Finding that one profitable business in Nigeria today requires a certain level of skill, tools and understanding. But to ensure that people with the necessary capital and commitment are investing in a profitable business in Nigeria today, Omobobola Popoola has compiled 13 profitable businesses for you to consider so far.
With the current state of the country, having businesses or business ideas that will bring you a lot of profit is highly appreciated. However, while it is very good to have business ideas, it is imperative that one knows a profitable business in Nigeria as well to avoid stupid waste of money and time.
Some people may have great business ideas, but unfortunately those business ideas are not suitable for the environment they are in.
If you are a Nigerian citizen or resident who has just acquired capital and is unsure of how to best use it, this article is for you. This article will cover profitable businesses that you can get your foot in, some of them doable with just a little capital. These businesses can also be run well without a lot of business experience.
Here are some of the profitable businesses you can get started in Nigeria today, in no particular order:
Sale of mobile phone accessories
In Nigeria today, it is a very promising business idea. The rise of technology, coupled with the use of smartphones in the country, makes the business viable. As is often the case with technology, some of the accessories that come with phones malfunction or wear out from time to time.
Mobile phone accessories like wired headphones and wired chargers tend to tear and wear out, and usually stop working when the wires cut (visibly or not). Other accessories in great demand are memory cards, removable batteries, screen protectors, sleeves, etc.
The first thing would be to get a space where you would sell the props, you can even start with a small space. After that, start buying some of these accessories and stock up on fuel, while trying to generate traffic for your store.
As we know, Nigeria is a very festive area. Hardly any weekend goes by without people having parties commonly known as “owambe”. These parties don’t come cheap either, as hosts usually spend a lot of money, especially if the host is of high social status or the party is on a very large scale.
Party hosts will always need items they don’t have readily available. You can acquire items like chairs, awnings, cutlery, kitchen utensils, etc. and then start outsourcing them to those who need them. You can also decide to outsource these items on an hourly basis. As your business grows, you can start to figure out what people praise the most and tailor your services to those items.
It is a potentially lucrative activity; it is about raising and caring for chickens either for the meat or for their eggs. These can also be done at the same time, with the layers providing the eggs while other breeds are raised purely for their meaty properties.
Chickens are generally used at small gatherings or events, but they are mainly used on major religious occasions like Christmas and Easter.
Millions of naira can potentially be generated from this activity, but this largely depends on the time and money invested in it. With 500,000 N and space for birds, you can buy chickens, feeders, chicken feed, etc. hoping to earn a lot of money. However, this will only be possible if enough time and energy are invested in the business.
This is another animal breeding based business that has huge potential for profit in Nigeria. It might even have more potential than raising chickens in the short term.
Fish farming varies, but the most common type of fish farming in Nigeria is fish farming. The strong demand for fish throughout Nigeria makes fish farming a particularly profitable activity in Nigeria.
It can be said that snail farming is underestimated by Nigerians in general. In Nigeria, the snail is almost never enough because it is a product with an incredibly high demand but a low supply. This mismatch between demand and supply offers the possibility of making a huge profit out of the business.
The farmers involved in this business are also relatively small, and some of them even do the business on a small scale. Investing a lot of time and energy will certainly produce high returns.
Cooking gas trade
This is a lucrative and scalable business opportunity, but ignored in Nigeria. People recognize the lucrative nature of petroleum products, but focus more on gasoline and kerosene while ignoring cooking gas.
In this business, you can set up your own establishment to acquire cooking gas and supply it to retailers or refuel gas for consumers. You can do one of the two, or you can choose to combine and do both. The business also doesn’t necessarily need to start with huge (large-scale) capital. You can start small and grow as you continue to grow your business.
Transport service company
Recent safety concerns across the country have left a good number of people reluctant to use public transport or comfortable when using it, if they have no choice.
You can decide to set up a private transport service, with buses, cars or bicycles (depending on the location). This business has great potential for success, as seen with companies like Uber and Bolt (Taxify).
One way to set yourself apart from other transportation service companies is to tailor the business to reach certain areas that these other companies would not normally have access to. It might even help develop the company’s customer base.
Hairdressing is another neglected activity that has the potential to be lucrative. Imagine opening a barber shop in an area that is desperate for one, especially when you are particularly good at it.
You can start with a small store and with the profits expand into a much larger salon in the future.
Photography is fast becoming a very lucrative business in the country. You can decide to be an event photographer, cover events, or provide services to individual clients who want photo ops.
The fastest way to get the most out of it is to identify a niche; an area of photography you want to focus on. It could be heavily influenced by interest or ability.
To make cakes
Pastries are becoming highly coveted products in Nigeria. From the side of the road Puff Puff to pies sold in stalls and even to donuts sold in restaurants, these baked goods capture the hearts of Nigerians.
Of all these baked goods, cakes are arguably the most lucrative and inviting. The sheer effort of making them deserves much higher prices than other baked goods.
The scale at which the business is operated will also determine the amount of capital to be invested in the business. Pastry chefs could provide their services to almost any event including birthdays, weddings, etc. These events would pay considerably more than regular customers.
The cooking gas trade has been alluded to earlier in this article, and it would not be fair to ignore the gas station trade. Oil and gas is generally a lucrative business, as oil is Nigeria’s main export commodity.
While the gas station business requires millions of naira to start, it is almost always guaranteed that the money will be recovered. The number of cars in Nigeria, which depend on gasoline for fuel, is enough to ensure you never run out of customers.
In addition, the poor supply of electricity in virtually all parts of the country has strongly encouraged the use of generators by Nigerians. Most of these household generators are also powered by generators. This use of gasoline, coupled with establishing the station in a populated area, is sure to generate a lot of income in the short and long term.
Football Viewing Center
Nigerians, men and women, have a strong love for football. This strong love for sports would make any way to watch while interacting with like minds who also love sports.
The high recurring bills of television services like DSTV have forced many fans of the “beautiful game” to go to viewing centers around them to watch sports. The three main ingredients needed to start this business are a set-top box, a large television, and a space.
This business is further boosted by the fact that multiple competitions are now taking place simultaneously, giving people multiple opportunities to come to the center, and also providing the owner with multiple opportunities to derive a solid income from it.
Waste collection and disposal in (populated) areas of Nigeria is incredibly poor. This is why many gutters in many large cities are usually filled with trash such as empty plastic bottles, empty cookie wrappers, empty water bags, etc. These elements end up clogging the drainage system, sometimes causing flooding.
Nigerians have yet to properly assimilate the practice of proper waste disposal. Although states like Lagos are taking steps for proper waste management, Nigerians have yet to learn about waste disposal.
In the field of waste management, there are different activities that you could start and generate very good income. You can get involved in recycling waste such as bottles or even tissue paper. You can also provide garbage collection and disposal services, organic fertilizer production, etc.
The lack of many players in the space could lead to high payments for services.