10 Cheap Lucrative Businesses In Nigeria (2022)

In today’s Nigeria, one must have what brings in money daily!

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!

IMPORTANT NOTE: This article does not involve online business ideas and opportunities. You can check out online businesses you can do.

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, staff gets a pay cut or even gets 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 would hit an alarming rate of 33.5% in 2020.

With Nigeria’s economy, you must 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 in the world, CoVid-19 especially. One won’t be wrong to conclude that many more people will lose their jobs. 

Hence, more reason to look out for the best profitable business in Nigeria with many 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 that have treated this topic neglect two facts:

  1. You (the reader) are looking for some business that moves fast, and you can start with low capital.
  2. That not all lucrative businesses are fit to be done in Nigeria. Hence, one fails.

Before I compiled this list of lucrative businesses in Nigeria, I had considered all of these facts. 

We will only 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

Below in this section are the lists of the profitable businesses in Nigeria, which are cheap to start immediately without worrying about financial support or getting into debt.

  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 good business.

    Nowadays, a fashion designer can design beautiful attire, buy quality fabrics to sew, and then sell to boutiques or people directly.

    Fashion designing has become a lucrative business in Nigeria of late.

    How do you know that the fashion designing business is lucrative and profitable?

    Answer:

    How many wedding parties, naming ceremonies, and funeral events happen weekly in your town or city? The numbers are 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 design 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 he is 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 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, the cooking gas business can be in two forms; selling 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 had to drive down the neighborhood with an empty gas cylinder in the car so that 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 business line, be advised to take precautions very seriously. Use all the personal protective equipment – PPE required.

  3. POULTRY FARMING

    Poultry FARMING is widespread in Nigeria. But how many people that claim to be poultry farmers are doing it as a proper business?

    Most of them 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 love to breed chickens!

    Even as popular as the poultry farming business, there are still plenty of opportunities to exploit.

    Check out this fact!

    Nigeria consumes about a 1.5million metric tons of chicken annually. Sadly, we only produce about 450,000 metric tons 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

    When I was at 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 opened my eyes to the enormous untapped opportunity in the snail farming business. 

    That made me do a little survey. I went from bars to lounges, restaurants to bukas. I was asking simple questions.

    All answers I got made me realize that we have more demand for snail meat than what the few farmers produce.

    One lady told me she’d invest in the business if she saw any serious farmer willing to cut her a good deal. She’s a caterer!

    Of all businesses I mentioned in this article, the 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 they must eat good food!

    Although there are many restaurants around today, how many of them satisfy people’s wants?

    Many who eat out do it because they didn’t find a better option, from a dirty environment to inconsistent taste.

    Suppose you can build your local restaurant business by meeting a specific need of the people around you. 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 traditional 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.

    The restaurant business is no doubt lucrative in Nigeria.

    Bring some welcome innovation into your business and watch your income multiply.

  6. CATERING SERVICES

    Demand for catering services is on a high. 

    Gone are the times when neighbors gather to prepare ceremonial foods whenever one 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 many ‘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 huge capital to start it. It can be started on a meager budget.

  7. PARTY RENTAL SERVICES

    Throwing parties has become a 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 must acquire some equipment 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 warmer 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 homemakers. 

    Rental services and catering services can be combined.

    If you like to render rental services for people with events, I advise you to move close and socialize with event planners. They are your primary and most important customers!

  8. FURNITURE BUSINESS (SHOWROOM)

    Often, I drive past a road where many people do carpentry jobs.

    I see a lot of beautiful furniture lying 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 used authentic materials or just some artificial materials.

    I posed as a potential customer to check the materials. To my awe, they use quality materials. The texture of the leather they use is so comforting. 

    I wonder if these people can make sales for the price their products are worth. 

    Why do I have these thoughts? The furniture they design and make is beautiful, but they lack packaging. I doubt any wealthy or elite will stop by to 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 specific 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 massive 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 undoubtedly one of the few untapped businesses in Nigeria. 

  9. CHILD CARE – DAYCARE SERVICES

    Are you currently unemployed and staying home all day with nothing to do?

    Do you love to have children around you?

    Suppose one or both of the answers to the questions above is – YES! Then, daycare service is for your kind.

    Daycare service is one of the few lucrative businesses in Nigeria that you can start without capital.

    Yes – you read me right! You don’t need a single dime to start it as you can use the little space you have in your house.

    You can as well start as a nanny or a babysitter.

    This service is in high demand because many working-class parents 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 have become a lucrative business in Nigeria today.

    Also, viewing centers are more profitable because of cable TV’s high recurring subscription bill.

    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 to people.

    The essential tools you need to start this business are a space, television, generator, and a decoder. So, you won’t need to break the bank to start it up.

Final Words

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.

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 leg work to succeed in business.

You will need to know what has already been done by people and what they are leaving out undone, but it’s essential to be done. 

To be successful, you will have to improve on what people are already doing. You will have to bring some meaningful innovation into the industry.

Read Also: Best Online Businesses In Nigeria Anybody Can Do

IMPORTANT ADVICE

● Before adopting any of the business ideas named above, research which one can survive in your region, as not all 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.

Read Also: Best Selling Products on Jumia Nigeria Store

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.

We wish you the best of luck in your business endeavors!