In today’s Nigeria, it is imperative that one has what brings in money on a daily basis!
If you are looking for a lucrative business in Nigeria that you can do – this article is right for you to read.
In this article, I will talk about 10 lucrative businesses in Nigeria that are cheap to start and also profitable. Read to find out!
It is no longer a new thing that we hear of companies laying off their workers because of the country’s deteriorating economy.
In other words, the staff gets a pay cut or even get laid off because the company can no longer afford to pay them huge salaries.
You will agree with me that the rate of unemployment in Nigeria is alarming.
Many Nigerian dailies published on May 2, 2019, that the Minister of Labour and Employment – Sen. Chris Ngige said that
the unemployment rate in Nigeria will hit a worrisome rate of 33.5% in 2020.
With the way Nigeria’s economy is going, it’s essential that you have a personal business that can earn you money. It won’t matter if it’s active or passive income. Just earn money!
If we carefully look at the current events going on the world, COVID-19 especially. One won’t be wrong to conclude that many more people are going to lose their jobs.
Hence, more reason to look out for the best profitable business in Nigeria with a lot of opportunities to exploit.
LUCRATIVE BUSINESS IDEAS IN NIGERIA
I limited this list of lucrative businesses in Nigeria to 10 (liable to change if updated) because of you. Yes! I have you (the reader) in mind.
In my research; I found out that many websites or blogs who have treated this topic neglect two facts:
- That you (the reader) are actually looking for some business that moves fast and you can start with low capital.
- That not all lucrative businesses fit to be done in Nigeria. Hence, one fails.
I have considered all of these facts before I compiled this list of lucrative businesses in Nigeria.
We are only going to check out ten business opportunities that can fetch you money even as a part-time job.
Here are the 10 cheap lucrative businesses you can do in 2020 and beyond:
Profitable Business In Nigeria
1. FASHION DESIGNING (Tailoring)
Of all untapped businesses in Nigeria, fashion designing takes the front row.
Tailors as they are fondly called; are the people that make or sew clothes for people to wear.
No doubt the fashion designing industry in Nigeria has evolved from the days of waiting for customers – to bring fabrics until they can sew for them. It’s now a proper business.
Nowadays, a fashion designer can design beautiful attire and buy quality fabrics to sew it and then sell to boutiques or even sell to people directly.
Fashion designing has become a lucrative business in Nigeria of late.
How do you know that fashion designing business is lucrative and profitable?
How many wedding parties, naming ceremonies, funeral events happen in your town or city every week? The numbers are definitely much!
How many times do you hear people complain that their tailors disappoint?
I’m guessing even you complain about this!
This is because we have fewer fashion designers than the number of fabrics to sew. They are bound to disappoint!
People will always wear clothes anyway; so demand will always remain high.
We need more professionals in the fashion designing sector. You should be one of them!
I have a friend who studied Chemical Engineering at University. His CGPA is above 4.00 out of 5.00 and now a full-time fashion designer. His brand name is Joji Couture.
He’s brilliant, he could get hired by a multi-national company but he chose to be a tailor – a proud TAILOR at that.
Fashion designing however, requires that you learn the skill. It can not be done without learning the skill.
The good news is that you can learn it in a few months.
2. COOKING GAS BUSINESS
Although, many detest this particular cooking gas business because of the risk of a health hazard that is involved.
What business doesn’t involve risks?
But to differ, I see a lot of untapped profitable potential in it.
If I’m asked, cooking gas business can be in two forms; selling of the gas cylinders and refilling the cooking gas for people.
One can choose either of the two or adopt the two at once.
My personal experience is that I have to drive down the neighborhood with an empty gas cylinder in the car just so I could refill it. My neighbors do the same.
It is understandable if you don’t have the financial muscle to build a gas station. You can be a retailer refilling has for end users.
CAUTION: If you are considering this line of business, be advised that you should take precautions very seriously. Use all the personal protective equipment – PPE required.
