What are the most profitable business in Nigeria?

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What are the most profitable business in Nigeria? I have some cash from a distant relation and looking to set up a small business in Nigeria. I just want ideas on businesses that I could do that would be profitable despite the economy situation of the country.

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Anan D 4 months 5 Answers 83 views 0

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    Some amongst the most profitable businesses in Nigeria are

    1. Oil and gas(oil and gas is very important to Nigeria and its one of the most profitable business in Nigeria but it takes a lot of money and high connection to set up the business).

    2. Fashion designing is also a good business that you can invest in….you can learn the skill or you can own a fashion skull or establishment and employ skilled designers then make your profit… It has a lot of profit because every body want to wear good clothes.

    3. Baking/catering is a nice business too, you can also learn the skill or own an establishment where you employ people…. It is a profitable business that is if you understands the people’s need in your environment… You can cook, bake cakes, small chops, etc.

    4. Sales of electronics

    5.Agricultural businesses like poultry, cattle rearing, snail farming, cassava farming, palm oils etc….

    6. Cyber cafe is another business especially when your shop is located in a student area.

    7. Hotel business.

    8. Production of water.

    9. Dry cleaning job

    10. Real Estate
    Buying and selling of lands, buildings of houses for people to rent and buy, etc.

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    While it is really hard to draw a conclusion on this, I believe, however, that there are so many lucrative businesses one can venture into in Nigeria and make good money.  Business in general depend on your managerial skills.

    Shockingly some of the businesses we neglect are the one that actually generate revenues. You will be shocked to find out how much a groundnut seller makes per day.

    Meanwhile a boutique owner is struggling to get one customer per day. Recently, I learned that some keke napep owners make more money daily than the average banker in Nigeria.

    The most profitable businesses in Nigeria are reserved for those with foresight, sometimes, you don’t even need to open a shop.

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    There are many profitable businesses in Nigeria.
    profitable business in Nigeria
    In the agricultural sector we have the production of raw materials for manufacturing industries.
    Raw materials like H2so4, Honey, Palm oil etc.

    Production of foods
    Every body require food on a daily basis. If you become a farmer for instance, you could feed the nations, or at least, feed a community. People will always eat no matter the economy, if you sale foods or food stuff, you will always have customers.

    The ICT sector which is not all that booming but is quite profitable and will pass as Nigeria’s economical power in the near future. You can also provide services by becoming a web designer, blogger or a graphic designer.

    We also have the hospitality section – the hotels and restaurants scattered all over the country. Hospitality business is booming in the country and could make you some good money if you know what to do.

    We also have the oil and gas sector which should actually come first in the list of “most profitable business in Nigeria. It is a MainStay of the country’s economy and funds about 50% of its budget .the oil and gas sector in Nigeria is growing everyday with the high demand of our liquefied natural gas which is one of the best in the world and with the ever-increasing population of the world you are sure to be in business for a long time because of the usefulness of the byproducts gotten from hydrocarbons.

    There are more than 400 other by-products of crude oil besides diesel and gas.

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    Most times, the most profitable business in my environment may be different from what is obtainable in your own environment. What is paying in my environment may not pay in your own environment.

    However, there are certain businesses that are lucrative in Nigeria at the moment.

    Before that, I have to reiterate my own business principle.

    The difference between a rich man and a poor man is information.

    Then there is motivation.

    Then connection.

    If you are not well connected, informed or motivated, you will not still make money from the best of business ideas.

    Also, there is nothing like “easy money”. Money obeys certain principles.

    Below are the most profitable businesses in Nigeria?

    1. Real Estate

    2. Restaurant Business (if you have good cooks, chef)

    3. Forex (buy and sell of cryptos, ask me about it!.)

    4. eComernce

    5. Fashion Business (if you have skill and discipline)

    6. Transport Business (Taxi drivers, Keke operator) [you need to be smart]

    7. Poultry Farming

    8. Fish Farming

    9. Blogging (If you are gifted)

    10. Snail Farming

     

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    I believe the answer to this question is relatively based on location and ones connection. what would work for MR A, might not work for Mr B and verse visa but businesses that would flourish in Nigeria irrespective of the state of the economic are :

    1. Agriculture

    2. Real Estate

    3. transport ( especially in Lagos state cause its over populated and just can not have enough buses ).

    Its very important to employ a very good manager because any business without proper management is headed for collapse.

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