14 Lucrative Business Ideas in Nigeria
Let us use this opportunity to discuss lucrative business ideas in Nigeria.
REAL ESTATE/HOUSING SECTOR
There is a saying that, “Landlords grow rich in their sleep”. Funny but true, Real Estate is a green area for business and investment.
Acquiring a large expanse of land, portioning it into service plots for sale in which payments are in installments is a sub-sector that has made many Nigerian Millionaires.
Building residential apartments, hotel and recreation part also falls under the auspices of Real Estate.
One can also be a Freelance Agent adopting different marketing strategies to sell or let people’s properties or Private Company Independent Agent.
One can also setup an online store for selling building materials, items for example cement is a very essential commodity and needed in large quantities.
CRECHE AND NURSERY
Children are born every day and there is a need to acquire formal education.
Crèche and School business generally is a diamond-mine, a major problem is that there are many substandard schools in Nigeria so if you can take qualitative education seriously and make it your watchword, the sky is just the starting point, eventually your school will be a cynosure.
TRAVELS AND TOURS
Movement from one place to another is very common to man, so much more man loves leisure and fun. Combining Travel Agency with Tourism is a very good combination and a lucrative one.
The world is a global village and Nigerians are fast embracing digital technology, most tickets are bought online, strategically positioning yourself as a reliable agent with cheap tickets will pave way for you in the industry.
Websites like travelstart.com offer startups the opportunity to start their own online travel agency and your site backend will be integrated to their own (travelstart.com).
Strategically collaborating with tourist places both locally and international is a good way to start the Tour arm of this sector. Organizing events like “Weekend Escape” for couples is also a brilliant idea.
POULTRY AND LIVESTOCK FEEDS
Poultry business is a thriving business in Nigeria, the rate of consumption is quit high. There is also Government legislation that bans the importation of frozen livestock, thereby pushing the pressure on the local farmers. Its demand doubles or even more during festive period especially Christmas.
The need to move from one place to another is the background of this business, although the sector has been marred with street urchins. A well-planned system such as, inter-state bus travels and taxi system like yellow cabs and red cabs that we see around in Lagos can be adopted and explored. Uber Nigeria is a very good investment area in the transportation industry.
Haulage trucks renting for some Companies like DHL, Dangote etc. is also a very safe way of investing in this sector.
INFORMATION AND COMMUNICATION TECHNOLOGY
ICT is one of the fastest growing sectors in Nigeria, ranging from e-commerce to blogging and other internet-allied services.
Another green area is the Computer Literacy part, a large chunk of Nigerians are still computer illiterate. A training center will surely flourish in this field.
Offering computerization of some operations in workplace is an innovative way to start, the corporate world is evolving lot of Companies still embrace analog system of operation, you can get a good programmer to design a solution application.
PROFESSIONAL CLEANING AND WASTE DISPOSAL
Cleaning services is needed almost everywhere some entrepreneurs have even explored residential cleaning. This business has lots of green areas including fumigation services, post-construction cleaning services, dry-cleaning services and lots
This is a very profitable business, you just need to get an organizational structure in place, and hire the right hands.
MARKETING AND ADVERTISING COMPANY
Marketing and Advertising for Companies is a very lucrative business, sales are very crucial to every business, if you believe you can help plan marketing strategies and implement them, and this business area is just for you. Your earnings might be based on commission for products sold; digital marketing will give you the edge.
The logistics business is a very lucrative and broad business in Nigeria, its opportunities spans areas like documents/parcel handling, intra-state errands, clearing and forwarding.
The documents/parcel business, partnership with well-established firm is very good option or even becoming franchisee of big logistics firms like DHL is a very nice idea.
Lots of Companies outsource their parcel delivery; you just need to position your Company very well.
Clearing and Forwarding, this is a good mine although the sector is marred with lots of corrupt practices, if one shows serious interest and builds a very good online presence then the sky is just the starting point for the person.
CREDIT AND LOAN SERVICES
Turn right, turn left you will find lots of these Companies. It’s a lazy way of making lots of money, just from the comfort of your house you can operate this business and make lots of money. It involves a high level of risk-taking though but with adequate background check on the person you are lending money then you are a bit secured.
FOREIGN ADMISSION PLACEMENT SERVICES:
The need to acquire formal education is the crux of this business, less than 50% of those that apply to Universities to study in Nigeria actually gain admission. Over the past decade the attention has been greatly increased towards studying abroad. As an agent, you’re to partner with these Schools abroad, get paid commission on referral, so the trick is the more University options you have the greater your chances.
Along the line you can add services like TOEFL, SAT, GRE tutorials.
The paradigm shift from using kerosene to gas is getting interesting every day, lots of homes now have gas cookers in lieu of Kerosene stoves, apart from the fact that is cheap it is also clean. Gas plants are becoming essential in neighborhoods; partnership with Petrol Station is one of the best routes as the safety concern is covered.
Plenty Nigerians are making millions in this sector.
DIESEL AND PETROLEUM HAULAGE BUSINESS
Though this sector is marred with lots of corrupt practices including dilution of petroleum products, in accurate precision and all but it is a very open sector and very lucrative especially if one can have a peddler (mini-truck) or a big truck for the haulage. Diesel can easily be gotten from the depot in Apapa. You only need little publicity and more importantly, try building your integrity in the business it pays a lot.
CARS AND SPARE PARTS
Selling of cars is a very lucrative business in Nigeria, there are some strategic advertising tools one can employing in this business that you will be smiling to the bank and makes selling seamless.
Spare parts business is also a very good business, parts are imported from Belgium, UK etc. Tire is also a sub-sector you can also explore as a majority of vehicles has tire problem. Launching a Tire Check Campaign and some digital advert to spice it is a goldmine.