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Living and growing up in Nigeria has shown and taught me a lot of things, and one of them being the fact that Nigeria is a great nation.
Nigeria is home to over 200 million people, to become the most populous nation in Africa and third, in the world, it has also been discovered that almost 70% of the total Nigerian population are youths below the age of 40, this has made the Nigerian population the most versatile and led to developing the strongest economy in Africa, sadly the glory days are going down the drain with the effect of bad governance in place, all hopes seem to be lost, the economy seems to be a rigid one only allowing very few business niches to participate in the development of the economy.
Bad governance in place has crippled over 90% of the economy and caused Nigeria to fall below the developing nation standard.
According to Google search engine, it has been discovered that less than 15 million Nigerians have access to the internet, and this has caused innovation in the country to continue to slide.
I am not pessimistic by writing all these, but I am also optimistic that despite all these challenges, Nigeria will be great again, so prepare to face challenges when starting a business here in Nigeria, you might not have access to credit facilities like you imagine or even a target market just like you planned.
This article would guide you on specific money-making and lucrative business ideas to start now in Nigeria.
Why You Should Start A Business In Nigeria.
Most people are afraid to start a business in Nigeria for the fear of the unknown, major questions that they often ask is,
Who will buy my products?, I don’t have money to start a business and so on.
This is a normal thing to say, but let me say to you that any business you decide to start is your for life and nothing can ever take it from you, it is better to own a business than to mind someone business.
Here are some very few reasons why you should start a business here in Nigeria.
1. Underemployment is Killing Raging the Nigerian economy.
To be honest with you as a Nigerian trying to hustle there is one thing that I can tell you for sure, and that is the fact that you can never find a very good job here in Nigeria and even if you do it comes with sacrifices that will make you lose yourself in the end.
The best thing to do is to start a business right now, no matter how small.
2. You have enough time for yourself.
One thing about working in Nigeria is that everything that makes you is taken from you and that includes your time.
Time is very precious and when it was taken from you, it can never be recovered, even if you enter fry fasting and prayers it is gone forever.
You have to be very smart to plan your time carefully so as not to be carried away.
Third world nations like the United States pay people wages based in their time, but here in Nigeria, labour is abused, a black man wants to take everything from you to run his/her business.
To be honest with you, I faced this a lot and I don’t pray that even my enemy should do also.
Life is meant to be enjoyed and not to be managed.
Most Lucrative Business In Nigeria
Here are the top 18 lucrative business in Nigeria you can venture into with as low as 100k.
1. Game Centers.
When I was a kid I spent a lot of my time in Game centres because I loved computers a lot.
Young people and Adult want to have fun all the way, and one way they catch fun is by playing games.
Games like Play station, X -box 360 can be bought and offered as a service in your various locality.
You have to be very careful with the pricing so as the kids don’t end up stealing cash from their parents to satisfy their lust for games
2. Branding – Sales and Customizing of Sports Jersey.
Football team supporters always want to show how much they’re rooting for a team, you can become a major branding expert in customizing their sport jersey
3. Real Estate.
Real estate is becoming very big and a huge industry in Nigeria with over a 100+ real estate development companies presently existing.
You can become a real estate consultant and earn a commission based on sales you make.
There are various real estate groups for you to join, Here is an article wrote deeply in real estate.
Here is an article I recommend you read to help you get started with real estate business.
4. Soap making business.
Soap making business is another very lucrative business, especially when packaged well.
Various companies are willing to pay your fortune to produce good soap for them especially detergent.
5. Perfume production business.
I know of a friend who produces perfume and is currently doing very well. Not every Nigerian can afford foreign perfume. you can start your perfume production today especially if it has a very good scent.
6. Jewellery production business.
Local jewellery like beads, necklace fancy head ties can be produced at very little or no cost and marketed at very good prices.
If you agree with me Network marketing has become increasingly popular with brands like Longrich, Forever living products have all created platforms for everyone to make money by selling their products and bringing people along with you.
you can start your Network marketing business at little or no cost at all and begin to build your network.
