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Top 10 Most Lucrative Businesses In Nigeria

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We will walk you through the ten most successful enterprises in Nigeria that anyone with a modest or large cash may start, and they are highly profitable, so make sure you read till the end,

It is no longer news that Nigeria has a high rate of unemployment and that many people are unemployed, and with the Covid-19 outbreak last year, many Nigerians lost their jobs. It is time for people to build their own businesses so that they may create jobs for others rather than looking for work.

The businesses featured in this article do not demand a large investment to get started; all you need to do is start with what you have and be committed to the business; you will undoubtedly see results in a few months.

There are numerous advantages to beginning your own business in Nigeria, including the following:

1. You take control of your own future.
No boss can come up to you tomorrow and say, “You’re fired!” Job security exists.

2. Another benefit is the opportunity to develop and construct a personal brand. When you own your own company, you are creating a brand. Your brand will expand in size as you progress. Consider the case of Dangote. His brand will live on even after he is gone.

3. Owning your own firm increases your chances of becoming wealthy.
There is far too much rivalry at work. There are many people who have worked for many years without being promoted, but no one can deny you that in your own firm.

4. You have the opportunity to have an impact on the economy by producing jobs and providing a means of subsistence for other Nigerians. The satisfaction of employing others and providing them with a means of subsistence should be a strong motivator for everyone with a good heart to start a business. Nigerians can engage in a variety of profitable companies. However, for some reason, Nigerians leave the country in search of greener pastures without attempting to tap into ideas at home. As a result, outsiders see chances that we do not, and they are seizing them!

The following are the top ten most profitable firms in Nigeria:

1. Agriculture enterprise

First on our ranking of the top ten most profitable firms is Agriculture is important in Nigeria.
Aside from being one of the most profitable companies in Nigeria, agriculture is an evergreen business.
It never grows old or fades. Agriculture will continue to thrive as long as humanity survives.
As a result, it is a critical and strategic business. One of the things that makes this business so appealing is that there are numerous loan or financing choices accessible in Nigeria for agricultural entrepreneurs.
The Federal Government operates a dedicated Bank of Agriculture through the Ministries of Finance, Central Bank, and Agriculture.

The federal government is constantly seeking for ways to diversify away from oil, with agriculture being a major focus. It will result in increased incentives for this industry. Anyone who gets into the agriculture sector may expect to make a lot of money and grow a lot of money.

The following are some agricultural business opportunities:

Farming snakes

This one entails raising snakes for business purposes. This business is extremely profitable due to its risky nature and limited competition!

Farming of cattle

This is the most often used in Nigeria. In Nigeria, cow milk is almost as valuable as oil. Because of these qualities, cattle raising is one of the most profitable enterprises in Nigeria.

The palm oil industry

Palm oil is a precious metal. Palm oil is used in the production of several products, including cream, soup, and many others. Many firms all over the world purchase palm oil from Nigeria.

Cassava cultivation

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The majority of Nigerians rely on Garri, fufu, and other cassava-based products. This is a very profitable business because the products are in high demand.

Farming of poultry

Chicken, turkey, and other meats are popular among Nigerians, especially during the festive season.
Poultry farming is a tremendously profitable business that anyone with a minimal amount of capital may start.

Farming snails

Snail farming is a largely undeveloped industry in Nigeria. This industry has a plethora of opportunities and potential. Apart from the ones mentioned above, there are numerous other agricultural business ideas. Conduct your research and select the one that best suits you, your area, and your budget.

2. The oil and gas industry

Second on our ranking of the top ten most profitable enterprises is Oil and gas are big industry in Nigeria. The basic truth is that Nigeria, and to a lesser extent the rest of the world, is still reliant on oil and gas. This industry will continue to dominate as long as this tendency continues. Oil and gas are unquestionably the most profitable companies in Nigeria.

