EMERGING BUSINESS OPPORTUNITIES IN NIGERIA – SMALL BUSINESS IDEAS
The truth is that several lucrative business ideas in Nigeria exist ranging from agricultural business ideas to real estate investment opportunities which are unarguably on the top of the list of thriving businesses considering today’s economy. Do you want to start a lucrative business with small capital?
Then you should look through my list of farming business opportunities. You don’t need to worry yourself about the issue of a huge capital startup as there are many small businesses with low capital to start that are available for investment.
Just read on as I take you through some of the good businesses to get into and investment opportunities available to us as well as their peculiar challenges.
List of Business Opportunities in Nigeria – 10 Most Thriving Businesses
What type of business can I do in Nigeria?
The reason why citizens of other countries still come here not minding our security climate and myriads of challenges and problems associated with small-scale businesses today. It is because lots of these foreigners can see what we are blind to – list of fast-growing businesses.
Many Nigerians are blind to the fact that every challenge around them provide an avenue to generate lucrative small-scale business opportunities for investment. Your capacity to provide solutions to public problems especially in a developing country like ours is a key to a financial breakthrough.
After checking around, coupled with my experience as a business consultant over the years, I have finally compiled some of the most lucrative investment opportunities open to us.
Below is an updated list of profitable small businesses anyone can start.
Best 10 Lucrative Business Opportunities In Nigeria
1. ==> Providing Security: Setting up a security firm is a profitable business. We have come to conclude that everyone should be responsible for the preservation of his life and property so it is not surprising to see people set up security outfits which supply security personnel to man estates, as bodyguards for wealthy individuals, security guards for banks and big companies as well as providing security during event is a lucrative business idea.
2. ==> Sales Of Steel Rods, Cement And Other Building Materials: Buying and selling cement and other building materials ranging from tiles, WC bowls, roofing sheets, metal doors, re-reinforcements, asbestos among others is a very lucrative investment if you look at the number of new building projects going on across the country on a daily basis.
I have two colleagues who are constantly making millions from this profitable enterprise. You can’t talk about When you thriving businesses in this economy without making any reference to the booming business of buying and selling building materials.
3. ==> Real Estate Business: One way to become rich within a very short time is to go into the business of landed and housing properties. This lucrative business of buying and selling landed and housing properties is a money spinner I will always recommend to people who have the capital but are confused about the best business to invest.
A lot of people just stock up money in different accounts without any concrete move towards entrepreneurship. Real estate investment is capital intensive but you can go into partnership with other investors to build low and high-cost accommodation units, student hostels, hotels, shopping malls and event center is one of the easiest way to make it big from one of man’s basic need, ‘shelter’
4. ==> Restaurant Business: Canteen business is another hot business that moves fast right now. This good business is one that makes a lot of money on a daily business considering the fact that food is not a luxury. If you can get your business location right, and you are equipped with the necessary skills, you will generate lots of wealth from this hot business idea.
5. ==> Internet Business: Many people, even students make millions monthly off the internet legitimately. Talk of prominent bloggers like Abe of practical business ideas and Linda of LindaIkeji as well as big online stores like Konga and Jumia. Online Business is unarguably one of the most profitable small scale business in Nigeria with low capital today that Nigerian students and youth make money with.
Tapping into the huge population which is one of the country’s asset, a lot of web entrepreneurs make cool dollars offering services affiliate marketing, information marketing, Bulk SMS services, payment exchange, web design and development, SEO etc.
6. ==> Small Scale Production: Need profitable businesses a pregnant mother can do at home in Nigeria? Another powerful item on this list of hot business ideas is cosmetics and fashion accessories production. After a fruitless search for a job, many graduates have discovered solid wealth in the production of toothpick, chalk, candle, soap, shampoo, paint, air freshener, bleach, insecticide, and other household items. These are some good businesses you can start after you close from work
It is worthy to note that although you can start the manufacture of some of these products with as little capital as N5000, your success hangs on how effective your packaging and marketing is. This is one of the thriving home businesses for now.