You can read my article on network marketing.
- 10+ Top Network Marketing Company you Should Join In 2020
- How To Join Forever Living Product And Make Money In 2020
8. Uber/ Opay driving.
With 100k you can get a drivers licence and begin driving an Under even without having a car.
Some so many people lend their cars for Uber Drivers. There are a lot of them around, Make sure to network with them.
9. Hairstyling Business
Do you have the abilities to style hair you can make enough money from it from offering home services?
You don’t necessarily need to have a shop, you can be all mobile. The internet is your friend. make sure to go through this guide till the end, I have a package that would set you free for life.
10. Nanny services.
Some so many young ladies are willing to give up their kids for proper care and are ready to pay you for it.
Very good business if you have a passion for Kids. you can start with your home, get toys, television and children learning aid materials.
11. Computer and phone repair services.
There are very few out of the entire Nigerian population without a computer or a phone or any form of tech gadget.
These tech gadgets are likely to get damaged or need replacement, so therefore a problem arises and a solution is needed.
I strongly recommend that you check out this article on mini importation guide.
12. Disk Jockey.
Are you a young individual full of life and enthusiasm you can begin earning money as a disk jockey starting with your locality within your friends and family.
Various people are willing to pay for your services. All you need to start a Disk Jockey business is a Laptop and some speakers.
You can decide to outsource speakers if you have an event
13. Life / Business Coach.
Do you have an idea about building and developing new and existing businesses ?.
Do you have a passion for people and development ?. Becoming a life coach is not bad at all, there many various persons willing to pay you for proper consultations.
Social media is a very wonderful place to begin as a life/business coach. You can also leverage church events and schools.
14. Sports Betting Agent
Sports betting is becoming increasingly popular in Nigeria, according to Alexa sport betting websites have become the most visited in Nigeria with over 30 million visits daily. Various sport bet companies recruit agents to represent them nationwide and get paid in very high commission.
15. Bedspread /Bedding’s Production.
We have still had Nigerian who believes in Nigerian made products and don’t care to reward you for very good services rendered.
With just less than a 100 K you can get materials for bedding and begin sewing bedding and bedspread then brand and resell.
16. Mini Importation.
Yes, Africa is a major market for furnished products and majorly tech gadgets, you can pick up products you are yet to see in Nigeria, Buy them for cheaper prices and sell here a list of them you can get are
- Men Shoes
- Kitchen Utensils.
- Phone Accessories
- Tech Gadgets.
Foreign tech companies always find it very easy to manoeuvre the African market for sales. Tech gadgets like phones, ear pads, the power bank can be bought directly from the manufacturer at very cheap prices and sold here at custom retail prices.
Starting this business is not very stressful at all, you just need to get in touch with major suppliers in your location or country.
You can as well shop directly from the country of the manufacturer. If you are talking tech you should think no other country than China. All American tech and gadgets are designed in China even to the famous Apple inc. All tech packaging and refurbishing take places in China.
If you intend buying from a confidential manufacturer, China is the best option. There are a whole lot of ways and option to get around this. Shopping from E-commerce platforms like
Tech gadgets can be bought at extremely low prices and sold for huge profits in your local market. Double profits can be generated as well.
Simply visit these website mentioned above. Delivery takes about a month or two, depending on the type of order.
Payment is usually made through an online processor provided by the platform, so don’t think you can do the payment on delivery.
Do your product sourcing, add them to your wish list and prepare a credit card to purchase whatever you might have carted for purchase.
Here is an article on Mini importation, its very deep and explanatory.
17. Creating A Website/Blog.
If you have tons of knowledge or you have a gift in writing articles or contents, this might be a better option for you.
All you need to start earning from your website is just a google account and unique content written on any topic of your strength.
To learn more on blogging, kindly click the link below to get started with blogging and make money.
18. Agro-Packaging And Distribution.
Africa and Nigeria at large are embedded with raw materials and useful ago by-product most of which lack packaging and proper distribution channel.
