Are you wondering how to Make money in Nigeria? Are you looking for a business that can kick start your journey to financial freedom? A business that can fetch you lots of income and at the same time allows you to spend more time with your family and friends? I know that is the best life everyone is striving for. A life where you becomes your own boss.
Making money has never been an easy thing, it requires determination, while others requires self control, endurance and perseverance but just as the saying goes, “never give up” keep working hard until your last breath.
So without wasting much of your time, here are the most Lucrative business in Nigeria one can start and end huge profits within a short time.
Tables Of Contents
- Most Lucrative Business Ideas In Nigeria
- Oil and gas
- Importation Business
- Affiliate Marketing
- Transportation Business
- Dry Cleaning Business
- Hotel Business
- Barbing Salon Business
- Real Estate Business
10 Most Lucrative Business Ideas In Nigeria
The Nigerian government has put in so many resources into the agricultural sector. The sector which was previously considered the major generator of revenue for the government is slowly gaining back its reputation by making up over 20.49% of our total GDP in 2016.
Nigeria itself is an agricultural country and you can see that from our national coat of arms. Where the black shield represents the fertile soil of Nigeria, the green and white wreath on which the eagle stands represent the agricultural potential of our great country.
The demands for agriculture products both in Nigeria and in diaspora will always be on a high side because food is one of the basic needs of man. So with proper strategic planning, any individual having basic knowledge of farming and manufacturing operations can start a profitable agribusiness in Nigeria even without huge capital or farmland. But Incase you don’t have any capital at hand, you can check out these online loans in Nigeria that gives out quick loans without collateral and your money will be disbursed into your bank account within 5 minutes if accepted.
According to statistics, Nigerians are earning up to $40billion yearly only from agricultural exports. Products that are in huge demand in the international market include the following:
- Snail farming
- Groundnut oil
- Palm kernel
- Ginger etc.
- Fish farming
- Poultry farming
- Rice farming
- Cassava farming etc.
2: Oil and Gas
Nigeria is considered to be no.1 Oil and gas producers in Africa and are among the top 10 in the world and also among the top 5 largest foreign crude oil supplier to the United States according to statistics.
Nigerian economy is largely dependent on the oil and gas sector which account for about 95% of its foreign exchange earnings, 40% or more of its GDP and 75% of federal government total revenue. This prompted the federal government to initiate policies and regulations from work to attract more investment, guarantee increase in production capacity and ensure a sustainable environment.
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Oil and gas is one of the most profitable business in Nigeria many people are finding it difficult to understand. In fact, it should be rank as no.1 most Lucrative business in Nigeria because we depends a lot on oil and gas in 50% of everything we do such as:
- We depends on kerosene or gas for cooking food, boiling water etc.
- We depends on fuel or diesel to move our motorcycle, vehicles or tricycle etc.
- We depends on fuel for electricity when their is no light (PHCN) and so on.
- Kerosene Business
- Petrol filling station business
- Petrol haulage
- Diesel Supply
- Retailing of cooking gas etc.
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- News and entertainment
- Fitness and health
- Fashion and lifestyle
- Travels and tours
- Education and parenting etc.
- Affiliate marketing
- Google Adsense
- Direct advertising etc.
For more information on how to start a blog in Nigeria, send me a mail via the contact form.
4: Importation Business
Importation business is the act of buying goods outside of Nigeria at a cheaper price and you sell it in a higher price in Nigeria. Importation business is a business anyone can do no matter your qualifications as long as you have a mobile phone or laptop with an internet connectivity.
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You can import any items you feel like it can yield you more profit in Nigeria without you necessarily traveling outside the country because, in importation business, you can import any items anywhere you are be it at home, office or work and your items will be delivered to you right here in Nigeria.
There are many foreign platforms you can import your goods at a very cheap price namely:
- Ali baba etc
These are a list of profitable items you can import
- Beauty and Health
- Jewelry and Accessories
- Automobile and Motorcycles
- Cell phone and Telecommunication
- Laptops and Home appliances etc.
To learn more about importation business, send a me at email@example.com
5: Affiliate Marketing Business
Affiliate marketing is a lucrative business in Nigeria. It doesn’t require any start up capital or you making sales before you earn. You’re being paid for inviting any member through your affiliate link or banner that is being given to you during registration.
Previously, starting an affiliate marketing in Nigeria is hard because of two major barriers that stood between Nigerians and Affiliate networkers, namely:
- The outright omission of Nigeria from the list of accepted countries for most programs
- Adoption, by most programs, of payment methods that were inaccessible to Nigerians.
How Affiliate Marketers Get Paid
Pay per action
Pay per action is a process whereby you get paid when a person you refer via your affiliate link complete a specific action that leads to a conversion.
Pay per click
Pay per click also is an internet advertising model used to drive traffic to a websites. You get paid when someone clicks on your link or ad you place on your website. They don’t need to buy anything or take action unlike in pay per action.
How Affiliate Marketing Works
- You sign up as an affiliate marketer on any company of your preferred choice based on the offer on the table.
- An affiliate link or ID is being given to you upon signing up for they program, for the purpose of identifying who drives sales to they company.
- You as an affiliate promote the link on your website or social media sites.
- A visitor clicks on your affiliate link and landed on they companies website and purchase an item from they company.
- They company check who directed the customer to buy an item from them through their data base and find out that if was you, the affiliate.
- They company will now gladly reward you, as an affiliate, a certain amount of money known as commission that was being agreed on.
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6: Transportation Business
We depends a lot on transportation in anything we do in other to avoid being late either for work, church, occasion or any other activities.
There are tons of transportation line of business you can choose to commence with such as
- Tricycle (Keke-napep)
- Commercial Luxury Buses/Mini Bus
- Motorcycles (Okada)
- Haulage Transport Service
- Car Town Service (Taxi) etc.
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Since Nigeria as a country is populated by over 150 million of individuals and up to 70% of individuals depends on transports daily, isn’t it economically wise to tap into this profitable business in Nigeria?
- Decide which line of transportation you would like to begin with
- Obtain your vehicle vehicle either through hire-purchase, lease or an outright buy
- Chi your location and the routes that earns quick money
- Grow your business by either driving it yourself or high a professional driver.
7: Dry Cleaning Business (Laundry Service)
- A washing machine (optional)
- A generator (optional if you use a washing machine)
- A big washing bowls/buckets
- An iron
- Detergents and soaps
- Hangers/wooden hangers.
8: Hotel Business
9: Barbing Salon
10: Real Estate Business
Real estate business basically involves the selling or renting out of property consisting of lands and in some cases the buildings on it (if there is any), the crop’s and other minerals on the land as well. For example, an individual bought a plot of land for N400,000 with an intention to build a facility, or resell it for more profit, a year/two years later, he decided to sell it to other third party at the sum of N2 million. That is, he earns a profit of N1.6million within a year/two years. Isn’t that a lucrative business to venture into?
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This is how the real estate business works, the business is quite versatile and the options available for entrepreneur’s to maximize profit from the real estate sector are getting broader with each passing day. There are numerous real estate firms springing up all over the country and they also offer channels and opportunities for small scale business to boom.
Since you have seen all the lucrative business in Nigeria in 2020. Make a decision now and choose the right one that fits your criteria.