7. ==> Livestock Farming: Raising livestock for money is a sure floodgate to riches. Poultry farming and fish farming business top the list of these profitable business ventures. This is due to the recent ban by the government on the importation of frozen fish and poultry products consequently making supply unable to meet the demand.
Piggery, goat farming, rabbit farming, snail farming, cattle farming, grasscutter farming are other areas of this lucrative business idea you can invest in.
8. ==> Recruitment Firm: With currently over five million unemployed youth and the teeming population of new graduates joining them year in year out, most companies have resorted to contracting out their recruitment process.
Many of them are not ready to go through the stress of recruitment exercise, neither are they interested in recruiting permanent staff. This has made supplying contract staff to these companies a lucrative investment as you can also provide CV rewriting and staff training services.
9. ==> Transport And Haulage Business: For people who have time on their hands to manage this business, transportation business is one of the most lucrative business. Whether inter or intra-state, transportation business is one of the most profitable business to start. You’ll discover that most investors recover their initial capital within a few months.
Getting sound, fuel-efficient vehicles and reliable drivers is key to the success of haulage business. Although it is management-intensive, haulage of goods and petroleum businesses a good investment idea. What some people do is buy a sound truck and contract it out to a haulage and logistics company for weekly or monthly returns.
10. ==> Plantation Farming: Plantation farming is definitely one of the best small scale business opportunities because of the steady source of income that it gives most farmers. Today, there are several money-making cash crops that you can plant and sell the products on a yearly basis for huge returns.
If you are thinking of starting a plantation farm, you’ll need to buy a farmland that is accessible and start the cultivation of plantain, cocoa, cassava, oil palm, kola nut and other crops.
HOT LUCRATIVE BUSINESS IDEAS IN NIGERIA DURING RECESSION
Spare Parts Importation: With the right connection, one of the best businesses to start in Nigeria is importing cars and spare parts in containers. The quality of roads and poor maintenance culture ensure that your business keeps moving as a lot of people have reasons to replace a bad part of their vehicle periodically. Note that dollar exchange rates can affect this easy-to-start business.
Start a Private School: Setting up premium, high-grade nursery and primary schools is another profitable business ideas. A lot of people find it comfortable sending their wards to privately owned primary and secondary schools as opposed to government schools for obvious reasons.
Dry Cleaning Business: If you live in an elite environment, you can start a dry cleaning business. Try to keep your rate on the low side and sure that the quality of your work is superb and you will have reasons to smile to the bank every week.
Sales of Kerosene:
Are you looking for lucrative business ideas with low investment? One way to make cool money in oil and gas is to go into the business of retailing kerosene. The consistent power issues in the country and across Africa made this item a must for many homes, thereby turning Kerosene suppliers that play their cards right into millionaires.
Importation of Secondhand (Okrika) Shoes and Bags: Dear, in this country there is a popular belief that used materials last longer than new ones. Besides, the economic climate forces people to patronize the cheapest options for their basic amenities.
Although government policy does not favor most importation businesses any longer, you are sure of recouping your investment from this fast-growing business within a short time. Sales of Okrika wears is a lucrative business idea in Nigeria with small capital.
Car Wash Business: Location is key to the success of this thriving business. If you can get a place in your town that is conspicuous and usually busy, it is a good site for starting a car wash. Care wash is one of the businesses with high returns. You can start adding other ventures to this simple viable business as it expands.
Sachet Water Production and Distribution: Do you have a well-sized capital? You can go into these hot business ideas during a recession by producing pure water and marketing it by setting up a manufacturing plant. The major challenge is getting your marketing right, reducing the cost of power and ensuring that quality does not diminish over time.
Another low investment side to this business is selling the bags and sachets directly to consumers. Retailing pure water is one low-cost business to start with 10000 Naira.
This compilation is a list of small-scale businesses in Nigeria that will help stimulate your entrepreneurial spirit. Well, I’m not trying to force on your the best business to do, but rather providing as many options of viable businesses as possible for you to choose from.
