It is essential to carry out proper business research before investing in any business. This arms the investors with the right knowledge that enables them plan effectively in order to obtain optimal growth and sustainability.
There are many advantages of setting up a business in Nigeria, some of which include: profit making, meeting the needs of people, providing employment and contributing to the economic growth of the country. Any of these business ideas will make you rich especially if you do them well.
Agriculture remains number one among other most profitable businesses in Nigeria. Nigerians have neglected agriculture for too long, our primary focus has been on the oil and gas sector, we rely solely on oil for growth and development and this explains why we aren’t moving forward as a nation blessed with diverse resources.
There are different branches of agriculture that guarantee high return of investments, some of these include: poultry farming which has become very lucrative and has attracted lots of investors over time; Cassava and rice farming because they are the most consumed staple food in Nigeria with a consistently high demand; snail rearing, piggery, fishery and cattle rearing etc.
2. Oil and Gas
Nigeria is one of the largest producers of oil in West Africa; there is a huge deposit of oil which has provided the most lucrative business opportunities for our government and entrepreneurs alike. One can invest by distributing diesel, kerosene and owning petrol filing stations. This is certainly among the most profitable businesses in Nigeria.
3. Real Estate Business
Owning properties is a profitable business all over the world. It is one of the smartest, convenient and reliable form of investment.
Properties are appreciative in Nigeria and beyond; irrespective of when you choose to purchase or sell off.
The humongous potential in Real estate investment cannot be over emphasized.
4. Transport and Logistics
Transportation business is among the most profitable businesses in Nigeria. The commonest form of transportation in Nigeria today is transportation by road. People need to move around to survive, especially for business purposes. Without movement there can be no trade, money and other essential services needed to sustain man. Road transportation is convenient because it is affordable, flexible and readily available.
5. Eateries and Restaurant Business
Eateries and restaurant is also one of the most profitable businesses in Nigeria. Food is one of the most inevitable needs of man; people must eat to survive. Owning to the increasing demand for commitment at the work place and the business environment at large, meal preparation has then become a tall order; hence, the ever increasing demand for food.
6. Hotels and Hospitality
Hospitality business is one of the most profitable businesses in Nigeria. Hotels in Nigeria are profit making ventures even when poorly managed. Investing in hospitality business is also capital intensive but if properly managed will yield profits in wide margins that surpasses initial cost of investments.
7. Private Schools
Owning a private school requires expertise and professionalism as the school must be built to meet good educational standards as well as the expectations of parents who are expected to pay so much for their children’s education.
Private schools that are passionately run yield high returns for its owners and unless the government sits up in regards to the poor state of educational facilities in Nigeria, owners of private schools will never run out of business.
8. E-commerce Stores
We live in an era where technology advances daily. The internet is an amazing market place that has made young Nigerians millionaires. We have seen the emergence and prevalence of online shopping malls like Jumia, Konga, Payporte, jiji and many more.
9. Media and Entertainment
Nigeria is a home of entertainment in Africa. The biggest artist, television and radio personalities as well as film makers in Africa are Nigerians. This industry has created lots of employment opportunities as well as generated huge revenue over time. One can invest in movie making or music production by building studios, tv stations, radio stations and film academies etc.
10. Importation Business
Nigeria has a huge market for fairly used goods because many people prefer to buy fairly used items that are genuine than brand new items that are perceived as inferior.
Fairly used vehicle spare parts also have a large market in Nigeria. You need to make decisions. The options include clothes, shoes, phones and laptops and other electrical devices and automobile spare parts.