Consider this: we rely on gas or kerosene to cook. We rely on fuel to get around, whether we’re in automobiles, okadas, or Keke-napep. And, due to a lack of electricity, we rely on fuel to generate electricity. In Nigeria, all businesses, large and small, rely on fuel or diesel to function.

There is far too much reliance on oil and gas. And Nigeria is blessed with a plethora of it. Anyone who gets into this industry will make a lot of money.

The following are some opportunities in the oil and gas industry:

Distribution

This is one of the most profitable aspects of the oil and gas industry. However, you will require a large budget to get started. Refined petroleum products are brought into the country by oil and gas distributors for distribution to various industries.

A gas station

You may start a petrol station with a few million Naira. You will never run out of consumers in Nigeria since there are so many cars. Furthermore, many individuals rely on gas stations to power their generators.

Business of cooking gas

In Nigeria, this is a mostly untapped market. Many people are so preoccupied with gasoline that they overlook cooking gas. I was recently conversing with a guy who runs a mid-sized petroleum company.
They are interested in all petroleum products. He told me that cooking gas is their most profitable business.

You can either supply cooking gas to retailers or become a retailer yourself, refilling gas for end users.
Make it more interesting. This is an extremely profitable business that does not require a large investment to get started. You can start small and work your way up!

Kerosene commerce

Many Nigerians still rely on kerosene for a variety of reasons. Even those who have cooking gas use kerosene burners as a backup. This is an extremely profitable business. Because there aren’t as many people interested in it anymore, it’s more profitable.

Transportation of oil and gas

You can buy tankers and start a business lifting petroleum products. It is possible to ship it. Petroleum goods, like any other commodity, must be lifted. There are additional prospects for fleet management.

These are some of the opportunities in the oil and gas industry. There are many more if you do your homework. But one thing is certain: oil and gas continue to be one of Nigeria’s most profitable industries.

 

3. Real estate enterprise

Real estate is one of the most profitable enterprises in Nigeria and around the world. There’s no denying it. People will always require a place to live. The real estate industry will continue to thrive as the population grows. As more people move to cities, this industry continues to thrive. There are numerous opportunities in the real estate industry. You have the option of working as an agent. For a fee or commission, I assist customers in finding houses and apartments. For a charge, I also assist property sellers and landlords in finding buyers or tenants. You can build properties in a very desirable location for sale or rent. You can also buy land and either develop it or sell it when it appreciates.

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4. The food industry

There is no doubt that the food industry would be one of the most profitable in Nigeria. This is a never-ending business. People will always consume food! Food is something that people can never go without, no matter how bad the economy gets. This is a business that, if done properly, can make you wealthy.
It is also incredibly simple to gain repeat consumers. People will always return if your food is delicious.

You can manage a profitable food business if you discover an outstanding site and obtain the necessary skills and employees. This is a year-round business. Every day, it is in high demand.

The following are some food-related opportunities:

Franchise

Mr. Bigg’s and other well-known brands are popular among Nigerians. Some of these brands are so well-known that people become devoted to them. You may open a fast-food franchise in any city if you find a decent site with no or little competition. The United African Company of Nigeria (UAC) owns Mr. Bigg’s; you can apply to them for a franchise opportunity.

Once approved, you can open your own Mr.fast Bigg’s food restaurant and start making money.
You will make a lot of money if you discover a nice site with little or no competition. Aside from Mr. Bigg’s, you are free to open any franchise of your choice.

Restaurant in the neighborhood

You can open a local restaurant that caters to a specific group of food lovers. You could, for example, create a “Calabar restaurant” and serve the world-famous Edika-ikong and Affang soup. This will make you stand out to folks who are interested in these foods.

You may open a “amala restaurant” that focuses on the delectable amala cuisine. Having a specification might be a game changer when it comes to a local eatery.

Restaurant serving international cuisine.

Foreign and cosmopolitan cuisines are growing increasingly popular in Nigeria.