If you are already in any of these investment ideas or making plans for starting one, why don’t you share your views or ask a question using the comment box below?
I believe you care about others so let them benefit from these new small scale business ideas in Nigeria with little capital, Show some love, share this post.
Most Profitable Small Business Opportunities in Nigeria
If you have decided that you want to own a small scale business in Nigeria, you are probably very excited about entering the world of commerce with something that you can call your own. Perhaps you want to supplement your salary or are looking for ways to earn additional money during your retirement.
You can start a small scale business today with so many tools available to you than it was in past times.
Why Small-Scale Business?
There are a number of reasons that many people choose to think about owning a business on a small scale. There certainly are lifestyle justifications for such a decision. Here are a few of the most common of those:
• The stress of managing employees, you never have to worry about meeting payroll commitments.
• Required record keeping can be less intimidating without having to worry about employee liability, workman’s compensation, taxes etc.
• A smaller business can be set up with far simpler structures that are available to large businesses. Some people in Nigeria just decide that they want to run their business as a “sole proprietor,” while others choose to organize a single owner limited liability company (L.L.C.). Both of those options have fewer restrictions than registering as one of the several types of corporations.
In most cases, a small scale business requires less startup capital and will have lower operating costs in the beginning.
In this article, I want to share with you some various small scale business ideas in Nigeria. I have come across recently many small businesses that you can do as a full-time or part-time business and that will be a great new source of income for you and your family.
List of Fast Growing Small Scale Businesses and Opportunities in Nigeria
If you are knowledgeable in a particular field of study, you can become a coach. It is a two-way thing; you can choose to become a certified coach so that you can host hosting paid seminars where you can be issuing a certificate to the participant or you can just choose to coach people in your home or office.
Starting a coaching business is a very low-cost business idea. Education has never at any time experience recession and this is where you belong as a coach in your niche.
If you are knowledgeable and can produce results for your clients, you can earn good amount of money from this small-scale business. The areas where coaches are earning big sum of money in Nigeria are in the areas of business coaching, personal finance, investing, relationship, marriage, weight loss, and branding.
If you are good in any of the fields I just mentioned above, then you can begin to get yourself prepared to rake in enough money in 2018.
2. Hobby Center
One small-scale business in Nigeria you can venture into is the business of operating a hobby center. You can open a hobby center where you can be offering different courses like a ballet dance, music class, drama, making of crafts etc.
You need to have knowledge of all these skills to be successful in this business. You can choose to hire an assistant just in case the student becomes too much for one person to handle.
The demand for outdoor catering services will continue to increase as far as people continue to host outdoor events like marriage reception, birthday parties, burial ceremonies, get-together etc.
This is a lucrative business because no matter what, people must eat and drink in any outdoor event.
This is another lucrative small-scale business idea in Nigeria. This business does not involve any much advertising at all. There will always be a ceremony and you know people don’t buy this equipment, they always rent.
If you want to check if this business is productive, you can ask people that already into the business for them to tell themselves. The only challenge in this business is that it involves a large amount of money to start.
You have to buy lots of plastic chairs, canopies, tables and also a vehicle that will help transport the properties to the venue where it is needed.
This is also another lucrative business in Nigeria that is small scale. You will need sewing experience first. That means you will have to be trained by a professional as a fashion designer before you can boldly go and open your own store.
Have it in mind that you will also need money for your freedom, buying of your own sewing machine, register with fashion designers association nearest to you, and renting of your store.
Between one to two years of running your business, you will start making your money as you begin to build a lasting relationship with existing and new customers.
If you have love trading from the beginning, you can open a mini supermarket in your location or any good location of your choice and begin your business. This business is more like a provision store but it is more advanced because you stock almost everything your customers will ever ask for.
You can be selling stationery products to anything you need are always on sale in a mini supermarket. There is a woman in my area who has this kind of business. There is no time you won’t see someone buying something from her mini market.
