10 PROFITABLE BUSINESSES YOU CAN DO IN NIGERIA
Profitable Businesses in Nigeria: One of the greatest challenges of every entrepreneur in Nigeria is finding a profitable business to start. The goal of every businessman is to make a profit even in the midst of the pending social economic and political crisis. One of the major reasons that drive entrepreneurship in Nigeria is lack of jobs. So this forces many people down the path of entrepreneurship and starting off a business. With the recent innovations and technology, people have realized that good education, skills and determination is enough to make a successful business. Lots of other external factors that influence business some of which you don’t have control over.
But one important question on the lips of every entrepreneur or intending entrepreneur is what profitable businesses you can do in Nigeria. When we mean profitable business, we mean businesses that could stand the test of time, survive in the dwindling economy and still pay your bills.
Here are our top ten profitable Businesses in Nigeria.
- AGRICULTURE: Agriculture is one of the highest employers of labour world over. Agriculture doesn’t just provide jobs for people, it also provides food on the table and most importantly money in the pocket of everyone that engages in it. In Nigeria Agriculture is known as the new oil, everyone in the entire world eats food and the demand for food in the world is high and growing due to the ever increasing population in the world. Nigeria has a population of over a hundred and eighty million people that need foods every day, investing in agriculture is a very profitable business with the right practices and management agriculture can make you the next big thing.
You need to decide the kind of farm practice you want to engage in, they are plenty of farm practices you can engage in which includes: fish farming, pig farming, poultry farming, crop farming and so on. It will be wise to say agriculture is one of the most profitable business in Nigeria
- RESTAURANT: Let’s say running a restaurant is next to agriculture in the food supply chain because unlike running a farming, restaurant processes farm products into ready-made food for people to consume. In a very busy city like Nigeria, most people eat out you can leverage on that and start a restaurant in Nigeria. Restaurants are becoming smarter these days and they advertize their services online, they even offer to deliver to the client’s place of preference, earning them more clients who would patronize them for their services and of course their good food.
- LAUNDRY MART: Nigeria is a very busy country with most people going to work from Mondays to Friday, sometimes Saturday, doing your laundry wouldn’t be an option. Therefore there is a rise in the use of drycleaners due to busy to their busy and tight work schedule. So Instead they find laundry marts that would do the laundry for them. So thinking of starting a laundry mart is a good option especially when you are located in a very busy city where you can have access to a lot of working class who would need your service.
- CAR WASH BUSINESS: Nigeria is a big city with big cars and big men who drive them. With the over 11 million cars on the Nigerian roads, Trust someone’s got to wash them. It’s the dream of everyone in Nigeria to own at least one car. Having a car in Nigeria is a necessity. So for most people after a stressful day in traffic, there is little or no energy to wash the car. So the only option is to get a car wash station and pay for the service to be carried out. With the millions of cars out there it wouldn’t take so long for you to make a lot of money from owning a car wash business. Car wash business is a serious and very profitable one that doesn’t require much startup capital.
- INVESTING IN REAL ESTATE: Investing in Real estate is like finding goldmine and everyone needs a piece of this goldmine. One of the greatest necessity In life is a shelter or a roof over your head. Like the popular saying don’t wait and buy real estate, buy now and wait. Real estate and properties barely depreciate in value and even when it does, It is just a matter of time. There are different ways you can invest in real estate. You could buy different properties and rent them out to people who need them or buy these properties. Another option is to buy and wait until it appreciates then sells. Real estate is one major factor that drives every economy and it is known to have a high-profit rate and known to be profitable for life.
- TRANSPORTATION BUSINESS: At one point or the other every day, there is a need for people to move around the city. Getting into the business of transportation is a business that can never go extinct or out of fashion. You could decide to opt for the local transport medium like buses or otherwise venture into a more profitable one like the taxi, uber or Taxify agents. Transportation would always be very profitable as long as humans continue to move around. And if you are a fan of the popular “daily money” then the transport business offers you the chance to make money on a daily basis. You can decide to own a bus and or start a travelling company or partner with technology-driven taxi companies. Often times the only thing you will need to start a transportation business is your vehicle.
- WATER BOTTLING BUSINESS: Just like food water is very important for human existence. Don’t forget that water makes up over 70% of our body no wonder they often say water is life. An average human cannot do a day without drinking water. Setting up a water factory or a water producing company won’t be a bad idea. Water is one of the few commodities that have about 50% profit margin.
- SHOW BUSINESS AND MEDIA: Entertainment is big in Nigeria and it is part of our culture. People naturally want to be entertained and are looking for something new to get them engaged and entertained. Nigeria is currently the biggest media country in Africa with so many Television, Radio and Satellite stations. There are so many options to choose from when it comes to the media business. You could start a TV show, A record label, you could own a media company or even produce content and sell. It is indeed a very profitable business venture that has not been fully tapped.
- THRIFT BUSINESS: Most Nigerians cannot afford designers clothes which are always very expensive and beyond their income. People love good quality clothes that are neat and can still pass as new clothes and that is where thrift business comes in. Used fashion items such as clothes, shoes, bags and other items are in great demands because it still appears new and is very cheap. This business is very profitable because these mass clients would come back again in a few months for more, people love to look good and looking good is good business.
- MAKING FRESH DRINKS: We live in times where most people are now becoming more conscious of their health. Healthy living is getting more popular by the day. Due to several health-related issues, people are now more concerned about what they eat and drink. Healthy foods and drinks are now becoming more popular. You can invest in the smoothie and fresh juice business as there are a huge market and demand for it.
- E-COMMERCE BUSINESS: There is a popular saying in Nigeria that everything is going online. From Online Banking, online malls, Online stores, online hotel booking, online flight booking, ordering food online, online taxi booking etc. The list is endless
Any business can be profitable with the right mindset, skill sets, dedication and management. Therefore these business ideas would take a lot of learning, planning, patience and strategy to kick start and become successful. So don’t just venture into these businesses until you have done your feasibility study, research, background check etc.