 

High-net-worth individuals, expats, and celebrities frequent the restaurant that serves these types of meals.

You can open a Chinese restaurant, an Italian restaurant, or an Indian restaurant, for example.
You can either learn how to cook dishes commonly served in these establishments or collaborate with someone who is well-versed in the subject.

Food distribution business

This is a very profitable company that you can start to earn money.

Food supply business

This is a very lucrative business that you can do to make money. I know of a woman who runs this business. She supplies food at conferences, seminars, bank’s AGM, and so on.

The food supply business is lucrative. You need a have good cooking skills or employ someone who has. Then build a network of event planners and organizers. Also approach schools, companies, and so on. You will be amazed!

5. Transportation Business

Transportation makes this list of most lucrative businesses in Nigeria and deservedly so. This is one business that you cannot do without. People are always moving. Moving to work, moving to church or mosque, moving to visit, moving from city to city. There is always movement. With over 150 million people in Nigeria on the move, this business is lucrative.

You can start with small capital or big capital. You can drive Uber with your car for extra income. Buy buses, okada or keke-napep. Even planes. The market is huge and very much in demand. People are always moving!

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6. Furniture Business

The furniture business is deservedly among the most lucrative businesses in Nigeria. The market is huge and demand is high. People will always use furniture. People seat on furniture, sleep on the furniture. Kitchen – furniture, sitting room – furniture. Companies need furniture. We are surrounded by furniture. Furniture is an essential commodity.

You can start a carpentry shop where you make well-polished furniture for various purposes. Employ skilled carpenters. Supply furniture to showrooms, companies, schools and sell to individuals.

If you are not interested in a carpentry shop, you can open a showroom and source for well-made furniture from good carpenters around. Display them and sell them. The market is huge and the profit margin is high.

7. Fashion business

There is no way fashion businesses will not make it to the list of the most lucrative businesses in Nigeria. Nigerians love parties, be it weddings, birthdays, end-of-the-year gatherings. Even during the funeral, we still find a way to throw a party in burial ceremony! For all these events, there are uniforms.

The fashion business is very much in demand. People will always wear clothes. To go to work, school, even to sleep, people need cloth. The demand is very high.

You can go into fashion designing and make amazing clothes. You will have large patronize from different quarters. You can also open a boutique and sell imported and locally made fashion items. You can do printing services, print on t-shirts and caps.

There is also Okrika business. Remember, people will always wear cloth! The demand will always be there. You can also specialize in children’s clothes, babies’ cloth, females, weddings, African prints, and so on.

8. Pure Water Business

If there is one thing humans can never do without, it is water. Because of the important nature of water, the pure water business makes this list of the most lucrative businesses in Nigeria.

There are approximately 180 million people in Nigeria today and all of them drink water! That makes this business very profitable because you will always have buyers.

9. Hotel business

The hotel business is very lucrative and cannot be overlooked among the most lucrative businesses in Nigeria, although it requires big capital to startup. The population of Nigeria is huge and people move from one place to another either for pleasure or business. The hotel provides shelter for them. Also, people coming into the country patronize hotels.

To succeed in the hotel business, you need to either look for a less competitive environment and start-up or offer better or cheaper services in a competitive area. To supplement your income, your hotels should have an event hall where people rent for events. A bar and restaurant.

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10. Blogging Business

The blogging business has definitely earned its place among the most lucrative businesses in Nigeria. More and more people prefer to read news online than newspapers. Gradually news blogs are replacing newspapers for many people. This has open enormous opportunities.

Bloggers make money through direct advertisement, ad networks, affiliate marketing, product sales, sponsored posts, partnerships, and many more. On average, high-end bloggers make over 20 million Naira every month in Nigeria.

Blogging is easy to start. With a very small capital. To start a self-hosted blog will cost you about N4, 000 for domain name and N27, 000 for hosting for a year. You pay both for a year. That is just less than N35, 000 to start a business that can make you 20 million every month.