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 2022 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 (2022)
Here are the most lucrative businesses to start in Nigeria (2022):
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 ride up in 2022 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 2022.
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 2022 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 2022. 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
Kenyans to start using Chinese-built expressway in March: official
Kenyans will begin using the Chinese-built Nairobi expressway in March, three months earlier than anticipated, an official said on Friday.
Kenyans will begin using the Chinese-built Nairobi expressway in March, three months earlier than anticipated, an official said on Friday.
Kung’u Ndung’u, the director-general of the Kenya National Highways Authority (KeNHA), said construction works on the road currently stand at 82 percent, bringing it closer to completion.
“Construction of the Nairobi Expressway continues to make good progress with its completion status standing at 82 percent. The project is on schedule for opening to the public by March,” said Ndung’u in a notice.
He observed that construction of the operation and monitoring center stands at 99.5 percent while 98.5 percent of elevated sections have been built.
Kenyans are eagerly awaiting the completion of the 27 km road that will cut travel time from the south to west of Nairobi to about 20 minutes from two hours currently during peak time.
Kenyan President Uhuru Kenyatta in December made an extensive inspection tour of the expressway which is financed and constructed by the China Road and Bridge Corporation (CRBC).
Kenyatta hailed the expressway as a key infrastructure project, noting that the highway is bound to reduce the traffic gridlock that people have experienced and that has added to the cost of doing business in the country.
More than 4,000 Kenyan workers in various cadres have been employed by the project with tonnes of construction materials sourced locally, according to KeNHA.
Mali Junta Slams French ‘Breach’ of Airspace As Paris Urges EU Sanctions
The Mali military junta has condemned what it calls a “clear breach” of its airspace by a French military aircraft during the week, warning of potential consequences should it happen again. This comes as France has urged the European Union to impose sanctions on the military régime in Bamako, that has failed to honor a timeline for a return to democracy.
In a statement released on Wednesday, Malian government spokesman Colonel Abdoulaye Maiga stated that a complaint had been issued to France after one of its military planes travelled between Coted’Ivoire’s economic capital Abidjan and the northern Malian city of Gao on Tuesday.
According to the military government, the flight was a “clear breach” of Malian airspace given the closure of most of the country’s land and air borders due to regional sanctions recently imposed on the country.
The junta claims the French military plane had switched off its transponder, preventing it from communicating with Malian aviation authorities.
In the wake of the incident, the Bamako government says it will “refuse all responsibility for the risks to which the perpetrators of these practices may be exposed in the event of a further violation of our airspace”.
🔴#Mali: un aéronef de Type A400 immatriculé FNBAN de l’Armée a “survolé l’espace aérien malien sans autorisation, le 11 janvier 2022”, selon un communiqué du Colonel Abdoulaye Maiga, ministre de l’Intérieur. Le gouvernement malien dénonce “la violation de son espace aérien”. 1/2 pic.twitter.com/qiBIJiZSqo
Ecowas shutters land, air borders
The French military have denied the Malian government’s claims, saying that the plane’s transponder had been switched to “military mode”, adding that “all procedures were respected” and the aircraft’s flight plan had been approved.
On Sunday, the Economic Community of West African States agreed to close all land and air borders with Mali and impose a trade embargo over delayed elections.
The sanctions – backed by France – came after Mali’s military government proposal in December that it would hold onto power for up to five years before restoring democracy.
Mali’s junta, led by Colonel Assimi Goita, took power in August 2020, promising to hold elections on 27 February.
Military junta “trying to fool” traditional allies
Meanwhile France has sad it will urge the European Union to impose further sanctions against Mali.
Speaking on Wednesday, French foreign affairs minister Jean-Yves Le Drian said that Mali risked being “suffocated” unless the military junta lived up to its responsibilities and stopped seeking to “fool” the country’s traditional partners.
With France holding the rotating EU presidency, Le Drian said that the EU measures would be in line with the unprecedented sanctions recently agreed with Ecowas.
The issue is due to be discussed by EU foreign ministers at a meeting in the French city of Brest this Thursday, as France maintains that Mali is now a “European issue”.
“The junta is trying to fool all of its partners,” said Le Drian, noting how Bamako had called for help from Russian Wagner mercenaries as well as the “unacceptable” slipping of the election schedule.
With France already seeking to tighten the vice on the military rulers in Bamako, national carrier Air France said Wednesday that in line with official decisions it was suspending flights to and from Mali until further notice.
Investors will now pay 10% tax on sale of shares in any Nigerian company
Investors on the Nigerian Stock Exchange are to pay a Capital Gains Tax of 10% on the sale of shares according to provisions of the signed Finance Act 2021. The tax is applicable on the disposal of shares worth N100 million and above.
The tax also extends to anyone selling shares of any company even if the shares are not listed on the stock exchange which inadvertently includes the sale of shares by private equity firms, startups, venture capitalists, or any shareholder looking to sell shares in Nigeria.
The law however exempts anyone who sells shares and reinvests the proceeds in purchasing another company’s shares or the shares of the same company within the same year. However, this is provided that you invest all the proceeds within a year. Any part of the proceeds not reinvested will be taxed while the balance reinvested will not be taxed.
