In this article will look into the most lucrative businesses to start in Nigeria. That you can start with little or big capital. These lucrative businesses are very well profitable and you can start seeing profits in no time and most of all, some are not well established in Nigeria.
Starting a business in Nigeria is profitable, in 2010 Nigeria has a population of 158.5 million and that figure have risen even More in 2023 so getting enough people to purchase your product or service is not an issue.
- Starting a business in Nigeria today gives you the opportunity to generate your own income, and also employ others, with the rate of unemployment in Nigeria, starting a business is one of the right things to do, if you know what you are doing in your business you would be generating money from your business, and also have freedom as an Entrepreneur.
- The business ideas, we list on Antvt.com can be done both with little or big capital to start with and it all depends on how you want to start.
What are the Advantages of starting a lucrative business in Nigeria?
- Gives you job security when you start your own lucrative business in Nigeria, today unemployment is one of the major problems facing the country, when you start your own business, you are not going to get fired by any boss or work tirelessly to get a raise or promotion.
- Another reason is the opportunity for you to build your business brand. The more you promote and build your brand the bigger opportunity to become rich.
- Also, this gives you the opportunity to create more jobs and provide ends meet to many Nigeria which will greatly help the economy.
- You don’t need to be wealthy to start the business ideas am going to share here, the business can be started with little capital, and the rate you start begin with your capacity.
- Nigeria has a huge population that is ready to purchase goods to satisfy their needs and wants. With a population of over 200 million people getting enough people to buy from you wouldn’t be a problem.
- Nigeria has a favourable government policy to help your business, except for this, the financial institutions would be ready to assist you in getting loans.
Most lucrative businesses to start in Nigeria (2023)
Here are the most lucrative businesses to start in Nigeria (2023):
The oil and gas business
The world still depends on oil and gas to a large extent and Nigeria is not exempted from this. The oil and gas business would continue to grow as this business remains the king among all other lucrative businesses in Nigeria and all over the world.
Here is proof that this business would continue to boom in Nigeria, you can see the way we depend so much on the oil and gas. The fuel is used to power our motorcycles, vehicles whether you are using Keke, bike or riding a car.
And we also depend on fuel for electricity, both, government, companies, individuals and businesses will continue to buy from you if you venture into the oil and gas business.
With the high increase in cooking usage, people would seek to buy gas to fill their cooking gas for cooking and in carrying out other different activities in other industries that make use of gas to power their machines, air conditioners and so on.
Here are the business opportunities you can tape in from the Oil and gas business:
This is one of the lucrative businesses in the oil and gas business, this involved bringing refiled petroleum to a country and distributing them to different sections of the country. This usually requires huge capital to start.
Starting a petro Station is one of the lucrative businesses in the oil and gas business. In Nigeria, they are so many, cars, motorcycle, trucks and buses which depends on petroleum products to power their vehicles. Accept from this many people, companies and business owners use petro to power their generator to generate light, power their working tools and machines.
The customer potential is endless and with a few million you can start your own petro Station.
In 2021 Nigeria have over 50 million gas users and that figure would rise up in 2023 as more people would leave the traditional methods of cooking and start using the gas cooker. Accept from cooking activities. Moto vehicles depend on Gas to power on their Air conditioners, Business uses gas to power on their Machines the Customer potential is endless.
This is one of the untapped businesses in Nigeria and many people only venture into the Petro station business and the Gas business. You can start with small capital and grow. You can start supplying gas to buyers, retailers or build a gas station for both either way this business is lucrative and those not cost much to start.
A lot of Nigeria still depends on Kerosene to power their stove and for other use. The kerosene business is still lucrative.
If you have a lot of money to venture into the oil and gas business you can have a full functioning Station where you sell all kinds of Petroleum products. Either way the oil and gas business is one of the most lucrative businesses to start in 2023.
2. Agricultural industry business
Agricultural business is one of the most lucrative business that can never go extent, as long as human beings exist they would continue to demand for more agricultural products and there is long-term profit for anyone venturing into the Agricultural business.
Below are some agricultural business opportunities to tap in from:
Palm oil farming business
Palm oil is a lucrative business in Nigeria, palm oil is an important oil that is used for cooking, soup making and used by different agro-business in Nigeria, also you can export your palm oil produce to other countries the business chain of palm oil is very large and profit is huge.
Check out how to start a palm oil farm in Nigeria.
Cattle farming is a lucrative business to start in Nigeria, this business has grown nationwide and continue to grow in Nigeria. The consumption of beef meat in Nigeria has doubled, as cattle meat are used in every ceremony in Nigeria, which cattle farmers have to produce a large number of healthy cattle to meet the high demand in Nigeria.
Milk is one of the substances gotten from cattle, the milk industry in Nigeria is projected to grow more in 2023 as the younger population increases. The opportunity in cattle farming is big and profit is big.
