40+ Hot Business Ideas In Nigeria
Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology
and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of
nominal GDP , and the 22nd-largest in terms of purchasing power parity . It is the largest
economy in Africa; its re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of
goods and services for the West African subcontinent. In addition, the debt-to-GDP ratio is 11 percent, which is 8 percent below the 2012 ratio.
Nigeria's main streams of income varies from cement , oil refining , construction and construction materials , food processing and food products, beverages and tobacco , textiles , apparel and footwear , pharmaceutical products, wood products, pulp paper products, chemicals , ceramic products, plastic and rubber products, electrical and electronic products , base metals : iron and steel, information technology ,
automobile manufacturing , and other manufacturing. It is through this main industries we brought out the most profitable business ideas in Nigeria.
We had to do a lot of research to come up with this list of profitable business ideas in
Nigeria. I bet to let you know that, these business ideas when carefully practiced as I’ve explained below can seriously change your financial and business life.
Are you thinking of starting a business in Nigeria? There are many types of businesses one can think of, from import and export to sale of mobile phones and offering professional services. But while all businesses do fetch some profit, there are some that are more profitable than others. Such businesses do not even bother about economic crisis; they continue making more money even as the naira falls against the dollar.
Requirement for Doing Business in Nigeria
Before you begin to go full venture into business, there are certain disciplines you should train yourself with. Among them are:
1. Your Financial Intelligence
Financial discipline among others is a key principle that is not thought in schools. The majority of those who really know it got that gift from their families. You need to have a sound financial management else you will fail in business. It’s a fact.
2. Quality Business Plan
It’s sad how most businesses startup without a business plan. What they don’t know they’re missing. A good business plan can open up all the opportunities that are available for your
idea. It does more than just become a written document. A business plan can even tell you whether to really pursue an
idea or quit it. All you need is a good business plan template like the one in the just mentioned link and you are good to go.
3. Good People Management
(Human Resource Management)
It is very unreal to start a business all alone and expect a bigger success than with a few people. No matter how your
idea is, you need a few, if not more people to be involved directly or indirectly. Because of that, you need to know how to easily interact with people
and get them to like both yourself and your business idea. This is very important because if no one buys into your idea or appreciates who you are, you’d be left alone struggling in the
mud. Now, it’s your responsibility to go fishing for the right team that can skyrocket your business growth.
4. Your Personality
Two people can start the same type of business at the same time, with the same amount of resources. At the end of a specific period of time, one would outgrow the other; definitely. That is when personality comes in. No two
people are the same in this world.
There are no two ways about that. What kind of personality have you developed or developing for yourself in the business world? Most great businessmen and women are born with gifts for business. They know how to get along with their business for big profits. If you are one, you’ll understand. If you are not, you’ll need to train yourself, learn more, do more research and you’d get there.
These are the top 40+ list of profitable Business
Ideas In Nigeria...
1. Blogging (Internet Business)
This is first on my list of the profitable business ideas I want to talk about.
Blogging is not for everyone. But if it may be for you, just like any other internet business, I urge you to go into it. Comparing the Nigerian naira to the
dollar which is increasing on a daily basis you can make a lot of profit from Google AdSense. If the dollar is now
350naira as at the time of writing this article, any amount you make in dollars is four times your currency.
You determine how much you make by how smart and hard you work. This is seriously a very rewarding business. Startup capital required: Low.
Banking is a very profitable business anywhere in the world including Nigeria.
I strongly believe that the banking system is making more than enough from the entire human race. Check out how banks create money from this link. It requires a lot of investment but it pays off in the end. Usually, it is best to start in the small towns and villages. Startup capital required: High.
Agriculture is wrongly practiced and perceived by most Nigerians. We have been made to believe from childhood that farming is for poor people. This is because, a majority of the farmers in
the country practice peasant farming – farming to feed their family only.
Meanwhile farming when done on a
large scale with the right methods can bring more profits than you can expect.
Don’t forget that the more you invest in a particular business, the higher the profit margin. If you have the interest in farming, I’d advise that you pursue it,
and on a large scale be it plantation, poultry, livestock, vegetable or fish farming. Startup capital required: Medium to High.
Starting your own school may be quite difficult but a good step to financial freedom. This business is more of having a solid brand, providing quality
service, and having a good
management skill set. If you can really look after people’s kids well, I can assure you that you’d go into this and succeed. Though the beginning may be a bit difficult if you lack some startup capital, I still urge you to start. You can do it. Ibelieve that there is no mountain
so big for man. Whatever you dream of, you can accomplish it. Startup capital required: Medium.
5. Become A Film Maker
Everyone who is in any kind of trade and even political parties need people who can help them
attract target audience while telling creative stories via commercials. If you are a creative person with a passion to produce and turn scripts into ad films, you can offer ad film-making services in Nigeria.
6. Open A Comedy Club
In a survey conducted by an online doctor consultation platform namely Lybrate, it was
revealed that around 31% of working professionals suffer from worst stress in Nigeria as a result of long work hours, tight deadlines, missing targets,
office politics etc
Given the facts brought forth by the study, it is evident that these stress affected people need
strong doses of entertainment. You can provide them that while opening a comedy club provided you are emotionally intelligent.
7. Event Planner
Event management is comparatively a booming business opportunity in a country like Nigeria where
fast-paced lifestyle has made it imperative for people to hire event planners for organising and
handling events like weddings, conferences, ceremonies etc taking place all year round.
8. Open A Massage Spa
It is an open fact that where there is a stressful life, there are 101% chances for massage spas to flourish and Nigeria, as we know, is no exception. If you are a massage therapist, you might want to open a massage spa business in Nigeria.
