Top 10 Lucrative Businesses in Nigeria: In this article, we will look at the top 10 most lucrative businesses in Nigeria that anyone can start with small or big capital. These lucrative business ideas are very profitable. They ensure a quick turnover and have the rate of increasing their profit rate. They have the capacity to make anyone successful if well handled.
Nigeria known as the giant of Africa and the most populous black nation has been rated as one of the countries with a crumbling economy.
This is the reason for the high unemployment rate experienced in the country.
In order to stop yourself from jumping from one office or establishment to another in search of jobs, why don’t you try opening your own business and being your own boss?
That way nobody will ever get you fired and there is job security for you.
What to Know About Bussiness
When you open your own business, you get to determine your own timetable, manage your finances, generate your own income and if you manage it well, you can even employ others.
In that way, you help improve yourself and the economy as well.
You do not need to be very rich before you start a business. The business ideas we are about to list here can be started with small capital or even big capital. It all depends on your financial abilities.
When you start your own business you put your destiny in your own hands and not in any boss’s hands that can wake up one morning and remove bread from your mouth and serve you stone.
It gives you the opportunity to grow and become rich, improve yourself, and create an outstanding brand that can leave a legacy even when you are no longer there or residing in that location.
Top 10 Lucrative Businesses in Nigeria
There are a lot of businesses Nigerians should venture into rather than run towards white-collar jobs, leaving spaces for visitors to open businesses and thrive in their own land.
Are you ready?? Here are the top most lucrative business ideas you can venture into;
1. Food Business
Everybody living on this planet earth needs food to survive. Food is one of the three most essential necessities in humans including shelter and water. People eat food almost every second, minute, and hour of each day.
The food business ranks the number one most lucrative business idea in Nigeria because no matter how bad the economy is, people will always eat. Food is one thing we can’t do without it.
So if you venture into the food business you are sure of a steady inflow of sales on a daily basis making huge amounts of money. You can even see your profits on a daily basis.
The only thing that can make this work for you is if you prepare and serve quality and delicious meals. You will have a wide range of loyal customers and people will always come to buy your food because it is delicious.
Your customers will even be one advertising your business for you by encouraging others to come to eat your food.
Types of Food Business
This business normally works in two ways:
Mobile Food Business: This is the kind of food business where you can freely move about to different places selling food. You can use either a wheelbarrow, a small truck, a motorcycle, or even a car if you have one.
There was this woman in my area who normally comes around to sell rice. We had to wait for her to come before we ate.
Others came from the other street to buy from her because if you don’t rush, the food might get finished. She normally used a small truck to push her wares.
Fixed Food Business: This involves staying at a particular location to sell your food. This you can do by opening a restaurant if your capital can take you.
Whichever one you choose, just make sure you are neat, both yourself and the food, and make sure you sell delicious food that will make people come back for more.
You can even supply food to people during occasions, seminars, meetings, etc. This will happen when you must have started well, sell quality food and earn recommendations.
Whether it’s mobile or fixed, you can grab such an opportunity anytime.
2. Cooking Gas Business
This is yet another big business that is very lucrative. People cook and eat every day no matter what happens.
With kerosene posing serious threats to human life due to adulterated products, many homes have chosen the option of using gas.
Using a small capital you can start a retail cooking gas business selling and locating it in a residential area to get enough customers, especially in student areas who demand quick services at lower rates.
If you have a big capital, you can open a gas station. People prefer gas stations because they believe the meter is correct and the gas itself is of good quality.
Whether retail or owning a gas station, you are on your way to becoming your own boss and earning every day, generating your income, and being your own boss.
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3. Transportation Business
You will agree with me that in one-day people move from one place to another in large amounts using different means of transportation.
In this case, land transportation is what we are talking about. You are either a taxi driver, bus driver, or the commonly known okada depending on your geographical location.
A bus driver in my area told me he makes 15,000 to 20,000 naira every day when there are many. When there are no passengers because some days are like that…He doesn’t go home with anything less than 5,000 naira.
That’s cool right?? It is very lucrative and yields profits. But make sure your vehicle is in proper shape, get the necessary documents, and drive safely.
4. Phone Business
With the advent of technology, mobile phones have come to stay. There has been a high rate of demand for mobile phones across age grades.
Even children now own mobile phones. With a big capital, you can buy high-quality and high-demand phones depending on the trend. However, even with small capital, you can buy lesser or cheap phones for the average individual.