Today, she has bought a car from the income she saved from the business. You too can! This is one of the best businesses to do in Nigeria right now
One best business idea is in the food business. You can specialize in the bakery business and be popularly known for it. You can be baking cake, bread, meat pie and others to sell in either wholesale or retail packages.
Your products need to be unique to achieve success in these business ideas in Nigeria. Your customers are school students, your neighbors, children department in church and everybody having the taste for wheat food.
Small Business Ideas In Nigeria and Profitable Investment Opportunities to Start
Are you looking for lucrative and profitable business ideas in Nigeria ideas? If YES, here are some top notch and comfortable business ideas and investment opportunities you can capitalize on and make massive profits in just a very little period of its establishment. Do you need a sample business proposal for a viable small scale business in this economic recession?
Starting a lucrative small business in Nigeria with small capital and growing it into success requires lots of dedication, determination and careful planning. In my previous posts, I have highlighted how to start a profitable small business in Nigeria.
If you research into the startup stories of many big companies today, you would discover that many of them started from the scratch faced with several challenges.
As an entrepreneur who is on the Mission to venture into a business or better still, want to extend his wing and enlarge his business coast, here are a few outdoor and home business ideas in Nigeria that doesn’t required you much analysis on the legal requirements, or the market feasibility and all other vital things it takes to kick start a business in your locality.
Although, entrepreneurs couldn’t help but complain about the heavy taxes and other levies they are subjected to pay, but yet, it is on the contrary better than running a business in other part of the world. The gap is very wide.So what are the best businesses to do in Nigeria today?
Everyday, many Nigerians search for small investment opportunities to start with no money. They keep looking for lucrative business in Nigeria with small capital. Do you have little money but no feasible business idea to start with? The truth is there are many business opportunities available for investment.
Whether you are planning to start up a Nigerian business ideas already adapted to this economic climate or looking for franchises to buy, in this post, I will be revealing the most profitable small business and lucrative investment ideas. Dedication, putting in extra efforts and partnering with the right set of people are some key secret of successful business that moves fast in Nigeria. Do you know there are good business ideas for students in Nigeria for secondary and university levels?
Here are however some lucrative and profitable business ideas in Nigeria you can consider;
1. Restaurant Business
This is an interesting business idea, this business had for a long time always been on the go. This implies that restaurant business in Nigeria doesn’t run out of fashion. If you are a great cook and wouldn’t mind to start a business, why don’t you start a restaurant business this once.
Mind you, you will need to carry out some necessary steps before you can actually start the business.
Steps like looking for a commercial location that will aid people to easily patronize your business, registering and doing some paperwork to obtain license from NAFDAC so that you wouldn’t be disturbed by the government or its agency.
2. Raw Food Stuff Store
Raw food stuff store is a profitable business that can cash in good returns on your investment. Food stuff like rice, beans, wheat, semolina, garri and host of others are what is expected to be sold inside the store.
Obviously, unlike Nigeria foreign counterparts, more than average Nigerians love and prefer to eat homemade foods to the fast foods, hence, your chance to succeed in this business is very high.
3. Bakery Business
This is another fascinating business opportunity in Nigeria. People around the globe enjoy eating baked things which Nigerians are no exception. Baking all sorts of flour foods for money is a safe business you can invest on in Nigeria and earn a lot of profit hitch-free.
Ensure you gather all the necessary information that requires you to have before venturing into the business. Meet with those that are making it in the bakery industry for other things you will be in need of along the line.
In case you don’t have the experience and what it means to bake, you can invest on the business and find someone to look after it, or better still, you can go to a school where bakery services are being offered.
4. Haulage and Logistics Business
This business had proved itself over short period of time to be a lucrative and profitable business. Companies needs to move their products from their store house to place where it is needed. You can seize this opportunity and be the problem solver to this by venturing into a haulage and logistics and/or transport business.
Before you kick start, it is ideal you determine whether the business will only be rendering an interstate service or just an ordinary intra-state shuttle service provider.
