What are some of the lucrative businesses in Nigeria that one can start and make lots of profits from? NIGERIA is blessed with a lot of talents but our economy has killed lots of talents and ideas. This is the main reason lots of Nigerians are fleeing the country to seek greener pasture in other lands that do not have half of the opportunities we have here.
Nigerians suffer slavery on other lands despite hot business ideas in Nigeria. Nigerians travel to various lands like South Africa, Lebanon, India, China, Malaysia which are among the countries that Nigeria is better than.
Nigeria has a large population of over 140 million and there are certain things that need to be satisfied because of the large market needs.
Starting a business in Nigeria may be tricky as one needs to solve the basic needs of people as it should be real day to day business
Here are some lucrative business in Nigeria 2019;
1. RICE FARMING
Rice is the most consumed food in Nigeria which makes it one of the most lucrative agricultural business you can do. About 5.5 million tons of rice is been consume annually while only about 3.6 million tons are locally produced.
Due to the low production of rice and local farmers are unable to meet up the needed demand. Billions of dollars are being spent on the importation of rice from China and Thailand.
2. POULTRY FARMING
This is one of the most lucrative businesses that is making the average Nigerian rich. It involves growing of chickens for the purpose of meat or eggs. Local businesses are not able to satisfy the demand of the large population.
Millions of naira are being made in this business depending on the amount and time invested. Here is one business you can start with 500k in Nigeria or even less than that. Just like every other business, it as its own risks, but if one is able to do the business well, millions is guaranteed.
READ ALSO: GUIDE TO STARTING POULTRY FARMING IN NIGERIA
3. MINI IMPORTATION
This is another hot business in Nigeria that involves the importation of different kinds of goods. This importation is mostly done from CHINA as they spend YUAN which is at 57 nairas to 1 yuan at the present rate.
This makes the goods way cheaper than goods imported from EUROPE and AMERICA. Most of these goods are sold for double and triple the price they are bought depending on the product purchased.
You can also make a profit from importing goods from Dubai to Nigeria.
4. WATER FACTORY
Water Factory is a common business in Nigeria already and it involves the production of sachet water and bottled water. This water is specially produced for drinking, and due to the inadequacy of pipe-borne water supply and high need for drinking water on the go, this business is very lucrative.
5. FISH FARMING
Fish farming is a delicate business but very lucrative, however, if it’s not done well, you might lose your investment. Fish is a source of protein which is essential in the body. Catfish farming is the most common fish farming in Nigeria, depending on the investment, you can make millions of naira in this business when you do it right.
Therefore, getting into fish farming, sales, and distribution is a lucrative business as there is a high demand for fish everywhere in Nigeria.
READ ALSO: GUIDE TO STARTING FISH FARMING IN NIGERIA
6. FASHION BUSINESS
The fashion business is another business that moves fast in Nigeria. Nigerians are crazy about Fashion and this gives room for making money. Lots of graduates have also taken into this line and are already making huge money from it.
The fashion business is one of the lucrative business in Nigeria with small capital and also the entertainment industry has made it well known too.
7. OIL AND GAS BUSINESS
Nigeria is blessed with oil in our country and this has been the major source of income for our country. Though oil and gas are for the big players in the game, however, an average investor can participate in the business too. Oil and gas is one of the hot business ideas in Nigeria, Owning a Petrol Station, Supplying of Diesel and distribution of kerosene are some of the areas that one can make huge money from.
If you’re wondering how lucrative is the food business in Nigeria, the answer is “very lucrative”. One of the most profitable business in Nigeria is the Restaurant business. A good, quality, and high standard restaurant is determined by the standard of meals produced which will be determined by the chef of the restaurant.
As a result, the success of this business is basically determined by the chef of the restaurant whose cooking skills will help customers decide if the food is worth coming back for. Food is needed to put the body, mind, and soul together, so its an everyday thing which makes it very lucrative.
9.CATERING, DECORATION AND EVENTS PLANNING
This is a business that a lot of people have ventured into as it only requires a few months of training and you are good to go. Nigeria is known for different kinds of weekly parties and this has made this business super profitable.
10. SNAIL REARING
Snail is one thing that is always not enough as the demand is high with low supply. Snail farming is one of the business you can start with low capital and the market is big which makes it very lucrative. There are still relatively low farmers involved in this business and most of them are doing it on a very small scale. Just like every other business returns of business always depend on money invested in it and energy.
READ ALSO: GUIDE TO SNAIL FARMING IN NIGERIA
Online jobs is another sure way to get rich in 2020 if you know what to do. Examples of online jobs include blogging, freelance writing, social media management, e-commerce, and so on. There are many opportunities available that some can even become a passive income for you. Get more ideas by reading our online job post.
We hope you enjoyed our list of the top 10 most lucrative businesses in Nigeria. On a final note, every business could go bad way or a good way, it all depends on the knowledge and management of the business. I will advise anyone going into this business to go for proper training and make proper research before starting any of them.