Top 14 Lucrative Business Ideas in Nigeria to Start ( 2023)
Several people are looking to build businesses that would outlive them. Confusion sets in when deciding which business venture is the most lucrative. You can start many businesses, but not all are profitable.
There are many profitable businesses in Nigeria that can make you money. There are several business ideas in Nigeria that you can start in 2023. This article will guide you and help you choose the best business to start with little money. All these businesses can be done as a side hustle or full-time.
Before starting a business, weighing the pros and cons and demands is essential. Some businesses are easy to start yet challenging to scale. Also, you need to ensure your strengths match your chosen venture’s demands.
The most lucrative businesses you can start in Nigeria in 2023.
1. Agricultural Business (Farming)
Nigerians often feel disappointed when the suggestion of farming is made to them. This mindset may be because farming tools are not readily available. But this should not hold anyone back from doing this as it is one of the most profitable businesses in Nigeria.
Apart from being one of the most lucrative businesses in Nigeria, the agricultural business is one business that is always needed around the county.
Animal farming includes fish farming, livestock farming, cattle rearing, and dog breeding. Each category has a significant market with a constant need for supply. A fish farmer can sell fish seedlings or mature fishes at reasonably high prices. Others grow, harvest, and even smoke the fish to preserve them, which raises their value in the market.
Livestock farming is just as lucrative as fish farming. A livestock farmer can focus on rearing layers, cockerels, or both. Other species are easy to manage too. You can start this business in the comfort of your compound at the beginning.
Cattle rearing and dog breeding may not be as common as the first two, but the gains are pretty high. Calves and puppies are easy to maintain and raise. Once they are fed well, they mature into robust cattle and dogs, each with very competitive market prices.
2. Fashion Design Business
The state of the economy has pushed many people to become self-employed, and many Nigerians pick the fashion and design path. Yes, there seems to be an influx of tailors, but more hands are still in demand. The remarkable aspect is that it can be started with very little capital.
The fashion and design business is one of the best business ideas in Nigeria.
You can acquire sewing skills from a trusted fashion school or a diplomatic roadside tailor, and the skill can be mastered within twelve months or less with the proper focus. Many tailors start by working for already established people before moving on to their own.
Besides bespoke sewing wear, you can make your designs and arrange with a marketer to get your designs to the right people.
Furthermore, you can open youtube or social media channels to show your design and start making money from it.
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3. Content Creation Agency
No doubt there has been an explosion of content creators, yet the world demands more. Content agency is one of the most lucrative and competitive industries, and the main factor here is adding value and being different.
A content agency is a specialized agency that creates various content or a particular kind. Content in high demand includes blog articles, magazine articles, brand stories, website content sales copies, scripts, etc.
Having a content creation agency is one of the most profitable businesses in Nigeria right now. It’s booming and needs more hands to handle it.
On the flip side, many creators cannot get out there and find thriving markets for their skills. This is where an agency comes in.
Your service is built around connecting content buyers with content sellers and getting a commission as a content agency.
You will need to start marketing, sales, accounting, editing, and writing skills. Depending on your budget, you can outsource some of these roles. Also, you can choose to create a website and an online presence alone, cutting out the cost of building a physical office. However, each approach has its merits and demerits.
Are you good with kids? Looking after a baby can be a tedious yet rewarding task, and very few people have the patience to tend to a child’s needs while keeping them warm and happy. Babysitting is among the most lucrative businesses in Nigeria.
These days parents have very little time to work to earn a living for themselves and their children. So many parents are looking for caregivers that would take care of their children when they are at work.
If this is something you enjoy, you can build a business around this. Although initially, you would be the only caregiver when patronage increases, you will surely need more hands.
The best way to start is to create a space where you would stay with the children when their parents leave them in your care, and this makes it more professional and shows parents that you are serious about doing it. Always be on your best behavior to gain the trust of your parents.
There is no better place to pitch yourself than their workplaces, social gatherings, social media, and places of worship.
As humans, we learn every day. Pupils in elementary school need tutors, and students in high school and colleges need tutors. People looking to learn vocational skills need tutors. The big question is, what can you teach?
You can start a home tutoring program for pupils in elementary school and students in high school. Charges are usually paid monthly, but you can make yours daily or weekly. If you are diligent enough, parents will start contacting you to teach their kids at home, and from there, you can scale up quickly.
As for college students and learners of trade, you can set up physical classes at a location that suits the students. Many people prefer physical classes due to the luxury of interaction it allows.
Online classes can as well do the trick. Just ensure all the concepts are explained in detail and create room for students to draw your attention to any module they have trouble with. Online classes can be one-on-one or group classes, and ensure the charges match your expertise and the value you deliver.
Tutoring is one of the most profitable home business ideas in Nigeria.
6. Waste Management and Recycling
Nigeria still lags in the aspect of waste management. There are few policies to ensure proper disposal of refuse and recycling.
Waste recycling is a rewarding venture, and you get to make lots of profit while keeping the environment safe and clean for everyone. Waste management and recycling remain one of the most lucrative businesses in Nigeria.
What you would need to secure first before starting this business is capital. It requires a reasonable amount because you will need to purchase tools that will be used like trucks, gloves, shovels, etc. Once this is secured, get a business name and have it registered. Next, obtain a license that allows you to practice. Then, you can move on to start.
To get paid for your service, you would need to market yourself to homeowners, landlords, hospitals, and organizations that you suspect may need your service. After that, you can be assured of having enough appointments to keep you busy.
On the other hand, waste recycling is way more capital-intensive, so many people interested in this field start with waste management. When you have saved up enough capital to start waste recycling, visit the necessary agents in your state to obtain the required license.