5. Farming and other Agriculture Business
Apparently, the federal government of Nigeria is putting in her best to diversify into agriculture and as a result of this, farming and other agricultural related businesses cannot be over emphasized, today.
If you are the type that the idea of capitalizing on a commercial farming business really goes down very well with, then you could kick start any agriculture related business in Nigeria. Doing this business, your chance of earning a potential and steady income year round is very enormous.
Agricultural business like poultry rearing (of different species of birds), fish pond, cattle rearing, crops farming amongst other are business ideas that can be ventured into by anyone irrespective of the state or position.
Starting a poultry farm, fish pond, crop farming might appear very simple and easy to you but venturing into it as a business is something totally different. This implies that you are not only a fish or chicken farmer but also an entrepreneur on your own.
6. Dry Cleaning Business
This is another fastest growing business idea in Nigeria. Quite a huge numbers of people have done pretty well in the business and still up to the moment doing very well in it. Not every Nigerian are too overwhelmed to do washing themselves and some are; but do not have the time. Therefore, you may like to look into this profitable dry cleaning business idea in Nigeria.
7. Car Wash Business
If you are an entrepreneur with limited funds, you can venture into this side business idea in Nigeria and make money for yourself. The possibility of making it is so broad because most car owners don’t have the time and energy to wash their car.
They just prefer visiting a car wash service center and get their car wash while they chill with drinks and watch TV.
What you need to start this business is just to get a good location for the business, good washing equipment, car wash detergent and manpower to make work faster so customers won’t be waiting for you.
8. Cosmetics Business
If you have passion for beauty, then starting a cosmetics business in Nigeria is one of your sure bet.
To do really well in cosmetic business, it’s advisable you engage in a thorough research. This is important because you will learn new things about the business (i.e. cosmetics industry) that will interest you and help your business.
9. Tailoring Business
If you are the type that have an eye for fashion, you can delve into tailoring business as it is one profitable fashion business in Nigeria. Have it in mind that you have to have the necessary skill and knowledge of the business before venturing into it.
You should first go and learn from a successful tailor. You are not just there to learn the skill but to learn the business aspect of it too.
10. Clothing Store or Boutique Business
The boutique industry is made up of retail stores- small, medium or big that sells limited range and variety of clothing and accessories. This business idea is profitable and reliable.
In spite of the hardship, high dollar to naira exchange rate and economy crunch that loom Nigeria, people are keeping it real and couldn’t just help but to look good. You can however capitalize on this and start a boutique business and earn massive money in few time.
LIST OF NEW SMALL BUSINESS OPPORTUNITIES TO START IN NIGERIA
Here are the most successful small businesses in Nigeria. These are new business ideas during recession and have been categorised into industries and sectors for easier access.
Best Profitable Small Scale Agriculture Business Ideas
Here are some of the best lucrative agricultural businesses
1. Fish farming business
2. Broiler and layers farming
3. Snail farming business
4. Starting a pig farm
4. Dog breeding and sales
5. Open a veterinary / pet shop
6. Livestock feed sales and milling business
7. Processing of maize, rice, palm oil, cassava, rubber, cotton etc
8. Cultivating vegetables
9. Starting a poultry farm
General Lucrative Business Ideas
9. Haulage business
10. Starting a rental service business and
11. Okada and Keke Napep hired purchase
12. Event planning, cake baking and decoration business
13. Cement business
14. Ice block and frozen food business
15. Mortuary and ambulance service business
Successful Business Ideas In Education
16. Setting up a tutorial centre and private coach classes
17. Providing catering services to schools
18. Daycare center and nanny services
19. Establishing self empowerment centres for corpers and graduates
20. Selling past exam questions and cbt softwares
21. Starting a private school or computer training institute
Computer And Technology-related Business
22. Make money from sales and repair of PC and its accessories
23. Mobile phone sales, repairs and charging business
24. Development of mobile and web applications
25. Graphic design and printing business
26. SIM card replacement and mobile money agents
27. Recharge card reselling business
28. Android games development
Profitable Small Production Business
29. Custard production
30. Paint making
31. Making Ankara accessories, beads and wireworks
32. Body cream and liquid soap production business
33. Producing Izal, Dettol and other disinfectants
Internet-Based Business Ideas
Online businesses to make money online in Nigeria include:
35. Email and affiliate marketing
36. Forex trading
37. Blog set up and customization services
38. Website and domain name flipping
39. BulkSMS, SEO and article writing services
40. Reselling services on Fiverr
Finally, I expect you have been provided with various investment options that will help you pick a successful business to start in Nigeria. This list is not exhaustive as there are many other successful small businesses that is open to investment for any serious entrepreneur in Nigeria. You will also see some thriving home businesses in Nigeria on this list.
