Get ready and prepare to do some good work. It's time to roll out your business and become independent. These best ideas would help you get it done.
Despite the financial crisis in Nigeria, more and more people are getting involved in small scale business here. Having a lot of money to invest in or with the minimal capital you can establish your own small company. Of course, they will differ in form and profit, but there are dozens of opportunities to start new lucrative businesses in Nigeria.
The top places are now taken by agricultural and real estate firms, while having little money you can immerse into farming. On the whole, having desire to work, invest and upgrade you will definitely find some appropriate business in Nigeria.
Browse the below described business opportunities in Nigeria that can move you from rags to riches. Perseverance and continuous efforts will do the best out of your brilliant ideal. Unfortunately, the Nigerians often ignore their chances and simply waste them. That is why an increasing number of businesses in this country are bought by foreigners. Looking around even in the smallest city you are sure to find most lucrative business in Nigeria. The only thing on the way to success is the wish to make idea and dream come true and monetize them.
The most lucrative business ideas in Nigeria
Having a burning desire to earn your first million within an hour you should understand that only wise manager can fulfill this task.
Before even planning any business, you need to focus and consider all advantages and disadvantages of any undertaking.
For sure, your attention should be placed on such points as:
- Region. You cannot set a reliable and profitable affair selling, for instance snowboards in Africa or swimsuit in Alaska.
Bear in mind the place you are aiming at, check its climate, culture and necessities of the people around.
Either find deals that are highly popular in the region or those in requisition. Both will bring you attractive profit.
- Purchasing power. Do not try to sell some expensive and luxurious stuff in poor areas, the same way as simple and plain items in exclusive districts. Any small business in Nigeria should be customer-oriented, for you to be confident you will have clients and business will flourish.
- Suppliers. Having solved all the appeared issues the last, but vital point left is the supply source. Finding a respectful and trusted manufacturer is also an essential part of the process.
With all the pluses and minuses considered, you can easily set any small business in Nigeria irrespective of its field.
Top 5 most lucrative business ideas in Nigeria
There is definitely an infinite number of various businesses, though they are just small parts of large spheres. Top 5 the most profitable business opportunities in Nigeria will help you choose a realm and possibly the direction in which you want to develop your future company.
The popularity of plantation farming as one of its subspecies is currently growing, because of incredible incomes it generates. There are many cash crops that are available for cultivation and harvest each year for great profit. The initial capital necessary to start this small but lucrative business either farmland or money for it and a few seeds types. Usual cocoa, cassava and oil palm are highly relevant and requested in Nigeria, so it will surely be rewarded.
Snail farming is among those neglected and at the same time extremely lucrative deals in Nigeria. With this affair you have a chance to earn pretty good money without special efforts and within a short period of time. It is so last season to pick up snails on the bushes.
While slow-witted people go from one city to another and move from one sphere to the next in search of lucrative business, smart and clever Nigerians spread and grow snails. It is the great moneymaking project, which is potentially low cost and high profit. Snails are popular and of high demand not only in Nigeria, but worldwide. The international market is in search of farms cultivating and selling snails, so you can build a reliable and developing business.
- Real Estate
This small scale business opportunity welcomes those who are ready to risk, invest and increase the income. Having the capital you can stop looking for the most lucrative industry. Take the money you have already piled up, deposit and take the advantage of it. Let money, put on the affair, and make money. Build various accommodations, shelters and hostels, shopping centers and malls and receive an incredible profit from it within first few months of its exploitation. It is probably not the best variant for people who have a burning desire to set business but don’t have enough money. However, working in landed and housing properties is expensive and at the same time highly lucrative deal.
- Online Business in Nigeria
Being at its pick of the population these days, online business is one of the most flourishing non-investment spheres. E-commerce, web design, article writing and other services are highly relevant and demanded.
Yet, one should have special knowledge and skills to suit this type of work. Experience creating designs, communicative skills and passion to the net work are the main components of the successful gain online.
Apart from the impressive profit you will also get emotional satisfaction and pleasure from your job.
READ ALSO: How to make money in Nigeria: 7 online and offline money making options.
Electronic commerce. As a part of online business, it is getting growing reputation of the easiest kind of business to set. The best thing about it is the range of potential customers you have. Your task is just to change their status and make them buyers of the products you offer. Here you do not need to be a professional manager or marketing consultant, friendly and helpful tone, communicative efficiency and convincingness are the keys to millions earned online.
Web-design. It is another aspect of online business, but it presupposes peculiar knowledge and skills. Designing and developing websites you build your own small scale business with high-paid income. Anyway, it is unarguably one of the most lucrative affairs in Nigeria.
- Building Materials
Selling and buying cement and other building stuff is another great opportunity to invest money and receive much more in Nigeria. Besides, it is not usually a headache to start it, maintain and develop.
Thus, having the right information you can buy, for example, cheap cement in one place and sell it markup anywhere else. Due to the huge number of new house construction appearing every day all around the country, reselling is quite relevant and profitable business.
- Palm Oil Business
It is a well-known fact, that Nigeria is the country palm oil rich and lots of entrepreneurs have already created viable and lucrative companies storing and reselling this natural product. Despite necessary capital, you get an excellent opportunity to make a fortune of approximately 50-7- percent returns on your investment.
Hopefully, the offered list of the most lucrative business ideas in Nigeria will help you become a successful and flourishing entrepreneur and businessman. But the main formula one should remember planning to set up a business is that it should be profitable irrespective of investments necessity or needleless.