Researching this lucrative business in Nigeria today requires a certain skill level, tools and understanding. But to ensure that individuals with the necessary capital and the required commitment invest in a profitable business in Nigeria today, Omobobola Popoola has gathered 13 profitable companies to consider as of today.
With the current situation of the country, having business or business ideas that bring you a lot of profit is very welcome. However, while it is very good to have business ideas, it is essential that one also know about profitable business in Nigeria to avoid ridiculous waste of money and time.
Some people may have good business ideas, but unfortunately these business ideas are not suitable for the environment in which they find themselves.
If you are a Nigerian citizen or resident who just gained some capital and don’t know the best way to use it, then this article is for you. This article will cover profitable businesses one can dip their toes into, some of which are very venturing with only little capital. These companies can also be executed well without having a lot of trading experience.
Here are some profitable businesses that you can start in Nigeria today, in no particular order:
Selling mobile phone accessories
In Nigeria today, this is a very promising business idea. The boom in technology, along with the use of smartphones in the country, makes businesses viable. As is common with technology, some accessories that come with phones get broken or worn out from time to time.
Mobile phone accessories like wired earphones and wired chargers are prone to rips and abrasions, and they usually stop working when the wires break (obviously or not). Memory cards, removable batteries, screen protectors, pouches, etc. are other in-demand accessories.
The first thing to do is to have a space in which to sell accessories, you can even start with a small one. Then, start buying and stocking some of these accessories, while trying to increase traffic for your store.
As it is popularly known, Nigeria is a very partisan region. Hardly any weekend goes by when people don’t host parties known as ‘owambe’. These parties are also not cheap, as hosts usually spend a lot of money, especially if the host has a high social standing, or if the party is very large scale.
Party hosts will always need items that they don’t readily have. You can get things like chairs, umbrellas, cutlery, cooking utensils, etc. and then start contracting them for those who need them. You can also decide to contract these items on an hourly usage basis. As your business continues, you can begin to identify what people rent the most and tailor your services to these elements.
This is one potentially profitable business; It involves raising and caring for chickens either for the purpose of meat or for their eggs. This can also be done at the same time, as the layers provide eggs while other breeds are bred only for meat characteristics.
Chickens are usually used on small gatherings or occasions, but they are mostly used on large religious occasions such as Christmas and Easter.
Millions of naira can be made from this business, but that largely depends on the amount of time and money that has been invested in it. With N500,000 and space available for birds, one can buy chickens, feed troughs, chicken feed etc. in the hope of making a lot of money. However, this will only be possible if sufficient time and energy is invested in the work.
This is another animal based business that has huge potential to be profitable in Nigeria. It may even have more potential than a chicken farming business in the short term.
Fish farming varies, but the most common type of fish farming in Nigeria is catfish farming. The high demand for fish everywhere in Nigeria makes fish farming a particularly profitable business in Nigeria.
It can be said that snail farming has been generally underestimated by Nigerians. In Nigeria, snail is rarely enough because it is an incredibly high demand commodity with low supply. This disparity in supply and demand provides the opportunity to make a huge profit from the business.
The farmers involved in this work are also relatively young, and some even do business on a small scale. Investing a great deal of time and energy will surely yield high returns.
cooking gas works
This is a lucrative and developing business opportunity, but it is being overlooked in Nigeria. People realize how profitable petroleum products are, but they focus more on gasoline and kerosene while ignoring cooking gas.
In this business, you can create your own establishment where you can get cooking gas and supply to retailers or refill gas to consumers. You can do either, or decide to combine and do both. The business also does not necessarily require starting with a large (large scale) capital. You can start small and expand as you continue to grow the business.
Transportation service business
Recent security challenges across the country have left a large number of people hesitant to use public transportation or feel comfortable using it, if they have no choice.
You can decide to set up a private transfer service, whether by bus, car or bicycle (depending on the location). This business has a high potential for success, as is evident with companies such as Uber and Bolt (Taxify).
One way to differentiate yourself from other carriers is to adapt the business to reach some areas that other carriers do not normally reach. This may also help grow the company’s customer base.
Hairdressing is another overlooked and potentially lucrative business. Imagine you’re opening a hair salon in an area that screams loudly for one, especially when you’re particularly good at this craft.
You can start with a small store, and expand the proceeds to a much larger salon in the future.
Photography is fast becoming a very profitable business in the country. You can decide to be an event photographer, covering events or providing services to individual clients who want to take pictures.
The quickest way to get the most out of it is to define a specific niche; A photographic area that you want to focus on. This can be strongly influenced by interest or ability.
Pastries have become a highly sought after product in Nigeria. By the way puff puff For meat pies sold at kiosks, and even cakes sold in restaurants, these baked goods win the hearts of Nigerians.
Of all these baked goods, cakes are arguably the most lucrative and attractive. The sheer effort that goes into making them is worth much higher prices than other baked goods.
The scale on which the business is done will also determine how much capital will be invested in the business. Cake bakers can offer their services at almost all events, including birthdays, anniversaries, weddings, etc. These events will pay much more than regular customers.
The cooking gas business was mentioned earlier in this article, and it would not be right to overlook the gas station business. Oil and gas is generally a profitable business, as oil is an export product for Nigeria.
While the gas station business requires millions of naira to get started, the money is always sure to come back. The amount of cars in Nigeria that depend on petrol as fuel is enough to ensure that customers never run out.
The poor electricity supply in almost all parts of the country also strongly encouraged the use of generators by Nigerians. Most of these home generators are powered by electric generators. This indiscriminate use of gasoline, in partnership with the construction of the station in a populated area, is sure to bring in a lot of income in the short and long term.
Football Watch Center
Nigerians, both male and female, have a strong love for football. This strong love for sports would make any medium available for viewing while at the same time interacting with similar minds who also love sports.
Recurring high bills on television services such as DSTV have forced many fans of the “beautiful game” to run to viewing centers around them to watch sports. The three main components required to start this business are a decoder, a large TV, and a space.
This business is further enhanced by the fact that now several competitions are taking place simultaneously, which gives people multiple opportunities to enter the position, and also gives the owner multiple opportunities to get a solid income from it.
Waste collection and disposal in the (highly populated) areas of Nigeria is substandard. This is why a lot of gutters in many big cities are usually filled with rubbish items such as empty plastic bottles, empty cookie wrappers, empty water bags, etc. These elements eventually lead to clogging of the drain system, sometimes causing flooding.
Nigerians have not yet assimilated the practice of proper waste disposal properly. Although states like Lagos are taking steps towards proper waste management, Nigerian individuals are still learning how to dispose of waste.
Within the waste management space, there are different businesses that you can start from and make good income from. You can recycle waste such as bottles or even tissue paper. You can also provide garbage collection and disposal services, organic fertilizer production, etc.
Not having many players in the space can lead to high payments for services.