Most Profitable Business You Should Consider As a Nigerian
Most Lucrative Business Ideas in Nigeria
1. Oil and Gas Business
If you search for successful entrepreneurs or business tycoons in Nigeria, one thing you would find in common is their involvement with oil and gas. This is enough reason to let you know that oil and gas is a catalyst to joining the league of wealthy business tycoons in Nigeria.
Nigerians depend on gas and kerosene to cook. Whether you drive a car, motorcycle or tricycle, generally called keke napep , you use fuel for mobility from one destination to another. Even most times when there is no power supply, you use fuel to power your generator.
Nigeria is a country blessed with oil and gas, as earlier stated, tapping into the business is a sure way to riches. So if you consider oil and gas as a business, here are the areas you should look at.
Being a distributor is very expensive. But it is the most lucrative part of the business. Distributors are responsible for the transportation of refined petroleum products into the country to distribute to different sectors.
- Petrol Station
With the large number of Nigerians using cars, you can never run out of customers. Considering the number of people that use generators,running a petrol station is not a bad idea.
- Cooking Gas and Kerosene Business
You can be a supplier of cooking gas and kerosene to retailers or consumers. This is similar to being a distributor. It is easier to run and expand.
- Oil and Gas Transportation
Did you know you can have a series of tankers lift petroleum products? Now you know. Similarly, petroleum products are like every other commodity. They need to be lifted.
2. Agriculture Business
Agriculture is another amazing business you can venture into in Nigeria. Being a wide field, you can look into various sections like fishery, poultry, piggery, and snail farming amongst others.
One amazing thing about the agricultural business is the loan benefits you can derive from it. There are dedicated Banks of Agriculture operated by the Federal Government through the Ministry of Finance, Central Bank, and Ministry of Agriculture. Also, many businesses tend to invest and loan money to agriculture because of the profit from it.
3. Food Business
The food business can not be left out among the most lucrative businesses in Nigeria. This is an evergreen business. Food is a must because people will always eat! No matter the state of the economy, one certain thing is that people can never do without food.
As long as your food is delicious, people will always come back. The only thing left is to situate yourself in a good location. It is a business without season. However, below are the opportunities in the food business you could consider.
Nigerians love big brands like the Chicken Republic and co. Due to the name and popularity of the brand, customers are loyal to them. If you can find a good location in any city, with minimal competition, consider establishing a fast-food franchise.
- Local Restaurant
Local restaurants are one common and popular food vendor you can find on every axis of Nigeria. Some local restaurants grow to become franchises.
- Foreign and Intercontinental Restaurant
Being an expert in Foreign and intercontinental foods is a sure way to make cool money in the food business. You tend to attract high-class people and probably celebrities. You have the chance to be called to handle the supply of food at international seminars held in Nigeria, conferences, and meetings with prestigious personalities.
- Sales of Foodstuff Business
This is another very lucrative business that you can do to make money. Being a distributor or selling foodstuffs wholesale is a great deal you will never regret.
4. Blogging Business
This might be challenging but it is another lucrative business you may consider to eat a living. Blogging business has earned its place among the most lucrative businesses in Nigeria. Bloggers or blog owners have found their way into the heart of every man in Nigeria. For instance, news blogs such as businessworld.Africa are replacing newspapers.
Bloggers make money through advertisement, ad networks, affiliate marketing, product sales, sponsored posts, partnerships and many more.
5. Real Estate Business
One sure way to increase your wealth and money is through investment. And If you agree with me, many dive into real estate. Do you know why? Real estate is the new oil bank in Nigeria.
In the real estate business, you can work as an agent and make your money. That is, helping people find properties and apartments while you take away your commission and profit.
6. Hotel Business
Nigerians are known for events and parties. And certainly when you travel for an event, you are likely to lodge yourself In a hotel especially if you can’t return home after the event. So, imagine having a hotel at a motorable location with less competition.
To top it all, your hotel should have an annex or hall where events can take place. This is you swimming in money.
7. Transportation Business
It is no mistake that transportation ranks as part of the most lucrative business in Nigeria. A Lot of people travel from one city to another, movement within towns or cities. Having a transportation company makes you one of the big boys in the transportation business. This is quite different from those that run just one bus or cab. As a company, you have the advantage of having over 20 buses to various parts of the country almost at the same time.
This article has successfully highlighted seven out of the numerous lucrative businesses in Nigeria. Therefore, if you think of running a business, consider the listed businesses.
Ojeyemi Adeleye is a theatre arts graduate of University of Ilorin and presently running his masters degree at Obafemi Awolowo University.
He is a content writer who believes the world can be brought to your doorsteps through writing. Currently, he is the acting content manager of Insight.Ng, a Nigerian media outlet.