There are numerous profitable business opportunities to look out for in Nigeria. Why then do you have to wait for that company to employ you when you can start up a business that is profitable enough to bring in streams of income. There are numerous profitable business opportunities and ideas you can venture into in Nigeria.
Are you thinking of investing in Nigeria? Are you out of ideas on which business idea to invest your money? With no particular order of listing, below are top profitable business opportunities you can invest your money in Nigeria.
Top Profitable Business Opportunities in Nigeria
1. Rice Farming
Nigeria has a growing population of over 160 million people and rice remains the most consumed food staple in Nigeria. Nigeria has a low local production of rice, but an extremely high consumption rate, hence, billions of naira goes into the importation of this product yearly.
With the recent reforms in the agriculture sector and Federal Government Policy on rice importation, rice farming has become a very profitable business opportunity to venture into.
2. Poultry Farming
In a country of more than 160 million people and high demand for the consumption of white meat, poultry is definitely going to be a profitable business opportunity. With no prior knowledge in the poultry business, you can start small and subsequently expand into large scale. For small starters, you can start with 100 birds, proper farm management and correct feeding practices and still make a profit.
The fast-food business is growing into a very profitable business in Nigeria. To succeed in this business, you need good management skills and enough capital to sustain the business. A good customer service is also paramount to success. But in a situation where you do not have the fund to set up your own brand, you can buy into already established franchise such as Kilimanjaro, Mr Biggs, etc.
4. Table/Sachet Water Production
Although capital intensive, pure water production is a very profitable business in Nigeria. We all know how popular pure water has become in Nigeria and how many are dispensed daily. When properly managed with a clean environment and good business image, pure water production is one of the many profitable business opportunities in Nigeria.
5. Cassava Production
Food derived from cassava are the most consumed in Nigeria due to its low cost. Also with the high demand for cassava products for industrial purposes by some countries, this business opportunity has become very profitable. In order for you to obtain good returns, you have to go into this business on a large scale. Although there is profit in low scale production, there are greater returns when investing in a larger scale.
6. Oil and Gas Business
Nigeria is immensely blessed with huge oil and gas deposits both on land and sea. Oil and gas business has been the major source of revenue or one of the most profitable business opportunities in Nigeria for years. There are different sectors of the oil and gas business you can venture into depending on the resources at hand. Owning oil blocks, investing in oil exploration, oil and gas well-servicing companies, owning a petrol filling station, supplying of diesel, and distribution of kerosene are some of the areas you can invest.
7. Hotel Business
Hospitality industry and particularly hotel business is very profitable. Although competitive due to the high influx of investors in the industry, the hotel business is a good money making opportunity in Nigeria. The business is capital intensive and takes a while for you to break even. Just as in fast food business, customer service is very important in this industry as people tend to patronize the business that they are comfortable with the service and attention they offer to their customers. Proper planning and management of resources are also indispensable skills in this business.
The transport industry in Nigeria is currently in a bad state. Problems ranging from poor management to poor services are what the Nigerian transport industry is faced with. Hence, investing in this business with good management and quality service delivery will make you a millionaire.
9. Sales of Furniture
There is immense profit to be made in buying and selling of furniture. With the increase in the hotel business and high demand for accommodation in the country, buying and selling of furniture is a very profitable business opportunity in Nigeria. No expertise is needed in carpentry to establish this business. You can go into an agreement with any good and professional carpenter who will always deliver on demand.
Real estate business in Nigeria is the best source of passive income. This business opportunity gives you time to face any other business you are into. Real estate property appreciates over time hence, your income increases as well. If you should buy a land in Nigeria now especially in states like Lagos or Abuja, in two to three years time, the property will appreciate increasing your income.
11. Haulage Services
Most of the goods are transported by road in Nigeria due to the poor railway system in the country. As a result of this, the cost of transporting goods by truck from one place to the other in Nigeria is high hence, venturing into the haulage business in Nigeria a very viable business opportunity.
12. Dry Cleaning
Most Nigerians love cheap but high-quality goods and services, dry cleaning is no exception. Currently, there are several professional dry cleaning services in the country with an extremely high rate. Starting a professional dry cleaning service at an affordable price in Nigeria will definitely be a profitable business to start.
13. Sales of Building Materials
Accommodation is a necessity with high demand in Nigeria. The rate at which new houses are been construction in the country makes the sales of building materials a profitable business opportunity in Nigeria.
14. Investing in Tech Startups
Information and technology is a growing industry in Nigeria, hence, investing now in the industry is assured success. The world is changing and everything seems to be internet dependent. Some of the world billionaires make it in this industry. Think of a way to solve problems around you using technology.
15. Construction business
Increasing population demands increase in social amenities such as houses, road, bridges, water supply, schools, hospitals, name them. Recent statistics have it that Nigeria has a deficit of 17 million houses. To support this deficit and growth in population, Nigeria now has a booming construction and housing sector. There are plenty of opportunities due to the increasing demand by the growing population.
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-effective online marketing.*
17. Snail Rearing
The majority of Nigeria’s population are the low and medium income earners, hence, low cost of feeding and livelihood is most adopted. Snail farming is one of the choice animal farming for many reasons. It is a low capital investment with high yield and the market is big.
18. Making of Fruit Juice
There are high consumption and demand for juice in the country. Almost everyone enjoys taking juice before or after a meal. This is the main reason why companies that produce Viju, Nutri Milk, Chivita, 5 Alive are currently making billions annually.
19. Fish farming
The Federal Government’s bid to band the importation of fish product in the country has made fish farming a very profitable business opportunity in the country. No prior experience is needed to start a fish farming business since you can easily find skilled manpower in the country to run the business for you. Fish farming is a sure bet business if you put the right structures in place. More and more people are turning to fish for its low cholesterol protein.
20. Nursery and Primary School
Just as earlier explained, the increasing population in the country also attracts increasing demand for social amenities with schools inclusive. Quality schools at an affordable cost are in high demand in the country.
There are several other profitable business opportunities in Nigeria where you can invest. Before you venture into any of the above or others, ensure that you have the passion for the business, have knowledge about the business. With passion comes the driving force that may sustain you in hard times. Nigeria is blessed with enormous profitable business opportunities to tap into, find yours and get started and you will be on your way to financial freedom.
You can add other business opportunities you think should be on the list in the comment box below.