1. Fast Food business – You need decent customer service, management skills and capital
in order to set up an eatery and make sure that everything runs professionally.
You can set out on your own and create your own brand, or buy in to an already
established business franchise, such as Mr. Biggs.
2. E-commerce – This is a very promising venture and the best thing is, you will
have all the tools and customers over the web. If you do not have the required
knowledge, you can collaborate with an established firm to operate your
e-commerce enterprise. Benefits are – Low start-up costs, changes can be made
instantly, the potential customer reach, and you can easily measure results
with cost effective online marketing.
3. Construction business – Business is booming in Nigeria, and so is our
population. To support this growth, Nigeria now has a booming construction and
housing sector. The range, type and size of projects are huge, so there are
plenty of opportunities depending on how much capital you can invest. If
managing a construction project isn’t for you, you can set yourself up as a
local dealer to supply building materials. The investment is not as huge, but
considerable investment will be required initially to buy and stock materials.
But you can be assured that there will be no shortage of business.
4. Hotel business – This is a goldmine industry if you can get it right, but the
competition in this sector is quite high. To launch and maintain your hotel you
will need a large amount of capital. It takes planning, patience and hard work to start a hotel
business. A high-level of customer service skills is also required to attract
new and returning visitors.
5. Kerosene Retail – You can set yourself up as a supplier to make your millions
quickly. Kerosene is used in most homes in Nigeria, and Africa due to
inconsistent power supply. This is one of the most lucrative business
opportunities in Nigeria. Entrepreneurs have been known to receive 100% returns
on their initial investment.
6. Rice farming – Is the most profitable area in Nigerian agriculture. Nigeria has
a low local production of rice, but an extremely high consumption rate, which
leads us to import the majority of our rice from overseas. Recent reforms in
the Nigerian agriculture sector have seen the government open up the sector for
more investments to support small, medium and large-scale farmers.
7. Haulage Services – Given the poor rail transport system in Nigeria, most of the
goods are shifted by road and this makes the haulage business in Nigeria
extremely lucrative.
8. Snail rearing – This is one of the business ideas in Nigeria that needs low
investment as snails require simple vegetation to eat, and they reproduce at an
alarming rate. You will need to invest in housing and protecting them, as
snails are delicate, and must retain their moisture to survive. There is not
much competition in the industry and you can enjoy making profits without many
challenges.
9. Car and Machinery Spare Parts – As Nigeria’s economy grows so does our manufacturing industry. This has driven a rapid increase for capital goods such as machinery, lubricants, spare parts, ball bearings and other mechanical goods and accessories. The key is to find a good supplier from abroad. UAE-based enterprises have emerged as the leading supplier of these goods to many countries in Africa.
9. Car and Machinery Spare Parts – As Nigeria’s economy grows so does our manufacturing industry. This has driven a rapid increase for capital goods such as machinery, lubricants, spare parts, ball bearings and other mechanical goods and accessories. The key is to find a good supplier from abroad. UAE-based enterprises have emerged as the leading supplier of these goods to many countries in Africa.
10. Poultry farming – This is big business, and you can begin with around 100 birds,
and build it into a large-scale enterprise within a short period of time. You
can make money from selling chicken eggs, or chickens for meat. This is a top
business startup idea.
11. Transport Business – Although a little messy at present, it is a profitable sector in
Nigeria and can help you make millions annually.
12. Fruit Juice Making – This is a capital-intensive business, but if you can manage the
funds you can grow as big as Chivita or La Carcella given how much Nigerians
love their fruit juice.
13. Tokunbo Trade – Business of second hand items in Nigeria is very lucrative and
many Nigerians want to spend as little as possible to buy second hand items
such as clothes instead of buying new ones.
14. Dry Cleaning & Laundry – Float a professional dry cleaning business and
keep your rates low and service quality quite high. This type of business is
especially profitable in a big city, or urbanized area.
15. Pure Water Production – Although this business needs some capital
investment, it can be worth your effort and money in the long run particularly
if you can manage pure water production and keep the quality intact over a long
time. Your options are to sell as sachet, bagged or bottled water.
16. Professional Car Wash – This can be a good business if you choose a
location like Lagos where you will be able to find a number of good cars.
17. Internet Business – You can provide fast Internet connection at affordable monthly
rates and manage it well enough to make tons of money.
18. Nursery and Primary School – There is a lack of good schools in the country
and you can set up high quality nurseries or primary schools to make millions.
19. Online Tech Support – You can easily set up an online tech support business and make a
lot of money within a year or two of your business launch. This is a simple
business and you do not have to be a tech expert to operate in this sector.
I’ve known people set up these types of businesses, and outsource the work to
tech professionals.
20. Furniture Business – A lot of profits await you in the buying and selling of
furniture. You do not have to be a carpenter to do this. You can simply contact
trustworthy carpenters in your area and arrange a steady supply of furniture
items to display in your showroom. This is a big scale enterprise due to the
fact that only a few people can afford imported designers.
All of these business
ideas have great potential, and the ability to help you generate millions, but
remember the success is in the planning, and your ability to execute your plan. There are some key elements that you
must assess before committing to
any business venture. Once you have all of these elements in place, you are
only a few steps away from business success.
Do you agree with my
list, and are there any other lucrative businesses that you can think of?
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