17 LUCRATIVE BUSINESSES IN NIGERIA YOU CAN DO THIS YEAR

17 Lucrative Business in Nigeria You Can Do 

It’s getting harder nowadays to make extra money apart from your normal daily or monthly source of income. Though many people are making extra research on how to start their own extra-income business.

However, before you start, the first thing you must think of is to find out for yourself, how many people in your area are interested in buying your proposed product or service.

This is known as defining your market and pinpointing your customers. The more precise and detailed your plan; covering all the bases relating to how you will do everything that needs to be done, the easier it’s going to be for you to attain success. 

Have you always wanted to work at home using your backyard as an office but never had a clue of a profitable money making idea to pursue? 

Below are listed of few businesses you can start right-away.

1. Fast Food business – You need decent customer service, management skills and capital in order to set up an eatery and make sure that everything runs professionally. You can set out on your own and create your own brand, or buy in to an already established business franchise, such as Tetrazini, Sweet Sensation etc

2. E-commerce – 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.

3. Hotel business – This is a goldmine industry if you can get it right, but the competition in this sector is quite high. To launch and maintain your hotel you will need a large amount of capital. It takes planning, patience and hard work to start a hotel business. A high-level of customer service skills is also required to attract new and returning visitors.

4. Kerosene retail – You can set yourself up as a supplier to make your millions quickly. Kerosene is used in most homes in Nigeria, and Africa due to inconsistent power supply. This is one of the most lucrative business opportunities in Nigeria. . Entrepreneurs have been known to receive 100% returns on their initial investment.

5. Rice Farming – Is the most profitable area in Nigerian agriculture. Nigeria has a low local production of rice, but an extremely high consumption rate, which leads us to import the majority of our rice from overseas. Recent reforms in the Nigerian agriculture sector have seen the government open up the sector for more investments to support small, medium and large-scale farmers.

6. Poultry & Fish Farming – This is big business, and you can begin with around 100 birds, and build it into a large-scale enterprise within a short period of time. You can make money from selling chicken eggs, or chickens for meat. This is a top business startup idea.Also over the years, quite a few people have made fortunes from fish farming, as the population is swelling and protein needs are far outstripping the available supply. Food is always a winner if done well. 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.

All you need to do is to get a space in your backyard or construct tanks, buy finger lings for between N10 to N20 and feed them for 4 to 6 months, then sell from between N200 to N1,500 depending on weight and size. You should be able to monitor the tanks for hygiene issues because if it is not managed well, it could wipe out your investment.

7. Transport business – Although a little messy at present, it is a profitable sector in Nigeria and can help you make millions annually.

8. Fruit Juice Making – This is a capital-intensive business, but if you can manage the funds you can grow as big as Chivita or Five-Alive,  Hollandia Yoghurt, given how much Nigerians love their fruit juice.

9. Tokunbo Trade – Business of second hand items in Nigeria is very lucrative and many Nigerians want to spend as little as possible to buy second hand items such as clothes instead of buying new ones.

10. Dry Cleaning – Professional dry cleaners at affordable prices are scarce in Nigeria. What we have are professional Dry Cleaners whose service fees are extremely high or mediocre dry cleaners who can never keep with time. Give them cloths today and meet it unwashed after one week. This business is a money maker if you balance it up.

11. Pure Water Production – Although this business needs some capital investment, it can be worth your effort and money in the long run particularly if you can manage pure water production and keep the quality intact over a long time. Your options are to sell as sachet, bagged or bottled water.

12. Professional Car Wash – This can be a good business if you choose a location like Lagos where you will be able to find a number of good cars.

13. Rental Services - Renting party equipment has become big business particularly in many big cities. Public address system, Canopies, chairs, stage platform, ice block, drums, cooking utensils, table cloth and other party equipment are in hot demand by party organizers.

Your initial step is to find out fees charged for items and for how long. Then you should investigate the cost of making or buying some of these items. All you need to do is to get in touch with the event managers in your area and make sure you inform your neighbor that you offer such services

14. Internet Business – You can provide fast Internet connection at affordable monthly rates and manage it well enough to make tons of money.

15. Private Schools – School business has no rival among it’s mate. My brother's little kids school fees take away close to a million naira per term just to learn ABC!

16. Investing in Internet Companies - This is a new crop of powerful investment opportunity that is creating Billionaires around the world including Nigeria. It’s simple! You don’t have to be a Tech person, all you need is to look for a creative online tech startup with good ideas and invest into. Within 1 to 2 years you will be counting your profits in millions.

17. Furniture business – A lot of profits await you in the buying and selling of furniture. You do not have to be a carpenter to do this. You can simply contact trustworthy carpenters in your area and arrange a steady supply of furniture items to display in your showroom. This is a big scale enterprise due to the fact that only a few people can afford imported designers.

All of these business ideas have great potential, and the ability to help you generate millions, but remember it all depends on your ability to plan and execute your plan. There are some key elements that you must possessed before committing to any business venture. Once you have all of these elements in place, you are only a few steps away from business success.

If you agree with my list, and you belief are there are other lucrative businesses that you can think of?

Kindly drop your comment and lets help people together.