Cassava farming is a lucrative business in Nigeria, as a lot of Nigerians depends on cassava products such as Garri, Flour, fufu and many other products, the customer potential is endless you can decide to sell to businesses, individual or process your cassava to other product which can give you a good profit. Check out how to stay a Cassava business in Nigeria.
Poultry farming is a very lucrative business mostly during the seasons. Chicken, Turkey and other meat are consumed in Nigeria and the demand for poultry meat keeps increasing as fast food, restaurant and individuals keep needing poultry Farmers. The good thing about this is you can start with little capital.
3. Food business
The food industry business in Nigeria is an evergreen business because no matter how the economy is people still need to eat. This business can make you rich, with the right location, setup and personnel. As long as your food is Sweet and have a clean environment people will continue to come and with this, you can build up loyal customers.
This business is in demand any day, in and out of seasons. If you have a nice location, good employers and cook delicious food your business would continue to boom.
Below are the opportunities you can explore in the food business:
One of the food businesses that keeps booming is the food franchise Business because Nigerians love the big brand. Brands like Mr Bigg’s, MC Donald’s, Chicken and Chips, Homes and so on are highly patronized by individuals and have been able to build loyal customers.
You can find a good location around you or in the cities and establish your own food Franchise Or you can look for a location with zero to little competition and buy a Franchise opportunity from these brands and you can start your own food Franchise business with their name which is already popular and have build up loyal customers.
The local restaurant business is a lucrative business, you can sell locally made meals etc. The local restaurant is one of the booming businesses in the food industry.
If you cook good meals, maintain clean environment people would continue to patronise you and might prefer your business to other popular franchises.
4. Blogging business
Blogging business is one of the lucrative businesses you can start in 2023. In these days a lot of searches are made online. It is the job of bloggers to provide an answer to those searches. In Nigeria, alone millions of searches are conducted Daily.
This has even led to the birth of news media, like Vanguard, Legit, Antvt and so many other news blogs, and have replaced the old method of reading newspapers, journeys and magazines.
Bloggers income varies and they are many ways to make money while blogging.
You can start a blogging business with little capital and can scale later to hiring Seo experts, writers, webmasters and others. The earning potential for blogging is high. Read
5. Real Estate Business
The real estate business is huge and is one the fastest growing lucrative business in Nigeria. As Nigeria population increases people need houses to rent, business owners sought for land to build their business place.
The job opportunity in real estate is huge, you can be an agent referring clients to real estate owners while you receive a percentage for referring people. You can also work as an agent by helping people find properties to buy.
You can build properties in demanding areas, you can buy lands and resell, and so more the real estate business is a mega business in Nigeria and it keeps booming.
6. Furniture business
Whether you like it you would need furniture, the furniture market is huge and has lots of potential buyers.
People seats on furniture, people sleep on the furniture, companies need furniture, everybody needs it the Marker is huge.
You can start a furniture store, where you make well-constructed furniture for different uses, you can also employ skilled furniture personnel to assist you.
If you are a skilled carpenter, you can make furniture products, supply these products to schools, hotels, offices or showrooms and you can also sell to individuals for personal use.
If you are not carpenters you can open a showroom where you can sell different furniture, you can source furniture from carpenters and sell. The market is huge and demand keeps rising. Read how to start a furniture business
7. Hotel business
The hotel industry business is huge and is among the most lucrative business in Nigeria. Nigerians patronise hotels often, either for pressure, shelter or for events. And also you can render services to people coming to Nigeria from other countries.
To succeed in the hotel business, look for a less competitive area, create events halls, pressure parks, swimming pools and have a restaurant where people can eat and drink.
8. Transportation business
The transportation business in Nigeria is among the lucrative business in Nigeria. With over 150 million people needing transportation means, moving to work, school, religious places, moving from city to city. Your customer reach is limitless.
You can start with little capital, you can make use of Uber, bout, and so many vehicles driving tech apps, to source for clients. You can also work as a transportation driver, from City to cites, town to town and across.
You can also start a logistic transportation business, helping people to carry goods from one place to another the customer potential is endless, and you can get payed high figures daily.
9. E-commerce business
The e-commerce business is growing at a speedy rate in Nigeria, big e-commerce brands like jumia, Jiji, Koga and others are making millions of naira daily by selling physical and digital products online.
The online media in Nigeria, is a mighty oil well, cause you have an unlimited number of people who can make use of your e-commerce brand and you can waybill the product to them.
The good thing about this e-commerce business is you can start with small capital. You can buy products from abroad cheaper and sell them in Nigeria at a higher price, you can focus on specific nitches and start to grow your e-commerce brand. The earning potential is endless and you can start with little capital.
You can also read How To Register A Business Name In Nigeria online By Yourself