Take, for example, Shea butter has been researched to be a wonderful hair care product and is mostly sought out by hairstylist and people in the beauty industry, yet Shea butter can only be found in the slums and very unpleasant forms. Packaging and distributing Shea butter is one way to create your product.
If you are worried about sales. A little spending on Facebook/Google ads could get your business very fast into the hands of potential customers.
You can use this same ideology to create some other wonderful products. Other wonderful products to be packaged and properly distributed are.
- Dry fish
- Shea Butter
- and so on.
The above mentioned can be packaged, sold to the local market and maybe exported if you could get major clients.
Lastly, marketing can be done via social media, I recommend the use of paid advertising to achieve maximum results.
Here is an article on exportation that I recommend that you read.
- How To Start Exportation Business In Nigeria
- How To Start An Agricultural Business And Make Money In 2020
19. Start A Mini Pastry Business
We live in a fast world, the world is moving so fast at a very high frequency that even people prefer having fast and packaged meals than sitting minutes to enjoy either breakfast, Lunch or Dinner.
If you have talent in the kitchen and have a passion for food. Starting a mini Pastry business can be suitable for you. Baking and proper packaging of pastries like Samosa, Finger-foods, Shawarma, Pizza, Barbecue and the likes can earn you a whole lot.
Starting with a minimum capital of 100k can help jump-start your business.
If you doubt me research the story of top brands like KFC and Mc Donald’s. Their Journey into the limelight can show you how profitable a mini pastry business is.
The above-mentioned pastries can be sold at least $2USD/500Naira per pack and with consistencies, it could later in the recent future generate a huge amount of income for you.
Lastly, most people are scared of marketing, and do not like to venture in retail if you find yourself in this position here is an advice, you can start selling your products to Cooperate firms around you, like Banks, Corporate offices and industries, they usually like eating fast food because of the pressure during work hours.
Another sales channel is the internet, Social media can give your business huge popularity and thereby boost sales revenue. Do not hesitate to build an internet experience for your business.
And lastly, packaging, The food industry is highly competitive, what keeps you afloat of your competitors is packaging, always make sure you spend more time and money preparing your brand for the best look.
I highly recommend you check out my article on starting a catering business.
20. Social Media Influencing.
Building a huge community around your favourite social media platform is called social media influencing.
Having huge followers on Instagram, Twitter and youtube subscribers gives you the leverage to showcase anything. Becoming a social media influencer does not necessarily mean you are a celebrity. You can come up with your own thing to attract followers.
The more attention and growth achieved over time can make your social media bundle a target advert slot for companies and brands
Social media influencer gets paid from as low as 200k to 1m per sponsored post depending on the number of followers and relevance of content generated overtime via a specific social media platform of all combined.
Next on the To-do list after meeting the above requirements is to decide the niche and what kind of contents to be published from time to time. This can be in the form of Images, Short Videos or a full Video.
Recently a platform was launched in Nigeria to connect social media influencer with advertisers and it is called Hype. Buzz. Hype. Buzz simply allows advertisers to create a campaign and connect with influencers. You can sign up by clicking the link below.
To get more insights on becoming a social media influencer you can check out my article below.
21. Become A Freelancer.
Freelancing is another great business to start in Nigeria, this business is one that is not limited to the economy of any nation because jobs are being outsourced from the border of other nations to you, and this is made possible by freelancing websites like Fiverr.
There are so many other freelancing websites such as Upwork and Freelancing, but Fiverr is the best of all.
All you need to get started on Fiverr, is a talent, laptop and Internet connection, then the next thing would be to sign up on the official websites of Fiverr and get started.
Fiverr is a very competitive platform if you are joining for the first time, and this is why I recommend you read this article below.
Starting a new business is not usually an easy task this is more reason I decided to write this article and I strongly recommend you take out time to read it.
As mentioned in the introduction, Nigeria is a country with huge potential and I believe anyone can make it here, all you need is perseverance and creativity.
I must also tell you that owning your own business is far better than working for anyone in life, though it’s not bad to work for anybody because such an experience is needed to be able to even run your business, just make sure that you have an underground plan for your life.