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20 Profitable Businesses in Nigeria

by Shannon Okubor

July 24, 2020 6

Dear Entrepreneur,

Are you aware that there are countless profitable businesses in Nigeria, yet to be explored? Do you know that Nigeria is a land filled with lucrative business opportunities? Do you want a business that will bring you lots of profit and don’t know which to choose?

In Economics, the major goal of any business is profit-making. Profits are the very lifeblood of any business. Without profit, a business cannot survive. Profits must be made to ensure that a business grows and expands over time! Other objectives of your business are majorly hinged on your ability to make profit. Any business owner desires to engage in a  profitable business and that is why you are reading this article!

Here are 20 Profitable Businesses in Nigeria that will get you on your way to making the big bucks! Let’s dive right in!

1.       Oil and Gas

Nigeria is blessed with huge deposits of oil and the oil and gas sector contributes massively to the Nigerian Economy. There are many opportunities you can leverage in the Oil and Gas sector. You also have a large market, as many Nigerians need fuel for their cars, kerosene for their gases and diesel for their generators. You can start distributing oil and gas to different consumers or set up your own filling station. Perhaps you could start selling kerosene or cooking gas to consumers! This business is very profitable.

2.       Food/Catering

There are lots of profitable opportunities in the food business. No matter the state of the world, food is a top priority for anyone. Food is in demand every day. You can get lots of customers to your business with the right location and cooking skills! You can decide to open up a franchise like Mr. Biggs or the Chicken Republic. Nigerians love to buy from brands like these. You could also decide to open a local restaurant that specializes in some kinds of food, like for example, opening a restaurant that specializes in making Calabar dishes. You can also decide to make and deliver food for parties and events. Believe me, there are no limits to succeeding in the food business!

3.       Agriculture

As a business owner, going into agriculture is one of the most profitable decisions you will ever make. Agriculture contributes largely to the country’s GDP and is ever on demand. The government is looking to diversify the Nigerian Economy and agriculture is of keen interest to the government. The Agricultural sector is blessed with lots of profitable opportunities you can choose from. You can decide to go into cassava farming, poultry, snail farming, palm oil business, and many more. The good news is there are accessible loans financed by the government for SMEs in Nigeria that specialize in agriculture.

4.       Real Estate

Real Estate is no doubt one of the most profitable businesses in Nigeria and the world. Real Estate is as relevant as ever because people will always need a place to stay. As the population of Nigeria continues to increase, the need for housing continues to grow. There are several opportunities to choose from! You could decide to work as an agent, helping people find homes while you earn a commission. You can also develop properties for sale or rent or decide to invest in a property and make a profit over time.

5.       Transportation

This is another very lucrative business in Nigeria. You can decide to start a taxi business to help move people in and across states in Nigeria and make lots of profit.

6.       Haulage services

Most goods in Nigeria are transported from manufacturers and retailers to consumers through road transportation. The cost of a trip is between 20,000 naira to 200,000 naira per trip. You could start providing Haulage services for firms to transport their goods and services and makes lots of profit!

7.       Carwash Services

This is also a very profitable business in Nigeria. There are millions of car owners in Lagos and Nigeria. Most car owners don’t have the time to get their car washed. You can set up a carwash shop and spread the word through platforms like social media, get clients, and over time you will make a very good profit.

8.       Fashion Designing

If you love fashion, then this is a good business to start. Nigerians love to wear traditional attires for weddings or parties. You can set up your own fashion business, design clothes for your clients, and ultimately make money.

9.       Tutorials

Another very profitable business in Nigeria is tutorials. You can offer your tutoring skills to students that need them. You can specialize in teaching specific subjects. You can conduct master classes on social media platforms like WhatsApp, Instagram, and so on. You could also upload your courses on sites like Udemy and get paid for them!

10.   Social Media Marketing

Social Media is on the rise now and businesses are taking advantage of the benefits that social media provides. Social media is a massive tool for businesses to generate leads and ultimately create conversion. Starting your own social media marketing business will make you smile to the bank. You can start your social media marketing business, get clients, and help them market and manage their business through social media and make money.

11.   Writing

Writers are in high demand today. Businesses are looking for writers who can provide content that is valuable for their target audience. You can start your writing business, be it copywriting or content writing, and write for different businesses and brands and make a profit over time.

12.   Graphic Designing

If you are great at designing pictures or concepts then this business is for you! You can start your own graphic designing business and help design concepts for different brands or businesses. The good news is all you need is a laptop and design software like Canva or Photoshop!

13.   Blogging

In today’s world, we prefer to get the latest news online. Gradually, blogs are taking over newspapers. You could start your own blog and release valuable content to your audience with as low as 30,000 naira and make millions over time!

14.   Tech Business

With the rise of technology in different sectors in Nigeria, it is not difficult to see that technology is the future. You can start up by investing in a new tech startup company with potential and as they expand, you also expand and make money in a few short years.

15.   Dry-cleaning

You can start a dry cleaning business right from your home. With as little as 20,000 naira, you can get your washing machine, wash, iron, and deliver clothes to customers and make a profit over time!

16.   Photography

Photography is taking center stage in Nigeria. From birthdays to weddings, to seminars, taking pictures, and creating memories is a part of our daily lives. You can set up your photography studio and start getting clients. All you need to start is a good camera. You can even start will mobile photography and keep expanding. This business is not only lucrative but cheap to start up!

17.   Cosmetics

This is also another very lucrative business in Nigeria. It involves the sale of beauty products, makeup, and creams. The target market is also very large. You could start your own cosmetic business with as little as 20,000 naira and make a profit over time.

18.   Hair/Barbing Salon

This is another business you can start right from your home. All you need are a few work tools like combs and brushes. You can offer hair home services to your clients and make a profit. You can also leverage the power of social media to advertise yourself. You can also advertise wigs, crotchets, and other hair products on social media, and attract paying customers and make a profit!

19.   Dropshipping

A drop shipping business is a very lucrative business in Nigeria. You can open an online store and copy the inventory of manufacturers or suppliers. Once the suppliers are paid, you get your money! You can start your online store on platforms like Shopify.

20.   Grocery

This is a very lucrative business. You can set up your own grocery store and sell food products and commodities to consumers and make a profit over time.

So there you have it! Those are 20 profitable businesses in Nigeria. The number of SMEs in Nigeria is constantly on the rise and the opportunities available are vast! Are you skeptical about starting your own business? Check out our article on 10 Reasons You Need to Start Your Own Business! Don’t be afraid to take that first step!

Have any questions or comments on SMEs in Nigeria? Drop them in the comment section below!