There are a number of business ideas in Nigeria that are quite lucrative, and one can start immediately and make a huge profit.
The first step to starting a business in Nigeria is having an idea of what business to start. Then, implementing such an idea could become a multi-million naira business.
Whether you are a student who has decided to venture into a business during holidays and strikes, or an individual seeking passive income, now is the best time to start a lucrative business in Nigeria with average capital.
According to an entrepreneur and business management expert, Dr Timi Olubiyi, if Nigeria is Africa’s biggest economy, it makes you wonder what businesses keep Africa’s biggest economy thriving. Opportunities are boundless in this populous nation of ours. In this regard, it can be hard to keep tabs on the endless possibilities that abound in Nigeria.
The 10 Top Businesses With Quick Return On Investment
This list of ten businesses explains why they are the fastest, most lucrative businesses in Nigeria.
- Agriculture: It would be almost treasonable not to mention Agriculture in the list of most lucrative businesses in Nigeria, and the reason is simple. People need to feed. Agriculture has been one of the oldest industries since the dawn of man, and it is a vital aspect of our survival. Also, because of its ever-promising prospects, agribusiness is one of the few businesses with lots of loans, grants, and financing options available to agriculture entrepreneurs.
- Photography: Photography is a big and booming business in Nigeria, and despite the millions of existing photographers, there are still tons turning to photography. Like every business out there, there are several spectra of photography to delve into, each with its promising aspects. As with everything, your skills will always give you an edge over the next person.
- Cosmetic Business: The beauty market is one lucrative business in Nigeria one should not ignore. It is very promising for entrepreneurs.
- Tutoring: Teaching is one of the oldest professions there is, and few people notice the business aspect of it. Teaching is one of the jobs where you get to earn enjoying your hobby. Now, you can have your tutorials on Youtube and have Youtube pay you for your content over time.
- Website design: The internet has changed how businesses run. The services and importance of a website designer cannot be undoubted. LinkedIn listed web designing as one of the top ten skill demands in 2020. It is a highly rewarding career. The profitability of web design in Nigeria is attestable to the many entrepreneurs who have ventured into web design. It is a low-capital business and one of the companies that offer freelance services, where you get to enjoy the flexibility it provides.
- Social Media Marketing: Closely followed by web design is Social media marketing. Social media marketing is one of the numerous lucrative businesses on the web. Ever since companies have moved to the web, it has become a marketplace for everyone.
- Real Estate: Just like Agriculture, real estate is one of the universal businesses one can venture into. The ever-growing population of Nigerians can only mean one thing: Everyone needs a roof over their heads. There are several opportunities in real estate. Lands are also a large and lucrative part of real estate.
- Fashion Business: Nigerians are probably some of the trendiest people in the world. Fashion designers are becoming millionaires on a daily basis in Nigeria, thanks to the revolution in the Nigerian fashion business orchestrated by the boom in the entertainment industry in Nigeria.
- Fast Food Eatery: Eatery business is another goldmine though poor management can kill it death! If you wish to go into this business, be sure to get everything right and do not forget it is a bit capital intensive and requires good management skills.
- Dry Cleaning: Professional dry cleaners at affordable prices are scarce in Nigeria. What we have are professional dry cleaners whose service fees are extremely high and mediocre dry cleaners who can never keep up with time. Give them clothes today and keep them unwashed after one week. This business is a money maker if you balance it up.
As with every business, it is vital to carry out due diligence to ensure one looks into how feasible it is so one becomes aware of its advantages and disadvantages before dabbling into it.
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