Many people are now desperately seeking new business ideas in Nigeria because it is no longer news that the rate of unemployment in Nigeria is increasing daily and even those with jobs earn barely enough money to make ends meet. The financial challenges that come with being unemployed should be enough reason for you to want to start your own business.
Apart from unemployment, some other reasons why you need to start your own business are dependency, lack of freedom, and low earnings.
When people hear about new business ideas in Nigeria, they instantly think about start-up capital, and some might even be worried that they might fail at the business. However, when you hear about new business ideas in Nigeria, you should consider them and work towards starting up one because first, it is not all businesses that require colossal start-up capital, and you never can tell what will work for you.
Also, since there is a lot of competition out there, you need to be consistent, dedicated and innovative to successfully make business ideas in Nigeria become a reality for you.
In addition, deciding to start a business is one thing; knowing the kind of business that would yield reasonable profits is another. So in this guide, you will learn the top 20 business ideas in Nigeria that can generate high profits for you and give you a stable financial life.
Dropshipping business is one of the business ideas in Nigeria that requires very low capital to start, and it is very lucrative. All it takes is to post pictures of available items in other countries and get people to pay for them. Then, you order those items, ship them to Nigeria and distribute them to the people that paid for them.
Agricultural business is one of the business ideas in Nigeria that could turn you into a millionaire in just one year. Although this business is often neglected because it is stressful, it is still one of the most lucrative and significant business ideas in Nigeria.
Another advantage of this business is that it is vast, and you have many options to choose from; for example, you can go into poultry farming, fish farming, snail farming, cocoa farming, etc.
Sachet Water Production
Producing sachet water, also known as pure water, might not seem exciting because you can easily find sachet water everywhere in the country. Still, the business is one of the best business ideas in Nigeria. Think of how much sachet water people consume daily and how much profit the factory owners would make; you will realize that you can quickly become financially buoyant by producing sachet water.
No matter how good or bad the Nigerian economy becomes, people will always need to move goods like gas products, food items, etc., around the country; this is where haulage services come in.
This business might cost a lot to start up, but once you get started, you will realize it is one of the most fantastic business ideas in Nigeria.
Real Estate Agency
If you have been considering different business ideas in Nigeria and have not considered real estate, then your list is incomplete. Nigeria is a developing country. It has many buildings and plots of land that do not have permanent owners yet since many people are still moving within the country searching for better living conditions.
This is a perfect situation to start a real estate agency where you buy properties and sell them later at higher prices, or you help people buy or sell their properties, and they pay you an already agreed fee as commission.
The hotel business is one of the most fantastic business ideas in Nigeria; it is very lucrative and always in high demand. Although this business is capital intensive, you will see that it will be worth every dime you invest in it in the long run.
The most important thing about running a hotel in Nigeria is proper management, so if you are not available to manage the hotel, you should hire a trustworthy, reliable and experienced manager to run the hotel on your behalf.
Of course, we can not discuss business ideas in Nigeria without discussing the restaurant business. The restaurant business is a business that is in high demand anywhere you go because it offers something that people cannot live without – food.
Although the competition is very high, once you ensure that your meals are delicious and healthy, your restaurant will always be filled with people. Also, ensure to hire professional cooks if you are not one, and your restaurant should be in an easily accessible and well-populated area.
This business is, in fact, the most lucrative business in Nigeria, and it has a very high success rate.
If you want to provide a service that people can not do without, then laundry services should be one of the business ideas in Nigeria you should consider. It does not require high start-up capital and is very profitable if you are good at your job.
The only challenge you might face in this business is getting a stable power supply as that is not readily available in the country, so make sure to get a power generator before starting this business.
Sales of Building Materials
Selling building materials in a developing country like Nigeria is an excellent way to gain financial stability and make profits daily because people are constantly building houses, offices, churches, and so many other structures.
You must already know that no matter what happens in a country, people must feel the need to move about or to transport their goods. So going into the transportation business will yield high profits, and your services will always be in high demand.