All the best as you start any of these successful small business ideas listed above.
Practical Steps To Doing Business In Nigeria
Before you start doing business in Nigeria, its essential for you to be on the caution when you are contributing your cash. While there are some incredible business ideas you can consider, understand that without doing any proper investigation on them, you could lose all when doing business in Nigeria. The exact opposite is what you need to lose each penny you contribute in doing business in Nigeria. Here are some practical tips when you are attempting to start doing business in Nigeria.
Real Estate business is a wise decision for any individual who is planning to start doing business in Nigeria. This is particularly booming in today’s business sector when we consider that the economy meltdown has not influenced the real estate like different commercial enterprises. Since Nigeria is often faced with difficulties of providing housing to her teeming population, the value of land and housing properties continues increasing in value. This indicates that in the event that you have the capital to start doing this business, you could do exceptionally well in this lucrative business opportunity. Nonetheless, you ought to know that this sort of investment requires gigantic capital and doing business in Nigeria needs a lot of planning and know-how. You may consider partnering with other investors with similar goals and dreams to increase your capital in doing this business in Nigeria.
Stock market Investment opportunity is a venture that many Nigerians favour in doing business in Nigeria, yet in the course of the last few years, numerous people staying far from it. This is a direct result of the late loss of cash from stocks by investors.
On the other hand, there are still some incredible open doors for you to profit in doing business in Nigeria. At the same time before you take the risk, do your business survey and get consultancy services. Since there is so much to learn in doing business in Nigeria, you could undoubtedly end up bankrupted without an expert at your side.
Another lucrative opportunities in doing business in Nigeria is Forex exchanging. The remote trade business includes exchanging foreign currency. Case in point, you put resources into foreign currency, for example, the Dollar and the Euro. At the point when one value goes down and alternate goes up, you could make an exchange and make profit from the exchange. In doing this business, there are risk attached, however you could be successful by doing research on the nations and following business news.
The above are only three ventures out the the numerous ideas in doing business in Nigeria. Each one has it advantages and risks. How Do you know which investment to choose in doing business in Nigeria? You essentially need to put forth a couple of questions first. One is to what extent would you be able to tie up your cash? An alternate viewpoint is the amount cash would you say you are eager to risk? Taking all these into account, the individuals who make true riches don’t search for fast money. Yet, in the event that invest wisely in real estate, Forex or stock exchange, you are certain of making great riches when doing business in Nigeria.
Problems and Challenges of Doing Business in Nigeria
1. Absence of Infrastructure
2. Poor Power Supply
3. Deficient Security
4. Conflicting Government Policies
5. Transportation Challenges
6. Inability to Raise Capital
7. Absence of Governmental Support
Taking everything into account, this is my layout of the regional difficulties you will confront when you begin a business in Nigeria. I highlighted these difficulties not to demoralize you but to help you plan ahead of time in light of the fact that he who is readied has half won the fight.
Finally, the above hot business ideas in Nigeria are reliable and profitable business that worth capitalizing on. Therefore, do take your time to pick one or two that interest you and take action now.
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Oluwamayowa holds an MBA degree from Obafemi Awolowo University.
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