What the Nigerian Finance Act says about tax on shares
This was captured under Part 1 Section 1. Of the Act, which states as follows;
“Without prejudice to any other applicable law, the gains accruing to a person on disposal of its shares in any Nigerian company registered under the Companies and Allied Matters Act shall be chargeable gains under this Act except where —
(a) the proceeds from such disposal are reinvested within the same year of assessment in the acquisition of shares in the same or other Nigerian companies:
Provided that tax shall accrue proportionately on the portion of the proceeds which are not reinvested in the manner stipulated in this subsection;
(b) the disposal proceeds, in aggregate, is less than N100,000,000 in any 12 consecutive months, provided that the person making the disposals shall render appropriate returns to the Service on an annual basis; or
(c) the shares are transferred between an approved Borrower and Lender in a regulated Securities Lending Transaction.”
The act also specifies a capital gains tax of 10% on the disposal of the shares.
“Without prejudice to the provisions of section 2 of this Act, the rate of capital gains tax on disposal of shares under this section shall be 10%.”
What this means
For anyone selling shares: If you are an investor looking to sell shares then you pay a 10% tax on the capital gains you make selling the shares if you do not reinvest the proceeds into shares.
- For example, if you sell shares you bought for N100 million for N150,000,000 and decide not to reinvest the entire N150 million, you pay tax on the gain of N50 million you made. This means you pay a tax of N5 million.
- If you reinvest just N130 million, then you pay tax on N20 million which is N2 million in tax.
- If you do not make a profit (or gain), you do not pay any tax.
Who do you pay the tax to?
Individual Investor: This is anyone other than a registered company who is selling shares in any company. Taxes are paid to the state inland revenue service via the personal income tax. For example, if you reside in Lagos, then that tax goes to the Lagos State Inland Revenue Service. This will mostly be high net-worth individuals.
Corporate Investor: For foreign investors, pension funds, private equity firms, venture capitalists, or any corporate that invests in startups, the taxes will be paid to the Federal Inland Revenue Service.
Implications for investors
- For the first time in decades, investors in Nigerian companies will pay tax when they sell shares they own without reinvesting the proceeds within a year.
- This will definitely affect investors in the Nigerian stock market whose capital gains can easily be administered through stockbrokers or sny intermediaries.
- Currently, the only tax that is applicable on the equities market is the 10% withholding tax on dividend payments. This tax is deducted at the source.
- Investors will now have to be smarter about how they manage their portfolios deploying more tax avoidance tactics to reduce the tax paid when they takeout profits from investments.
- There will also be a need to acquire the software and human resource in the finance department of corporates to help document these transactions and analyze tax implications.
- Individual investors (especially HNIs) will also likely need to calculate their taxes themselves or employ consultants to do it for them.
Why is the government taxing the sale of shares?
After decades of applying a zero tax on sale of shares, the Buhari administration has introduced taxes many think are a disincentive for investing in the equities market.
- Before now, one of the many attractions of investing in Nigerian Stocks is the zero tax on capital gains, unlike most countries that tax the sale of shares.
- However, the Nigerian Government has been under intense revenue strains struggling to cope with ballooning multi-year budget deficits. This tax is an attempt to help shore up revenues.
- Supporters of this tax also cite the need to balance things out especially for institutional investors who shelve dividends and thus avoid paying withholding tax. Instead, they rather sell the shares and pocket the capital gains avoiding tax liability.
- This law now requires that they pay tax if they do not reinvest the capital gains within a year.
- Thus this tax is targeted at institutional investors and HNI’s who sell hundreds of millions in shares.
How much could the government make?
- The Minister of Finance, Zainab Ahmed was not specific on how much the government hopes to rake in annually.
- According to data from the Nigerian Stock Exchange the total transaction value of foreign and domestic investors on the exchange was N1.9 trillion and N21 trillion in 2019 and 2020 respectively. The figure is N1.74 trillion as of the year to date November 2021.
- Total foreign portfolio outflows (amount taken out by foreign investors from the equities market) were N523, and N482 billion in 2019 and 2020 respectively. It is currently N540 billion as of November YTD 2021.
- Assuming a profit of 10% for foreign investors who took their money out of equities in 2021, the government could pocket capital gains of N5.4 billion in stock market equities from just FPIs.
- This assumes the entire amount is from investors who dispose over N100 million which is unlikely.
Hope for Zimbabwe Small Pineapple Farmers After Cyclone Idai’s Rampage
A group of 45 farmers in Rusitu Valley in Chipinge, a district in Zimbabwean eastern province of Manicaland have from December 2021 started exporting nearly 50 tonnes of their pineapples to the Netherlands.
These farmers were victims of Cyclone Idai, a tropical cyclone which hit their home area of Chipinge and Chimanimani in 2019, killing over 180 people, destroying 7,000 households and infrastructure and leaving 4,000 people food insecure. During this time, their pineapple crops were not destroyed.
Most of Zimbabwe’s prime farming areas incur heavy post-harvest losses because their produce often rots by the roadside as they struggle to secure markets and transport for their produce.
These challenges saw the the 1,300 Chipinge farmers establish the Rusitu Fruit Growers and Marketing Trust, that engaged with the country’s export promotion body, Zimtrade. Here, the farmers were offered training and technical expertise on how to grow pineapples organically and export to overseas markets.
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