3. POULTRY FARMING
Poultry FARMING is popular in Nigeria. But how many people that claim to be a poultry farmer are actually doing it as a proper business?
All most of them do is use the small space in their backyard to form a small poultry farm and put like 50 birds in there.
No bookkeeping – No proper record keeping!
To me, that’s not a poultry farming business. It’s just them exhibiting a hobby. They just love to breed chicken!
Even as popular as poultry farming business is, there’s still plenty of opportunities to be exploited.
Check out this fact!
Nigeria consumes about 1.5million metric tons of chicken annually. Sadly, we only produce about 450,000 metric tons of domestically.
What does that mean? It means we’re only producing just about 30% of the total amount of chickens we eat a year.
It means we still have the opportunity to produce 70% more locally to satisfy our needs in Nigeria.
We haven’t even talked about exportation opportunities.
That’s to show you that the poultry farming business in Nigeria is lucrative and profitable if done well.
The good thing is you don’t need a huge capital to start the business. You can start small with less capital and grow it.
PS: I am a joint poultry farm owner!
4. SNAIL FARMING BUSINESS
Back when I was in University, a friend told me about a snail farming business. He wanted us to partner up and start one behind our backyard.
Guess what I did? I declined his offer because I thought; who buys snails? I was foolish! I should have known!
A few years later, after school and youth service (NYSC). I was looking for opportunities I could invest in with my little savings. I stumbled on an article that really opened my eyes to the enormous untapped opportunity in snail farming business.
That made me do a little survey. I went from bars to lounges, restaurants to bukas. Asking simple questions.
All answers I got made me realize that we have more demands for snail meat than what the few farmers produce.
In fact, one lady told me that she’d invest in the business if she sees any serious farmer willing to cut her a good deal. She’s a caterer!
Of all businesses I mentioned in this article, snail farming business is less stressful and the financial implications are far lesser.
5. LOCAL RESTAURANT
Whether or not we like it, humans must eat food to survive – and must eat good foods!
Although, there are many restaurants around today how many of them really satisfy people’s wants?
Many who eat out just do because they didn’t find a better option. From a dirty environment to inconsistent taste.
If you can build your local restaurant business on meeting a specific need of the people around. You are sure to make a lot of daily income from it.
Talking about meeting people’s specific needs – you can specify local foods. From Hausa delicacies to customary Yoruba foods to sophisticated Igbo soups.
You’re sure to excel if you have some unique recipes and are consistent in taste.
After studying Mechanical Engineering at University for 5 good years, my friend, Sufyan started a restaurant business in a good location.
With the packaging and innovations, he introduced to his business, his restaurant is now one of the biggest around.
The restaurant business is no doubt a lucrative business in Nigeria.
Just bring in some welcome innovation into your business and watch your income grow fast.
6. CATERING SERVICES
The demand for catering services is high.
Gone are the times when neighbors gather to prepare ceremonial foods whenever one of them has a party.
Now, they hire professional caterers.
Even though we have a few professional caterers around, they are far from enough as some go from place to place to deliver their services in a day. The stress is too much.
The good thing is we now have a few catering schools around.
There are also many resources on the internet where you can build catering skills. You can take advantage of online courses on catering. There’s also YouTube where you can watch a lot of ‘How To’ videos to learn.
Catering training doesn’t take long either. You can become a professional with a certificate in a few months.
Catering services can be a side hustle too. You can do it with your 9 – 5 job.
You don’t have to have a huge capital to start it. It can in fact be started on a very low budget.
7. PARTY RENTAL SERVICES
Throwing parties has become requisite to having a social life in Nigeria.
Not a weekend will go by without you seeing people calling for elaborate parties.
If you are interested in this line of business, you would have to acquire some equipment needed for ceremonies.
There is a variety of equipment you can acquire. It includes but is not limited to canopies, hardware dishes, dishwashers, stainless trays, steel pots, gas cookers, food warmers and coolers, kitchen utensils and cutleries, sound systems, etc.
