Top 13 Most Lucrative Businesses in Nigeria 2022: With businesses providing their employees a fixed salary and the cost of goods and services continuing to rise, people are beginning to explore for new sources of income. Thus, establishing a business is critical.
Nigeria as a country facilitates economic transactions, and its population increases the rate of commerce, which, if done properly, can result in profit multiplication. Rather than slaving away in foreign countries as an immigrant or working twenty-two hours a day for pitiful wages, business is the next big thing in this country. In this essay, we will cover the highest paying businesses in Nigeria that require little capital to start.
Most Lucrative Businesses in Nigeria
The following is a list of the top 13 most lucrative businesses in Nigeria which one can engage:
1. Agriculture: Agriculture, without a doubt, is one of the top paying enterprises in Nigeria that requires little cash to start. It is Nigeria’s latest gold mine for millionaires, especially given that oil is no longer as lucrative as it once was.
Agriculture is a vast sector, and it is subdivided into various subsectors. Among them are the following:
Poultry farming is the science of chicken and bird raising. The majority of poultry producers raise chickens for their meat and eggs.
Cassava production: Cassava production for consumption or sale.
Horticulture is the practice of cultivating crops for ornamental purposes. According to Wikipedia, it is the cultivation of plants for the sake of food, materials, comfort, and beauty.
Crop production: this is a large category of agriculture that includes plantations of crops such as plantain, banana, and rice beans.
2. Blogging and search engine optimization: One of the issues we face in Nigeria is that practically everyone feels that persons who do internet enterprises are crooks. However, this is a big giant lie. You may be surprised to learn that internet businesses such as blogging and SEO are currently the most profitable in the world. I am not telling you this to pad the pages of this post; it is simply the truth. As a student, I’ve been blogging for a long time and make more than some of my lecturers.
Naturally, you should also keep in mind that blogging is not easy. It requires the same amount of work and dedication as any other business, but it pays well. Before you begin creating your own blog, I recommend that you view several informative and educational films about blogging and search engine optimization (SEO). Alternatively, you may read this lovely essay on how to create a blog and earn money here.
3. E-commerce business: Social media has made it easy to establish an e-commerce business without requiring a website or daily traffic in the billions. Today, you may advertise your goods or services and educate a large number of people about what you do by creating an Instagram page loaded with clean and original photographs of your product.
Additionally, in order to succeed in e-commerce in Nigeria, you must be able to establish trust between your business and the people. The majority of Nigerians are fearful of making online purchases due to the country’s high rate of fraud. However, if you are able to establish confidence, you will have no difficulty.
Additionally, it is critical that you study and comprehend how online buying works before beginning your own. Take a lesson from the major corporations and attempt to avoid their blunders. Believe me, if you follow these steps, you will be earning hundreds, if not millions, of dollars per month from your e-commerce business.
4. Pure water production: Today, the pure water sector is thriving and will continue to do so for a long period of time. This is due to our environment and temperature, as well as Nigeria’s growing population.
Additionally, it is critical to recognize that there are places in Nigeria that lack access to safe drinking water. As a result, the only source of clean water for them is pure water packaged in sachets or bottles.
To get started, the following conditions need be met:
a. Factory premises: this is the location of manufacturing and packing.
b. Water source: Boreholes are frequently used because they are clean and healthful.
c. Registration of the business: The business should be registered with NAFDAC. Additionally, they would enter the premises to verify that the location and water supply are suitable for business before providing their NAFDAC number.
d. Water treatment and packing equipment.
5. Gym business: Gym business is another developing industry that caters to overweight women trying to reclaim their bodies after childbirth and young individuals looking to bulk up and look fit. People will pay any price for results, which is where the gym comes in.
To own a gym, you do not need to be a personal trainer. You can always hire a trainer to assist you in training your consumers while earning money. Where it is effective, it will result in increased referrals and revenue. The critical point is to acquire modern gym equipment at an affordable price, as well as a competent personal trainer. One who is capable of empathizing with customers. It would be an added bonus if he appeared to be attractive.
6. Restaurant: As more individuals dine outside or purchase meals to eat at home, others order food services from restaurants and have it delivered to their offices or homes.
This is the norm in a century where the majority of people have so much work on their hands that they are either too lazy to cook, don’t know how to cook, or don’t see the point in cooking when dining outside is so convenient. This brings us full round to the restaurant/cooking industry.
The restaurant industry can be classified into three distinct segments: quick service restaurants, commonly known as fast food restaurants, midscale restaurants, and premium restaurants. The quick food restaurant specializes in fast cuisine, such as French fries, hamburgers, chicken, hot dogs, sandwiches, pizza, and seafood.
