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10 Lucrative Business Ideas in Nigeria in 2020

10 lucrative business ideas in Nigeria

1. Agriculture

Agriculture is a very profitable business in Nigeria with all the various segments ranging from

Goat farming

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Poultry farming

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Cattle ranching

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Pig farming

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Quail farming

Duck farming

Fish farming

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Organic farming like cassava farming

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Cucumber farming

Tomato farming

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Palm oil plantation

Cocoa farming and many more.

We will come back to analyse the details of some of these businesses how you can make millions being independent doing this business for yourself. Nigeria has the advantage of business in the area of agriculture with a population of over one hundred and eighty million people (180,000.000) ready to patronise your business. This is a potentially significant and open market open for lots of opportunities.

2. Pure water Business and Bottled water business

This is another business that requires investment in Nigeria. The good news about all of these is that the competition is not as high as many people think. Either you start as a pure water company and then migrate into the bottled water business. Either way “there is a lot of possibilities in the market.”

3. Manufacturing of waterproof

Waterproof business is a big market in Nigeria. You must also know something that these businesses are not just going to yield anything only by you reading this post. It has to be something that you will make up your mind and take conscious steps to get the accomplishment. Fusibility study is also required to eliminate possible mistakes of no preparation before starting a business.

How much is the chemical sold

How many waterproofs can be manufactured from one tin of chemical

How much discount can I give to my customer to have an edge over my competitors in the business? and if possible, dominate the market? This is the mindset of any active entrepreneur, whether a new entrepreneur or old entrepreneur. Your goal must be to dominate the market. And stay strong. Nobody can be without knowledge. Information drawn from your market analysis is required.

How much can I pay my staffs?

How many staffs can I have?

Do I need to hire a staff with a unique skill?

How much is that skill worth in the labour market?

These are salient questions to ask. And with this clue, you can make your notes from here and embark on the journey for fusibility study. With this vital detail, you are up and running with your business.

4. Phone Repairs and accessories sales

This is another business that gives you edge for endless customers with lots of profits. All you need to do is get competent phone repair technicians and transaction monitoring system. And you are up and running with all the essential business requirement. And like I said before you need to be ready and determined to make something out of any kind of business at all be it online or offline store.

5. Wholesale of floor

A wholesale of flour means that you are a distributor of this product to the various markets around your area. You don’t need to be fully involved in the run-around. Just set up the system, and you are up and running. The incompetent businessman will always want a high margin of profit before they can start a business. But those that know what they are doing as professional entrepreneurs will take advantage of market turn-over. This helps them beat the market; and make them stay on top of the market competition

6. WholeSale of Cement

This is another business that can make you a millionaire in Nigeria. You may be an agent to the manufacturing company, a sub-agent or a usual wholesale distributor. All these have their categories and level of influence in the market. If you can afford a trailer load of 900 bags of cement or the size of 600 bags, I can guaranty that you are already in business. You may not even need a store. All you may be doing is just distribute to your customers. This can continue on till you grow in capacity to the level of having your own large store.

7. Website Design Agency

You and I are aware of the keen awareness of the internet now. And all companies and business firm want to have their presence on the internet to enhance more outreach and advertising. Off course, the use of the internet enables you to reach more people with your business. So setting up your place as a website developer will automatically make you a millionaire. What is required for me to become a web developer?

You can start by engaging yourself in a training course. You don’t need to spend five years in high school to achieve this. A few months of training can get you started, and you are up and running. You can also combine mobile app development in your package to make you more robust and reliable in your business.

8. Computer Centre In Nigerian University Campuses or Around the Campus.

Staring this kind of business requires a very healthy photocopier machine and one or two computers to start. The school authority may have some conditions that you should meet before doing business in the school.

If this condition is too high for you to meet because of the high competitiveness of the position; you may set up your business around the school and still make your profit.

9. Money Dispensing agency

You can see; when you go through the cities of Nigeria, how people queue by the ATM machine to get money. We are in a fast world. People are willing to pay small additional fees just to beat time wasted at the ATM machine queue. Setting up this business will surely keep you up and running. Haven made a choice of the company you want to embark on, you will need to take responsibility to know all the required details to get the business started.

10. Start a Book Shop

Running a bookshop for schools is a perfect business you can start. This kind of product does not expire, and the market is stable. You can start small and grow big.

Understand this; all businesses that you may want to embark on require some capital. You can run through and check out the market you can run with little profit if you are a beginner. And if you have nothing at all for a start and you want to do business, then you should be ready to go through the pain of a small beginning or go for a job. Please understand that living your dream is costly. But if you make up your mind, you can do it.

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1 Comment

  • Thank you so much. Your business ideas have inspired me especially starting small. I now know I can start from where I am and with what I have.

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