It is advisable to niche down because you cannot do it simultaneously. And the equipment needed in waste recycling is costly. For example, you may have to invest 20 million or more to open a plastic waste recycling company.
7. Solar Installation
Power supply remains one of the significant troubles Nigerians have to deal with. Citizens are adjusting to the nation’s inability to provide constant power. People are frequently searching for quality solar inverters and panels. Not just that, they need trustworthy people to help them with the process.
This business model requires a little start-up capital. You can choose to buy the panels or inverters after your clients have paid you. Or, you can buy and resell. It is also essential to know how to mount these devices.
8. Water Factory
Sachet water and bottled water will remain in high demand for a very long time, and people in some parts of the country still have no source to get purified water for drinking. This business model will require getting water from a large open-source, filtering, and distributing it to people.
You would need about 10 million to start a factory, the cost of acquiring land, tanks, and tools for purification included. When choosing the land for such a project, accessibility, cost, and ease of distribution should be given due consideration.
9. Dry Cleaning/Laundry Services
Busy career professionals barely have the time to manage their laundry. They are often very grateful when you offer to do it for them. Dry cleaning and laundry service is one good business idea in Nigeria that is very profitable.
There are so many laundry services spread all over the country. Ensure you set up your own in an area with little competition. Get the necessary materials, soaps, and detergents used in the process. The beauty of the laundry service business is that it requires low capital to start.
10. Home Cleaning Services
Home cleaning service is one of the hot business ideas in Nigeria that is lucrative. Some people find cleaning their homes therapeutic. If you are one of them, you might want to extend your hands to others.
Home cleaning services are thriving because of the busy schedules almost everyone has. The fees offered in exchange for the service depending on how you present yourself and the kind of clients you deal with.
Drawing out a business plan before you start is crucial. It would help you define the caliber of clients you want to attend to, the fees you would charge, the geographical location to work within, and the extra services you may cover.
At the start, your business will likely be a one-person team. As you progress, market yourself, and increase your customer base, and you can expand your team. And, in all you do, network as much as possible. Do not underestimate this, and it creates room to get helpful tips and advice from older professionals in the industry.
11. Data/Wi-fi Reselling
Buying data in bulk makes it cheaper, and you can then resell it and make a profit. There are so many vendors, so you will have to work on your area of competitive advantage. This could be lowered costs, direct self-service with the aid of a website, or increased quality. The market may appear saturated, but there will always be room for new vendors.
Bakery is one of the business to do in Nigeria. Festive periods create a high demand for cakes, doughnuts, ice cream, meat pies, etc. Events like namings, birthdays, and weddings cannot be complete outside festive periods without a lovely cake.
The skill is easy to master. Enroll in a good school and learn all you need to know, from actual baking to marketing and securing clients.
You do not have to worry about having start-up capital, as you can start by using a small space in your home. When you have saved enough, you can get a decent shop and complete all the procedures required of legitimate businesses.
Foreign exchange trading entails the trading of foreign currency pairs. If you want to build a business around this, you need lots of capital to register for an institution account.
You can manage accounts for others and receive a commission from the profit outside of being an institutional trader. Some agencies focus on this service alone.
However, an expert-level skill is needed. The market’s volatility is an open secret, and inexperienced traders are prone to make huge losses. Proper knowledge about trading reduces the probability of losing and increases profit potential.
Also read: 11 Best Cryptocurrency Wallets in Nigeria (2023)
14. Opening a Pharmacy Store
A pharmacy store in a strategic location close to a hospital can be likened to a gold mine. However, so many things must be put in place first.
The store must be a nice building that can be kept clean and tidy at all times. You must obtain a license to run and operate the store. You would need to partner with a pharmacist or be one to do this. This person will oversee the running of the store and review the store each time it is newly stocked.
Get the contacts of reliable suppliers. A close check on all drugs must be done at regular intervals, and this should not be compromised as slight mistakes can affect a patient’s health.
Frequently Asked Questions: Lucrative Business Ideas in Nigeria to Start in 2023
What business can I start in 2023 in Nigeria?
There are many businesses that you can start in 2023 in Nigeria. Though, it is essential to do your research and find the business that is best suited for you.
Here is a list of the Lucrative Business Ideas in Nigeria to start in 2023
- A restaurant
- A grocery store
- A transportation company
- A manufacturing company
What Business in Nigeria Can I Start with 10K?
A 10,000 naira ($50) business might not sound like much, but when you think about it in the right way, there are many potentials. Businesses started from scratch can quickly become a significant source of income if managed well and with passion.
With a small amount of capital in Nigeria, starting a business can be done rapidly and with significant potential growth. Most of the business ideas listed above will be a guide.
What Business Can I Start as a Student in Nigeria?
Starting a business is never easy; there are many hurdles to overcome and requires lots of patience. Businesses need you to have the proper knowledge, attitude, capital access, and more.
Business students can start in Nigeria with little or no investment. These businesses are ideal for students because they don’t require a lot of money to get started and run from home.
- Content creation
- Social media management
Conclusion: Lucrative Business Ideas in Nigeria to Start in 2022
The Nigerian economy is projected to be the largest in Africa by 2026, and Nigeria will have 290 million people. There are many lucrative business ideas in Nigeria that can take advantage of and provide products and services for this growing market.
Running a business is not an easy game. There would be days you want to give up and days when your efforts prove fruitful. The above-listed business ideas are very lucrative and can stand the test of time.
After picking the business, you wish to venture into, design a strategy that would serve as a guide because the first stage of every company can be challenging.
If you have any business ideas or great opportunities in Nigeria, let me know in the comment section!