Like catering services, rental services can be done as a part-time job. It doesn’t stop you from doing other things you have to do. It’s not time exhausting at all.
This is a perfect business model for full-time housewives.
Rental services and catering services can be combined together.
If you like to render rental services for people who have events, my advice for you is that you should move close and socialize with event planners. They are your primary and most important customer!
8. FURNITURE BUSINESS (SHOWROOM)
Oftentimes, I drive past a road where there are many people doing carpentry jobs.
I see a lot of beautiful furniture laying on the floor. It ranges from chairs to kitchen cabinets. The ones that would give imported furniture a run for its money.
Out of curiosity, one day, I pulled over to check if they really use authentic materials or just some fake materials.
I posed as a potential customer to check the materials. To my awe, they actually use quality materials. The texture of the leather they use is so comforting.
I wonder if these people are able to make sales for the price their products are worth.
Why do I have these thoughts? The furniture they design and make it beautiful but they lack packaging. I doubt any rich or elite will stop by to make a purchase from them.
So I thought, what if these people design and make this furniture and someone collects them to put in a beautiful showroom?
He doesn’t have to pay them upfront; he pays when he makes sales?
Does that make sense to you?
They will only have to agree on a certain profit-sharing formula.
In this business model, all you have to do is get a good location for your showroom. Design it to a taste. And start collecting the furniture from the makers.
So you don’t need a huge amount of money to buy goods. All the capital you need is for rental for your showroom and conveyance of the furniture to the showroom.
This is certainly one of the few untapped businesses in Nigeria.
9. CHILD CARE – DAYCARE SERVICES
Are you currently unemployed and stay home all day with nothing doing?
Do you love to have children around you?
If one or both of the answers to the questions above is – YES! Then, the daycare service is for your kind.
Daycare service is one of the very few lucrative businesses in Nigeria that you can start without any capital.
Yes – you read me right! You don’t need a single dime to start it as you can use a little space you have in your house to start it.
You can as well start as a nanny or a babysitter.
This service is in high demand because there are a lot of working-class parents that are not allowed to take their children to the workplace.
I advise that you consider this business.
10. FOOTBALL VIEWING CENTER
Arguably, football fans are the most passionate set of fans one can find in the world.
Their love, commitment, and dedication to the game are disturbingly amazing.
In Nigeria, like many European and South American countries, football is a big deal; needless to say, the sequel to this, football viewing centers has become a lucrative business in Nigeria today.
Also, viewing centers are more profitable because of the high recurring subscription bill from cable TV.
The only cheap and affordable option people are left with is to go and support their favorite football teams in public football viewing centers.
This business requires less investment capital and if you know your onion, you will make a profit in no time.
When the footballing season commences, there are at least 12 (to say the least) different big games people like to watch every week. Imagine how much you can make from showing all of the games for people.
Read This Guide To Learn About How To Run A Successful Football Viewing Center Business In Nigeria
The most important tools you need to start this business is space, television, generator, and a decoder. So, you won’t need to break the bank to start it up.
There are a lot of hot business ideas hanging free all over the internet. You have to be careful in selecting which one to adopt.
This is why I have carefully selected ten business opportunities that can thrive in Nigeria whether it is 2020 or 2021 and beyond.
Apart from getting ideas from websites and blog sites, you will need to do a lot of personal research and a lot of leg work to succeed in business.
You will need to know what has already been done by people, what they are leaving out undone but it’s as important to be done.
To be successful, you will have to improve on what people are already doing. You will have to bring in some meaningful innovation into the industry.
- Before you adopt any of the business ideas named above, research on which one can survive in your region as not all of them are suitable for every region.
- Choose only one lucrative business in Nigeria from the list above. Do further research on it before you start at all.
Which is more compelling to you? Tell me and let me know if there’s anything else you want me to help you with. Use the comment section to discuss.
Wishing you the best of luck in your business endeavors!