You can get a car to start this business or open a transportation company with many vehicles and hire drivers to work for you. If you get one car and run the business alone, ensure you have a valid driver’s license and the correct papers for your vehicle. Then, if you are starting a transport company, ensure your drivers meet the exact requirements.
Educating people is a business you might not easily consider when considering business ideas in Nigeria. However, schooling in Nigeria is a basic need as parents can’t educate their children alone. So if you can afford a colossal business start-up capital, you should consider opening a school.
Apart from the profits, you will also find satisfaction in bettering the lives of many young people.
The world is going digital with many social media platforms and opportunities on the internet. However, many people earn a living through social media, and some might find it challenging to market their products online. So you can come in as a digital marketer to help people market their products and services on the internet.
Fashion designing is one of the excellent business ideas in Nigeria that you may want to overlook because it is already prevalent. However, no matter how competitive it is, you will still find your customers and make a profit because everyone has their unique ideas for designs, and people will always need to be clothed.
Moreover, Nigerians love attending events, parties, and church services in attractive attires, and it is the job of a fashion designer to make these beautiful attires.
The world is currently going digital, and every day more and more people are learning how to take advantage of the internet. People seek information about everything online, and bloggers provide this information.
For example, you could blog on fashion, entertainment, lifestyle, health, food, etc. Whatever you choose, people are always waiting for a new trend.
When discussing business ideas in Nigeria, a cash wash business is another very lucrative business that is always in high demand. You don’t need to be told that if you own a car in Nigeria, you will have to wash it very often because the environment will not allow you to drive a clean car for hours.
Your car would get mud, and dust on it, so the next thing you will think of is taking it to a car wash. However, if you open a car wash in a bustling area, you will make a lot of profits, especially when you are very good at your job.
Rental services are also one of the best business ideas in Nigeria. People will always organize events like marriages, burials, birthdays, get together, etc., and they will need to rent more than half of the things they need for the event, including chairs, canopies, and more.
Of course, it will be a thing of great joy to be able to make other people more beautiful. A hair stylist in Nigeria is sure to make plenty of profits as 80% of Nigerians, both men and women, visit hair salons; for men at least once in two weeks and for women at least once a month.
You can choose to open a female hair salon or a male hair salon, but a combination of both will be more profitable. To start this business, you can learn how to style hair yourself or hire people to do it.
Skincare products are fast selling in Nigeria, especially for women, because people care a lot about their appearance and skin. So you can open a skincare business and start selling good and effective products like soaps, face cream, body cream and more. You can also spice things up by including a spa.
However, ensure you learn from experts before going into this business or hire professionals to produce the skincare products because the skin is very delicate, and you wouldn’t want to make mistakes that will harm people’s skin.
The supermarket is also one of the best business ideas in Nigeria presently. Opening a supermarket allows you to sell everything in one place; it is a very high-profit business even though it requires enormous start-up capital.
If you open a supermarket, there is no limit to the items you can sell, and you don’t even have to be there; you can hire people to do everything.
The waste management system in Nigeria is highly underdeveloped, leading to severe pollution issues in many areas. Currently, waste management is one of the most needed business ideas in Nigeria.
For example, you can start a company where you collect waste and recycle it into organic fertilizer or other products. This way, you will contribute to nation-building and improve the well-being and health of people living in Nigeria.
These top 20 business ideas in Nigeria are in high demand, and they are very lucrative and profitable if you sincerely dedicate your time and efforts to the business. Also, you should understand that businesses do not grow and become successful in one day, so when you get new business ideas in Nigeria, you should take your time to work on them, be patient and do not give up easily.
It is also essential to choose a business you love and enjoy from these top 20 business ideas in Nigeria because doing what you love and pouring your heart into it is the key to many successful businesses you see.
Search through these business ideas in Nigeria, choose the one that suits you best, and do your best to become exceptional and excellent in whatever you decide.