In a dilemma on which business to start this 2018? We bring you the ten most lucrative business in Nigeria. But don't be worried about capital You can start a business related to any of these and grow steadily.
1. Agriculture
This sadly neglected field is a mine of gold in Nigeria, with the ample resources and not very strict regulations found in the business it is still a wonder that not many engage in it. Below are some of the farming practices in Nigeria that are raking in profits for investors currently.
Poultry Farming
This business is drawing in foreign investors and with good reasons Nigeria with more than 150 million people, who do not consider poultry products taboo consume various products indiscriminately. No matter how small you start, when the turnover on investment begins to come, you will be making millions annually.
Cassava Production
This is a win win situation, because cassava derived foods are some of the most consumed in Nigeria including garri and akpu. Cultivating cassava in a fertile land just a year can fetch you ample profits.
Snail Rearing
This low capital investment with high yield and a large market will thrive immensely if invested heavily into, given that very few people are engaged in the business presently.
Rice Farming
Apart from the fact that billions of dollars goes into importation of rice yearly from China and Thailand rice remains the most consumed staple food in Nigeria. With Proper and informed management this business can yield a worthy turnover.
2. Sale of Furniture
Buying and selling of Locally make furniture is a goldmine. You don’t need to be a carpenter to do this, just arrange for regular supply from reliable Carpenters while you display and sale in your showroom. It is a very big business in Nigeria as only few can afford the imported designers.
3. Making of Fruit Juice
Maybe due to the weather, Nigerians make a very large consumer base for fruit drinks. And although this business is capital intensive it is well worth it.
4. Pure Water Production
You know how popular this is in Nigeria and how many that are dispensed daily. Though this business is capital intensive but well worth investing into, especially if you can manage it properly with professionalism.
5. Oil and Gas Business
We are blessed and cursed with huge deposit of oil in our land which presents some of the finest business opportunity for Nigerians and Foreigners. Owning a Petrol Filling Station, Supplying of Diesel, and Distribution of Kerosene are some the areas you can invest easily and make good money for yourself. Petroleum product marketing have been making millions for people and creating millionaires in Nigeria for years.
6. Haulage Services
The cost of taking a truck from one place to the other in Nigeria is between N20,000 to N200,000 per trip. Due to poor rail transport system, most of the Nigerian goods are transported through the road, making haulage business in Nigeria a viable one. Petroleum products haulage and movement of goods from manufacturers and importers are the aspect of haulage in Nigeria that is very lucrative now.
7. Hotel Business
This is probably the coolest money making opportunity in Nigeria. Invest in small scale hotel of just 10 suites and watch as the money flows in. This has nothing to do with tourism boom of any kind; there is just something in Nigerians system that make this business very lucrative – Nigerians are jolly people!
8. Fast Food Eatery
Eatery business is another goldmine though poor management can kill it death! If you wish to go into this business, be sure to get everything right and don’t forget it’s a bit capital intensive and requires good management skills. But if you get everything right, free money is yours.
9. Importation Of Tokunbo Spare Parts
If you are in USA, Germany, or Denmark, this business is especially good for you. Don’t just keep importing exotic cars, gather tokunbo spare parts in containers and ship it down to Nigeria. There is huge market for used (tokunbo) spare parts in Nigeria.
10. Investing in Property
Property appreciate everyday in Nigeria. Right now, Nigeria is one the countries in the world where landed property is most expensive. If you buy land now anywhere in Lagos, you are sure to make 100% profit within two years. You can buy and quickly resell and make profit. Or you buy keep and sell later.
We hope you found this article useful. We will truly appreciate your comments and contribution. Feel free to share this article on social media.
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