Top 20 Lucrative Businesses in Nigeria That Make Millions of Naira

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Top 20 Lucrative Businesses in Nigeria That Make
Millions of Naira
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• Doing business in Nigeria is currently viewed as
  one of the most lucrative business ventures, in
  todays global business environment. For the past
  50 years Nigeria has been dependent on its
  valuable oil resources, which have brought great
  wealth to a select few.

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• However, as Nigerias economic sphere slowly
  changes, its economic structure diversifies to
  overcome its dependency on oil. This shift has
  opened up the playing field for a new generation
  of entrepreneurs in Nigeria. People, who can
  identify business opportunities in Nigeria, know
  that the oil industry is not the only business
  that you can enter and make money from.

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• If you are thinking of setting up a business in
  Nigeria and making millions of Naira from it, you
  can choose from a variety of options. Read and
  find out my top 20 legitimate money making
  ventures in Nigeria.

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1. Fast Food business

• You need decent customer service, management
  skills and capital in order to set up an eatery
  and make sure that everything runs
  professionally. You can set out on your own and
  create your own brand, or buy in to an already
  established business franchise, such as Mr.
  Biggs.

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2. E-commerce

• This is a very promising venture and the best
  thing is, you will have all the tools and
  customers over the web. If you do not have the
  required knowledge, you can collaborate with an
  established firm to operate your e-commerce
  enterprise. Benefits are Low start-up costs,
  changes can be made instantly, the potential
  customer reach, and you can easily measure
  results with cost affective online marketing.

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3. Construction business

• Business is booming in Nigeria, and so is our
  population. To support this growth, Nigeria now
  has a booming construction and housing sector.
  The range, type and size of projects is huge, so
  there are plenty of opportunities depending on
  how much capital you can invest.

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• If managing a construction project isnt for you,
  you can set yourself up as a local dealer to
  supply building materials. The investment is not
  as huge, but considerable investment will be
  required initially to buy and stock materials.
  But you can be assured that there will be no
  shortage of business.

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4. Hotel business -

• This is a goldmine industry if you can get it
  right, but the competition in this sector is
  quite high. To launch and maintain your hotel you
  will need a large amount of capital. It takes
  planning, patience and hard work to start a hotel
  business. A high-level of customer service skills
  is also required to attract new and returning
  visitors.

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5. Kerosene retail -

• You can set yourself up as a supplier to make
  your millions quickly. Kerosene is used in most
  homes in Nigeria, and Africa due to inconsistent
  power supply. This is one of the most lucrative
  business opportunities in Nigeria. .
  Entrepreneurs have been known to receive 100
  returns on their initial investment.

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6. Rice farming -

• Is the most profitable area in Nigerian
  agriculture. Nigeria has a low local production
  of rice, but an extremely high consumption rate,
  which leads us to import the majority of our rice
  from overseas. Recent reforms in the Nigerian
  agriculture sector have seen the government open
  up the sector for more investments to support
  small, medium and large-scale farmers.

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7. Haulage services -

• Given the poor rail transport system in Nigeria,
  most of the goods are shifted by road and this
  makes the haulage business in Nigeria extremely
  lucrative.

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8. Snail rearing -

• This is one of the business ideas in Nigeria that
  needs low investment as snails require simple
  vegetation to eat, and they reproduce at an
  alarming rate. You will need to invest in housing
  and protecting them, as snails are delicate, and
  must retain their moisture to survive. There is
  not much competition in the industry and you can
  enjoy making profits without many challenges.

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9. Car and machinery spare parts -

• As Nigerias economy grows, so does our
  manufacturing industry. This has driven a rapid
  increase for capital goods such as machinery,
  lubricants, spare parts, ball bearings and other
  mechanical goods and accessories. The key is to
  find a good supplier from abroad. UAE-based
  enterprises have emerged as the leading supplier
  of these goods to many countries in Africa.

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10. Poultry farming -

• This is big business, and you can begin with
  around 100 birds, and build it into a large-scale
  enterprise within a short period of time. You can
  make money from selling chicken eggs, or chickens
  for meat. This is a top business startup idea.

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11. Transport business -

• Although a little messy at present, it is a
  profitable sector in Nigeria and can help you
  make millions annually.

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12. Fruit Juice Making -

• This is a capital-intensive business, but if you
  can manage the funds you can grow as big as
  Chivita or La Carcella given how much Nigerians
  love their fruit juice.

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13. Tokunbo trade -

• Business of second hand items in Nigeria is very
  lucrative and many Nigerians want to spend as
  little as possible to buy second hand items such
  as clothes instead of buying new ones.

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14. Dry Cleaning -

• Float a professional dry cleaning business and
  keep your rates low and service quality quite
  high. This type of business is especially
  profitable in a big city, or urbanized area.

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15. Pure Water Production -

• Although this business needs some capital
  investment, it can be worth your effort and money
  in the long run particularly if you can manage
  pure water production and keep the quality intact
  over a long time. Your options are to sell as
  sachet, bagged or bottled water.

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16. Professional Car Wash -

• This can be a good business if you choose a
  location like Lagos where you will be able to
  find a number of good cars.

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17. Internet Business -

• You can provide fast Internet connection at
  affordable monthly rates and manage it well
  enough to make tons of money.

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18. Nursery and Primary School -

• There is a lack of good schools in the country
  and you can set up high quality nurseries or
  primary schools to make millions.

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19. Online tech support -

• You can easily set up an online tech support
  business and make a lot of money within a year or
  two of your business launch. This is a simple
  business and you do not have to be a tech expert
  to operate in this sector. Ive known people set
  up these types of businesses, and outsource the
  work to tech professionals.

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20. Furniture business -

• A lot of profits await you in the buying and
  selling of furniture. You do not have to be a
  carpenter to do this. You can simply contact
  trustworthy carpenters in your area and arrange a
  steady supply of furniture items to display in
  your showroom. This is a big scale enterprise due
  to the fact that only a few people can afford
  imported designers.

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• All of these business ideas have great potential,
  and the ability to help you generate millions,
  but remember the success is in the planning, and
  your ability to execute your plan. There are some
  key elements that you must assess before
  committing to any business venture. Once you have
  all of these elements in place, you are only a
  few steps away from business success.

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