On the other hand, midscale restaurants deliver whole meals at an affordable price. Patrons can buy meals online and have it delivered to them, or they can order at the counter and have it served to them at their seat.
Finally, there is the Upscale dining establishment. These are the most costly restaurants on the scale, with the highest pricing. They do, however, offer full table service, which includes international cuisines and other interesting fare.
7. Transportation: This is the science of transferring people and property from one location to another using air, sea, road, rail, and other modes of transport such as automobiles, planes, and ships. Transportation businesses come in a variety of shapes and sizes. They are as follows:
a. Taxi service: this entails hiring a cab or driver to transfer you from point A to point B. Typically, the vehicles are owned by individuals who join the transportation business’s platform in order to use their vehicles for transportation while acting as driver/chauffeur. Customers’ money does not go straight to them. They are only compensated on a daily or weekly basis. These companies include Uber, Oma, and Oga Driver, all of which accept internet bookings.
b. Commercial bus services: This is a kind of transit that entails the transportation of passengers and their belongings. This could be on an intrastate or interstate basis. Operating a bus service requires registration with the proper bus labor union with the local government, as this is the only way to use your vehicle for commercial reasons on the road.
c. Airline business: this kind of travel entails the use of airplanes, helicopters, or jets to move passengers from one location to another via air. It is a capital-intensive business, but so is profit.
8. Property investment: this entails purchasing land, properties, primarily buildings, and reselling them after a period of time, during which the value should have increased significantly. This company requires extensive research and the assistance of knowledgeable brokers who can assist in the search for suitable properties or land in desirable places. One who is expected to gain in value over a short period of time.
9. Mobile phone repairs: To begin, one must have a working knowledge of phone repair and a laptop. You can learn it as a vocation, most likely from a phone repairer for up to a year.
You will not always have the components necessary to fix the phone, and it is critical for you to develop positive relationships with phone accessory dealers, as well as with your clients, for referrals and even patronage.
Finally, a good location and advertising can help promote your firm significantly.
10. Mobile car wash: with the increasing pace at which people purchase automobiles and the decreasing amount of time they have due to work and stress, car washes are the next place people go to wash their cars. As a result, car cleaning services are a highly profitable company in Nigeria.
However, when it is a mobile vehicle wash, it becomes extremely profitable. That is, your customers are not required to drive to your location to get their car washed. All they have to do is book washing services online or call you, and the service will be delivered to their house.
11. Car rental services: Cars are a need. However, not everyone has a car but wishes to transport themselves or their goods. Car rentals entail the rental of autos to individuals for a specified period of time. It could be daily or weekly, or simply a few hours. However, the car must be returned by the period specified in the contract; failing to do so may result in a lawsuit against the person who hired it.
Typically, cars are returned to the location from which they were rented or to another office of the car rental company that is closer to the hiree.
To begin a car rental business, it is critical to acquire attractive and functional vehicles. This also relies on the nature of the services you wish to provide. Whether it’s a luxury item or not. Choose a vehicle that is appropriate for your target market.
Additionally, hire a competent driver. This means that you would need to conduct extensive investigation on the drivers before entrusting them with your vehicle, as many of them are dubious and witty. Additionally, it is critical to ensure that your driver and mechanic are not acquainted. To maintain professionalism, register the business and advertise.
12. Ice block manufacture and sale: Due to our environment and the fact that certain areas lack access to electricity, this is a very successful industry. All that is required is an ice block maker or a functional freezer, as well as access to water and electricity.
The ice block can be used to preserve food and to cool liquids. Typically, this is accomplished by placing the drinks in a cooler along with the ice block and letting the magic happen.
13. Real estate investing: Real estate investing is a lucrative industry that anyone may begin. What makes it even more intriguing is that it requires very little capital to get started. It is, however, a long-term investment.
Nigerian real estate is flourishing at the moment. I recall a guy at my school who began his career as a student agent. Today, he owns a sizable real estate portfolio in Lagos. The irony is that many people believe they cannot enter real estate because they lack the financial means to purchase large houses or property. That is the area that garners the greatest attention, however it is only a portion of real estate.
Consider those who began as agents. Indeed, you are not even need to purchase pricey land. A price of N200,000 can get you a piece of rural land. With time, I’m sure you’ll resell it for millions.
In conclusion, the majority of lucrative firms do not require a great deal of capital or stress. The critical point is to choose a path and follow it all the way to the top. The critical elements required are constancy, diligence, and sound advise from knowledgeable individuals.