in Nigeria.
Why is Nigeria Good for Business?
The country has a vast market and population with varying tastes. Invest in areas that have potency for good returns. These are areas that have a high-profit return. Yes! It is the returning customers that will actually make you rich in business.
There’s no denying that the unemployment rate in the country is on the rise. There are fewer jobs to cater for the booming population. This is the more reason why you need to start up a business today. Even the government recognizes this fact and is doing what they can to encourage entrepreneurial enterprises and new startups.
There are different fields that have a wide range of opportunities. You can consider investing in these fields if you’re looking for business ideas in lagos or any other
part of the country.
- Entertainment industry
- Information and communication technology(ICT)
- Education and learning
- Agriculture and agro-allied industry
What you need most to start a business in Nigeria
Some people intending to start new businesses often think that all they need to kick start is capital (huge starting income). Yes, money is important but to succeed more in business generally and particularly in a place like Nigeria money is not all you need.
Whether you’re looking for a business to start with 500k in Nigeria or one to start with 10k, what you need most is what is often called the entrepreneurial spirit. It is this mindset that will guide you through the initial hurdles of doing business in Nigeria. It will give you the resilience and focus needed to change your idea into the dream business you desire.
25 Hot Business Ideas in Nigeria
Some of the lucrative business ideas that have the potency of succeeding in the Nigerian environment include:
- Livestock farm business
- Animal feed production and sales
- Catering service business
- Tutoring business
- Transportation business
- Waste management business
- Car renting/ driving school business
- Real estate business
- Run a school
- Packaged water production
- Wears importation and sales
- Wears sowing
- Bead and jewelry making
- Agro-product repacking and exportation
- Security outsourcing company
- Own and manage a blog
- Writing and freelancing business
- Electronics sales and repair business
- ICT/ digital skill services
- Laundry business
- Event planning and management
- Printing business
- Pharmacy and health care delivery
- Construction company
Livestock farm business
If you’re looking for a business to start in Nigeria with little capital, then you should consider Livestock farming.
This is a very attractive line of business with a promise of good returns in the shortest possible time. There are vast areas of livestock farming that you can start today. Such areas include piggery where you manage pigs, fish farming, dairy farm, and poultry business. Other areas like snail rearing are also becoming attractive.
Animal feed production and sales
If you don’t welcome the idea of tending animals, then you might consider producing feed for them.
As animal production is increasing, so also is the need to produce feeds for the animals. So you can make use of this opportunity here and produce feeds for sale. You can produce feed for poultry, pigs, etc.
Catering Service Business
Catering is an excellent choice if you’re looking for online business ideas in Nigeria for ladies. That said, there are still male folks that are beginning to participate in this area. Catering can be a really profitable venture with a lot of business opportunities in Nigeria.
You can start an eatery business in most cities in Nigeria where there is a high demand for such and make a reasonable income from it. So if you are good at cooking and catering service, then do this.
Tutoring is one of the many hot business ideas in Nigeria that has continued to boom in recent years. In fact, this year, with most children confined in their homes, the need for private tutors has exponentially increased.
You can start tutorial classes for different people preparing for different exams. You can also establish special tutorial classes or you run home tutoring service and see your income rolling in. Alternatively, you can teach online on sites like Udemy (I personally have some courses there too).
Shuttle Bus Services
Transportation services are highly lucrative in Nigeria. If you’ve heard about companies like Young Shall Grow, ABC Transport, Chisco, and the likes, then you probably know what I’m talking about.
It is also one of the small business ideas in Nigeria that you can start without much seed capital.
I know of a person that started an in-town shuttle service with very little money. He did this by opening up to partners who purchase shuttle buses while he manages the business. The profit is shared by all the stakeholders. This transport company is doing very well today.
Car Renting/ Driving School Business
If you own a car in Nigeria you can easily turn it into a source of revenue. You can do this either by renting out or starting a driving school.
In starting a driving school you will just need to obtain a permit from the government. People who are having events like weddings are always in need of cars to hire.
Real Estate Business
If you’re looking for highly lucrative business opportunities in Lagos and other developing parts of the country, then consider real estate investment.
Investing in real estate is a profitable line of business. There is an increasing level of urbanization and a good number of people are in need of properties to purchase.
The real estate business guarantees a continuous stream of income even in the long run. You can also partner with people in this area of business as an agent.
Run a school
If you have an interest in education, you can start a school. Running of school is profitable as well as beneficial to society. To run a school effectively in Nigeria you will need to consult with the ministry of education in the state you intend to start the school in.
Packaged Water Production
For more business ideas in Nigeria, consider sachet water production.
Sachet water companies are making it big in Nigeria. This is a good business area you can feature in. The good part is that cheap labor is easily available in the country for this type of business.
Wears Importation and Sales
The wears and fashion business is growing in Nigeria. With little-to-high seed capital, this business can be started. This business will be more efficient in areas where there is a good population concentration. Some examples are Lagos, Kaduna, Abuja, and Anambra.
Sowing wears is another lucrative business in Nigeria.
If you have the skills, you can start making clothes for people. Even though you don’t really know how to do this, there are places you can learn this skill. This you can do in a matter of a few years.
Bead and Jewelry Making
You can also make jewelry and bead and sell them to people. Making money comes in different ways. If you know how to do this, then social media is a good platform for you to showcase your product and attract customers.
Agro-Product Repackaging and Exportation
Nigerian farmers produce vast products. But in most times they fail to promote these products properly through effective branding and packaging.
You can start this business by reaching out to these farmers and creating a link with them. You buy these products from them in bulk, then brand and package them and then sell them out to customers in different parts of the world.
Nigeria is blessed with a lot of mineral resources that are most times underexploited. Mining is a very good area of business with great fortunes. You will need to obtain licensing from the government in other to be able to operate this business legally.
Security Outsourcing Company
In Nigeria, insecurity is an issue of great concern. The government is doing so many things within their capacity to provide security to the residents.
If you have expertise in security issues, you can consider setting up a company in this line and providing security-related services. You can also train and outsource security personnel to companies. This security personnel will help in the general maintenance of order in and around those companies’ spaces.
Online business is the real deal right now. So don’t overlook it.
Some online business ideas in Nigeria include owning and managing a blog, writing, selling something online, and freelancing. Personally, I work remotely and also manage some blogs.
Other hot business ideas in Nigeria include electronics sales and repair, ICT/ digital skill services, laundry. Others include event planning and management, printing business, pharmacy, and health care delivery, and starting a construction company.
Doing business in Nigeria is not so difficult once you have been able to think out a business idea that can thrive in the Nigerian environment. From the vast business ideas, we have enumerated you can see that business opportunities abound everywhere. What you just need is to start, and you see your idea grow into a business empire.
Let us know if you have more suggestions on other hot business ideas in Nigeria that you think will be worthwhile to start. Till then, I encourage you to go out and start something!