In case, you are not a massage therapist, however, if you would like to be one then you must earn a massage therapy diploma from an
9. Massage Therapist
You may get the feeling that as a massage therapist you are better suited for a job rather starting your own massage spa. In that case, be informed that there is a huge deficit in the supply
of massage therapists in local spas of Nigeria.
10. Hair Salon
Hair salon, a low cost service related business, if located in a right place will never counter the slump in terms of demand in Nigeria. However, make sure that you offer pocket-friendly haircut
and styling services.
11. Open A Beauty Salon
Even a beauty salon in Nigeria or anywhere else in the world is worth opening since more and
more men are taking interest in getting groomed by beauticians working in beauty salons.
12. Home Beautician
You need not be worried if you aren’t in a condition or just feel it is daunting to open a
beauty salon as women particularly those who live a busy are increasingly preferring beauticians who can provide beauty related services at their
13. Recruitment Firm
With thousands of freshers in a bid to make a living searching for jobs and already working
people looking to switch to other companies for a better career, you can consider starting a
recruitment consultancy firm in Nigeria.
14. Sell Used Books
Even selling used books to students, especially those who bother too much about saving money, near educational institutions is a good business
opportunity in Nigeria.
15. Bead Making
This is just one of the numerous skills you can acquire with little or no difficulty. Many of us even have relatives and friends that already have the skill. The cost of making a bead
necklace might go for as low as #300 and you can sell this for as much as #1000. That’s 70% revenue. Just think about it.
16. Sports Center
The number of sports fans in Nigeria just keeps increasing by the day. You have a fallow piece of land in your area that is free for use? There are many youths passionate about sports in that area, and there is no sport viewing centre? That’s an opportunity. Take it. Sport viewing center is one of the best business ideas in Nigeria.
17. Petty Trading
Very likely there are many persons doing that around the place you stay. But competitions
only arise when you are doing the same thing others are doing. Look around, is there something they are not selling or you think they
sell but you can improve the packaging? Go for it. It might be provisions, clothes, electronics
18. Phone Repairs
This is a wonderful opportunity to delve into people’s ignorance. I must tell you, that phone repairers are making it in Nigeria. Learn phone repairs and make a fortune.
19. Barbing Saloon
This is one more profitable small scale business. The beautiful thing about running a male or female saloon is that what you spend most times is just the skill. The starting capital
to get the equipments is the basic cash you may need to spend, unless you want to service
them of course, or need fuel for cases of power outage.
This is equally a skill you can learn and use it to get yourself paid well. All you need is a
camera, sometimes a studio and the necessary skill, and you are good to go.
21. Game Centre
Do you have youths in your place hanging around most of the times and looking like they can do with a source of entertainment? You can open up a game centre and keep them occupied. You keep the community safe and your pocket safer.
22. Food Production
There are many foods, snacks, drinks e.t.c that are not really difficult to learn how to make and are in high demand by people around. Plantain chips, jams, fruit juices, ice cream, yoghurts
e.t.c. You can even own a bakery.
23. Catering Services
You are skilled in baking cakes, making chin-chin, other cookies and fries? Transform your skill into cash through catering services. You have a large prospective customers’ base.
This is another well paying job, either as part-time or full-time. If you are versed in a subject
and have a passion for teaching, why not approach those you know needs the service.
Many families are willing to spend what it takes for their children’s success.
25. Consultancy Service
Each and every one of us has unique gifts and talents. You might be a good public speaker or
a good motivator. Why not let people know about your passions and skills and you can get hired for seminars and workshops. Letting your head get you the cash.
26. Rental Services
You can rent out canopies, chairs, tables, garments e.t.c to people needing it. The good
thing is that you just have to maintain them. They keep getting you the cash.
27. Car Wash
Water and soap and you are good to go. If possible you could even get the car washing machine and it makes it wall the more easier.
It’s also a very profitable adventure.
28. Laundry Services
Another nice business idea. With the advent of technology you don’t even have to use your hands, a machine can do it for you in the twinkle of an eye and gets you cool cash.
29. Fashion Design
Acquire the skill, get a shop and a machine and you are good to go. Let’s say you can make the design for both sexes, that is a huge
30. Sales Of Phones And Accessories
This is equally another small-scale business that is popular in Nigeria today and very profitable.
31. Computer Repairs
Same as phone repairs, this is also very rewarding. People have little idea about technical areas of computers and that is something you can exploit.
32. Cyber cafe
Forget the extensive coverage of internet and the fact that many persons can assess it on their phones; this business is still a very marketable one.
33. Bars And Restaurants
Nigeria’s schedule is very demanding. People are always on the move. Fast food joints do wonders. Try it.
34. Sachet Water Business
Arguably one of the most consumed
commodity in Nigeria, if not the most consumed. You can also find your niche here. Sachet water business is one of the lucrative business we have in Nigeria.
35. Daycare Centres
You have a great interest in babies? Everyone wants a daycare and will pay to ensure their kids are well taken care of. You might try this.
36. Road Side Vendor
Don’t be too quick to ignore this. What matters is the packaging you give it. Believe me there are many things you can do to stand out among the rest.
37. Tie Making
This is also a skill you can learn and use to make money. It can be acquired in less than 3
38. Computer Centre (Cyber Cafe)
This can be integrated with a cyber café or stand alone. All you need is to get the items
needed once and for all and you are good to go.
You have a good taste for decorations and designs? And a good manager of events? You can equally make that a profession.
Now make sure you have the talent before going into this. You can be an artist, a comedian or even a DJ. If the talent is there, it’s very enjoyable, you just do what you love doing and still get paid for it. Nice.
41. Shoe Making And Clutch Bags
Here also, all you need to do is learn the skill and you are good to go. If you are good at it
you could make a lot of fortune from this. Why? Because you have lots of potential customers.
These are the major 41 Business Ideas In Nigeria.. Invest Today And Enjoy Tomorrow!!!