Today, I bring to you a collection of 40 specially selected business ideas which you can implement and get rich in Nigeria. Note, however, that some of these businesses would take some time to materialize and bring you the needed returns. Others, could bring you wealth in a matter of months. It’s now up to you to choose what suits you.
See the business ideas below:
(1) Start A Loan-giving Business
In a country like Nigeria with a vast number of businesses and persons in need of financial assistance, loaning can be a lucrative venture to go into. The reason why many cannot obtain loans from banks is that bank loans usually come with high interest charges and strenuous paperwork.
You can use this to your advantage.
You can get small business owners who are in need of loans to borrow from you to pay back the loaned sum with a relatively small percentage interest on top.
For example loaning N100,000 for a 3% interest rate per week would be a welcome idea to many people and businesses. The more clients that you have, the more profits you would make from this business.
(2) Go Into Micro-Farming
Micro farming is something anyone can undertake. It is relatively cheap to do and does not require much technical skills. You can sell your produce in the markets and food stores or set up your own store and sell your goods there.
Here is a list of crops and farm products that thrive well in Nigeria: vegetables, fruits, poultry birds and eggs, livestock, goat, cow, Pig farming, and fishes. These are goods that sell fast and which buyers are not in short supply at any time of the year. Just grow the products and supply to the market.
To start, you’d need a little capital. As the business grows, you simply expand especially on infrastructure and man power to make more profits.
(3) Start a Crèche
It is shown in the Nigerian Census report that an average of 5 million babies are born every year in Nigeria. Children can be quite stressful to control and cared for which is why if you are skilled in childcare you can leverage this opportunity offering child-care and child-support services for a pay.
Child care centers or Crèches have continued to boom and rise due to the noticeable safety and care they give to children. For this business, you don’t need to rent a building or house for the start. You can simply convert your residence to a child care center and start from there.
All you need to do is inform your neighbors and parents whom you feel need someone to take care of their children while they’re away. On their return, they would pick their children or maybe have you bring them (the kids) to them.
You can spend an average of 3 -5 hours daily doing this. Believe me, it is a very lucrative business with relatively low cost of operation.
(4) Start A Business Focused On Tourists
Nigeria has been known as a tourism destination for decades. From waterfalls, mountains, hills and valleys to forests and wildlife, we have it all.
You can turn the ever-increasing tourism interest in Nigeria to your advantage by offering visiting tourist products and services that make their stay more comfortable. You’d charge a reasonable amount for these products and service and make a decent living from this.
Some products that you could sell include Souvenirs, Tour guide services, Drinks, Snacks, and fresh food items.
(5) Start A Snail Farm
The requirements to establish a snail farming business in Nigeria is very small. The most important resource you would need is a sizeable piece of land where your farm would be sited. The land must be fenced so that the snails do not escape or get eaten by other animals.
If you don’t have enough money to buy a separate land, you can simply start the business from home, raising the snails in Car tires.
There are many species of snails in Nigeria. This is because our climate allows them to survive easily and grow healthily. Before starting a snail farm, however, endeavor to check if there are laws that prohibit snail rearing in your locality or which regulate it. Nigeria is a very religious country. You can’t tell if raising snails is a taboo where you live. Unless you know the area well and there would be no problem, check with the authorities first before you embark on this business.
Snails can make meals awesome and have been used to prepare special delicacies which are consumed at home and for a sale. Many people enjoy snail meat. As such you have a market for the business already. You have an option to sell the life snails or kill and prepare them and sell to those who need them in a packaged form.
(6) Start A Microbrewery
A brewery is a place for making drinks and beverages. The customer base for brewery products is very high in Nigeria as both the old and the young in the country drink at least one variety of brewery products.
If you take into consideration the statistics of beer consumption in the country alone, you will see that it is a very profitable venture. Microbreweries have been a trend that has lasted for long in the United States (U.S.) and European countries. There are still little trends of this business in Nigeria and this is why you can make decent income if you go into this field.
By Microbrewery, I am referring to a smaller-size of a brewery. All you need is the knowledge of the crafting and how to beat the competition and serve a bigger market. For example, if you want to go into beers, make quality beers. Examples of microbrewery products are Okogoro a.k. Local Gin, Local Spirits, Palmwine, and locally manufactured ethanol extracts.
The more buyers that you have the more money you make from this business. So, try to stand out and be the best in this industry.
(7) Make and Sell Fresh Fruit Juices
With fruit juices, you can never run out of customers. This is because everyone loves a type of fruit or the other. Before you venture into it, take a statistics of the fruits that people are mostly interested in around where you live or in the town/state generally and buy them in large quantities.
Now, extract the liquid contents of the fruits and store them in a cool environment like a Fridge so that they retain the freshness and taste for several hours. Unlike most synthesized, carbonated drinks with preservatives, these days many people love their drinks in the natural form, free from chemical additives.
A few examples of fruits most widely consumed and which you could use to make fruit juice are Pineapples, Lemons, Oranges, and Apples.
(8) Start Snacks Shop
This needs no introduction; you’ve seen them all around you. But have you considered starting a mini-shop where you sell mainly snacks and in-between meals? If not, consider starting one soon. You could sell any of these in your shop: ice creams, popcorn, kebabs, bread, jams, sandwiches, cakes, chocolate, sweets, and French fries.
(9) Go Into Agro Products Processing
The agricultural sector in Nigeria is a highly lucrative sector and you can make a lot of profits from it if you engage in it appropriately. All over the country, there is an increasing demand for Made-in-Nigeria products including farm products. You can turn this to your advantage by turning raw agricultural products like Milk, Cheese, Rice, Millet, Cowpea, Maize, and Cassava into processed agro products.
(10) Start General Provision Shop
We all go to the nearest local shop to buy domestic things that we need daily in our homes. This includes Food Products, Drinks, Newspapers, Sugar, Salt, Soap, Rice, Beans, etc. These are all things that we use in homes every day. If you could sell them you could generate income for yourself.
Besides the ones listed and explained above, below are 30 other business ideas in Nigeria that can make you rich over time:
- Starting a cosmetics shop
- Establishing a private security firm
- Starting sewing and tailoring business
- Offering Tutorial/Lesson services to students and examination candidates
- Setting up a web-store or ecommerce portal
- Creating an online job portal or online job board
- Establishing a Cyber Café
- Soap making
- Selling of second-hand (“Tokumbo”, “Akrika”) products
- Doing Vehicle Repairs
- Offering car driving services
- Doing Motorcycle transport services (Okada business)
- Jewelry Production
- Billboard business
- Setting up a tourist shops near a tourist site
- Opening a restaurant
- Doing Food Truck business
- Starting a mini bank (i.e., Sumobank, Okash)
- Start cosmetic shop
- Offering E-Learning services
- Water production and supply
- Provision of Internet services to both commercial and private companies
- Offering graphic and video editing services
- Consultancy services
- Offering Solar Energy installation and Repair services
- Go into soup-making business
- Establish a Cement Factory
- Do Blocks/Brick Moulding business.
- Open a building materials shop.
There are a thousand and one things that you can do to get rich in Nigeria today. However, the truth is that wealth does not happen overnight. You may need at least 5 years to make good returns from some of these businesses, save them and re-invest to finally get rich.
If you would not wait this long, get a salary job and live average. However, if you can wait and grow any of these business, you’d rejoice in a few years from now. Till then, I wish you the very best.