Being Idle is the worst experience as a youth then the big question pops out, what lucrative business can I do? If this is what you’ve been asking yourself then here is the right spot to find answers.
Today’s post will focus on the top 10 most lucrative businesses in Nigeria. As we all know, Nigeria is a blessed country when it comes to talents and manpower. But hard work alone can’t make one wealthy while working hard you need to work smart.
There are hundreds of lucrative businesses you can do in Nigeria and make a fortune out of any of your choice.
There are some hot business ideas in Nigeria but yet you see Nigerians move in droves to other countries thereby suffer themselves and work as slaves on another man’s land.
Let us stop making other countries rich while ours gets poorer, the little contribution you make will have a huge result on the economy.
Nigeria with its population of over 140 million with high demand for food or services and yet you think there are no opportunities in Nigeria, you are wrong.
Though as a starter, starting a business in Nigeria can be a little tricky as it is necessary to address people’s basic needs, as it must be a real day-to-day business
Here we have provided you with some lucrative business in Nigeria 2020;
#1. RICE FARMING
Rice is certainly the most consumed food in Nigeria and that makes it one of the most lucrative business for its farmers, in short, we have to accept that it is the most lucrative business in Nigeria.
According to report, 5.5 million tons of rice is annually consumed in Nigeria of which just 3.6 million tons are produced locally. Isn’t this a thing to shift focus on?
Because of the low supply of rice by the local rice farmers, billions of dollars are being spent annually on rice importation from Thailand and China. So it will do a lot of good if you can exploit this business opportunity.
#2. POULTRY FARMING
One of the most popular and most lucrative businesses that generate high income for most people. You can get rich, extremely rich with poultry farming.
There is one thing you need to know about this business, anyone can do it, you don’t really need to enroll in expensive training to start a poultry farm, though there are some basic things you should know.
We have a very high demand for egg and meat in Nigeria and as of present, the local farmers can not meet up to the demand to satisfy our large population.
#3. MINI IMPORTATION
Mini importation is another hot business in Nigeria that you want to tap into, this involves the importation of different kind of goods. Most Nigerians especially students are into this and yet we have a high demand for goods of different kinds like clothing, shoes, electronics and many more.
The importation is usually done from CHINA as they spend YUAN which is very low to the dollar.
Buying from China fetches you much more income compared to buying from Europe and after purchasing from China, you can then sell most of the goods for double or triple the price of purchase.
#4. WATER FACTORY
Generally, this is called Pure Water Factory. Selling water is another lucrative business you should tap into as you won’t be spending much. There is also a high demand for this most especially in new sites.
There is inadequate pipe-borne water supply in Nigeria so there is a market for water business. Water business is one of the topmost lucrative business in Nigeria.
#5. FISH FARMING
Fish farming is a lucrative business in Nigeria and it is also important you go through training to start this business, or rather you pay someone that knows well about it.
It is a delicate business but can yield double to triple the amount invested in it within a short period of time. Fish is a highly demanded food in Nigeria and Africa at large.
When going into this business you should focus on Catfish, we already posted about catfish business on this blog so you can check them out.
Distribution won’t be a problem as this is the type of fish that has the highest consumption in Nigeria.
#6. FASHION BUSINESS
Fashion is an everyday thing, it is a type of business that moves so fast year in year out. Nigerians love fashion and this shows there is room for you to make a fortune out of it.
Once you are into fashion you start making money, just for you to network, meet new people and tell them what you do.
The fashion business is definitely one of the lucrative business in Nigeria with small capital and most to get a whole lot of money from this you should get updated with the latest trends.
#7. OIL AND GAS BUSINESS
Nigeria is a nation massively blessed with crude-oil and we all know this is the major source of income for the country.
This kind of business is very lucrative but mostly for the big players, you need a very high amount of money to start this.
Oil and Gas is one of the hottest business in Nigeria and this will fetch you a whole lot of money.
You can start by supplying oil components like diesel, petroleum, kerosene and to make it easier, you can own a fuel station.
You don’t need anyone to tell you how lucrative food business is in Nigeria, I am sure you must have eaten at least twice today. We have many people that go to office and couldn’t eat before leaving home.
This is a very lucrative business and is rated as one of the most profitable business in anywhere in the world.
Find yourself a restaurant in a clean and busy location and start making daily income. You can package yours to be more beautiful and with good attitude to customers from your chefs and staffs.
If your food and the service customer receives is worth it, they will always come back even with there office partners and friends.
#9.CATERING, DECORATION AND EVENTS PLANNING
This kind of business has few people in it and there is a very high demand for this service. Every Friday, Saturdays, and Sundays there will always be an event.
And Nigeria is know for show off, apart from that, a country with high population will surly have many people having events daily.
Though you need to be trained to carry out this business but this will be a funnel for huge money one you start.
#10. SNAIL REARING
Another Agro business that is so profitable is Snail Rearing Business. Snail is mostly consumed by the high class and there is a very high demand for it. Come to think of it, snails grow at a faster pace and you don’t need to buy food.
The market for snail is very big and more farmers are needed as there is a very low supply.