In addition, you sell phone accessories like chargers, USB cords, earphones, headsets, ear pods, wireless Bluetooth, screens, screen guards, etc, the list is endless. The turnover and profits in this business can make you build a house of your own if you are serious about it.
You can learn phone repairs to add it to it, however, if you don’t it’s no big deal. You can allow someone to stay with you and repair phones and give you a commission either weekly or monthly as the case may be.
5. Blogging Business
Blogging has also earned its place as a lucrative business in Nigeria. The most attractive thing in this business is that you can sit at home and make loads of profits with just your laptop and phone.
Cool right? Of Course, it is. You can choose whatever you want your blog to focus on, maybe news, education, relationship, technology, etc.
Blogs make money from advertisements, paid sponsorship, affiliate marketing, sponsored posts, etc. With a very small capital.
To start a self-hosted blog will cost you about N4,000 for a 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 earn thousands of naira every month or even more.
6. Egg Supply/Distribution business
In this country, every average family eats at least one a day. What you need to do is get in contact with a poultry owner who will sell these eggs to you at lower prices.
From there you can supply it to anyone ranging from supermarkets, residential homes, restaurants, provision stores, and even in the market to people who sell it.
You can also sell retail to ordinary consumers. This is a silent yet very lucrative and profitable business that many people do not know about. It requires very little capital to start.
7. Fashion Business
One lucrative but hidden business in Nigeria is Fashion. These days everyone wants to look good and outstanding on any occasion or outing they see themselves.
Have you ever imagined the stylist in charge of fashion for top celebrities like Davido, Tiwa Savage, or Nollywood actors /actresses like Nancy Isime, Bimbo Ademoye, Timini Egbusun, Frederick Leonard, etc?
These stylists are top-notch, they make their money quietly while their customers rock their clothes. The amount paid for a single cloth can pay someone’s 5-year rent living on the island in Lagos. Shocking right?
However for you to achieve this you must have a high skill in fashion or you go for training. It may last up to six months, a year, or even more depending on how fast you can grab these skills.
You must be very creative in making styles through combinations of colors and cloth materials. Fashion stylists are ranking high on the ladder of successful businessmen/women with a high rate of good income.
8. Palm Kernel Business
This is the most silent yet high profit-making business in Nigeria. The former colonial masters were in charge of this business because of the products you can get from palm kernels like margarine etc.
With big or small capital you just need to buy palm kernels from people, buckets, or in bags as your money permits. Buying from these people will depend on the quality of the kernel because a good kernel attracts more money.
After you must have bought the kernel you now sell it either to suppliers or straight to companies that buy these kernels at higher prices. You get to make over 200 thousand weekly depending on how many bags of kernel you can buy.
This business however makes you dirty at all times and you may not get to dress properly a lot. But if you want to make money on a weekly basis this business can shoot you up in many ways that you can’t imagine.
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9. Cosmetic Business
Doing cosmetic business is very lucrative as it caters to the needs of Nigerians no matter the age, gender, or color of skin. With a cosmetic business, you can make money selling creams, hair creams, makeup powder/accessories, different kinds of hair, lipsticks, etc.
The cosmetic business is a hot business in Nigeria because Nigerians can’t do without it. Even the male gender now applies creams and takes time to treat their skin and hair.
Nobody wants to be left out. Especially those guys who want to bleach their skin, you can be a sure plug. This business is lucrative and ensures quick turnover.
10. Snail Farming
A very rare and not well-known business in Nigeria is the snail farming business. With little or big capital you can do well enough depending on how you want your business to be.
We have different species of snails, the AA and AM are the most reared in Africa. AM lays 5-15 eggs per clutch while AA can lay up to 200 eggs.
Imagine when you have about 500 snails and each produces up to 300 -400 baby snails. You will have nothing less than 150,000 – 200,000 snails just at a single layer, and snails lay several batches of eggs in a year.
In one year, you will have nothing less than 1 million snails. The good news is that snails are very costly in Nigeria because they contain high protein content and no fat.
Constructing your snail pen #20,000
Buying your snail 50 pieces for #300 each 50× 300= #15,000
Snail food is 80% free in your environment i.e. leaves plus some other little snail food you can buy. Altogether that’s just 35k
Your 50 snails in one year will give you 400 baby snails every 50×400=20,000 snails in the year. If you decided to sell at whole price #100 each
100× 20,000=#2milion in one year
#2milion ÷ 12 months=#153k \month
With this illustration above, you will know that there is a huge profit in the snail business and any other business you may choose to venture into.
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